Your children are grown, you and your spouse have retired, and you live a comfortable life in Parma, OH. Do you still need a life insurance policy? While you may not have as many concerns as you did when younger, having an appropriate life insurance policy in your golden years can make things easier and is a great way to protect those you love following your passing. Capretta Insurance Agency can show you how to make your life insurance policy affordable.

Points to Consider

One of the most significant reasons for a life insurance policy is that the proceeds will pay for your final expenses. This benefit can be especially valuable for relatives responsible for your funeral if they are cash-strapped. A life insurance death benefit can also be used to pay off car loans or other debt that you may have.

For most people, any employer-sponsored group life insurance policy will retire when you do. Purchasing a policy in retirement can help replace those benefits. However, you should buy a policy as soon as possible, as premiums will increase as you age and if you develop health issues. A private life insurance policy can also provide you access to income during retirement, depending on the terms. Some companies offer a living needs benefit through a special rider. The money you withdraw from the policy under these terms will reduce the death benefit.

Keeping Policy Costs Down

Getting a needs analysis is a sound first step in determining how much life insurance you need. For retirees on a fixed income worried about the cost, limiting the amount of the payment and the term can keep premiums in check. The professionals at Capretta Insurance Agency, serving Parma, OH, will listen to your needs and recommend an appropriate policy. Contact us today for an appointment.