After almost 50 years in the working world, Arlene and I can say that we are ready for retirement. It will be hard to leave Catholic Life Insurance, but it’s time for us to do the things that are on our bucket list. I’ve enjoyed every minute of the past 20 years and everyone I’ve had the pleasure of getting to know.
Arlene and I have worked hard, but we’ve also planned for this eventuality. In the last few years, we’ve made some lifestyle changes that will make living on a fixed income easier. Our first step was to reduce our living expenses. Our mortgage will soon be paid off and we are considering downsizing to cut other costs. Additionally, we have a cash emergency fund to fall back on if something happens.
Our next step was to consider the what if’s?
Most people don’t think about it, but one unintended consequence of retirement is losing your group life insurance coverage. For those who only carried group life insurance benefits retirement means no life insurance coverage.
For those people who think they’ll cancel their life insurance after the kids leave the house, I strongly advise you to think again. The most important reason to carry personal insurance into retirement is for Social Security income replacement. The simple truth is that when your spouse passes away, your Social Security benefit will be dramatically reduced. As the surviving spouse, you would continue to receive an income equal to the larger of the two benefits you were receiving as a couple. However, this means your monthly income could be reduced by up to 50 percent. (And of course the same is true for your spouse if you die first.) You (or your surviving spouse) may need to replace that lost Social Security income. I would never want that to happen to Arlene and I know she feels the same way about me.
How Can I Replace Lost Social Security Income?
When I retire, I know that my monthly Social Security will provide me with a steady, guaranteed income. I also know that life insurance can replace my income stream if needed. Most people don’t realize that a life insurance death benefit is generally income tax-free and that your beneficiary gets to choose how they want to receive the death benefit. Most people choose the guaranteed lifetime income option. If I were to die tomorrow, Arlene would have a monthly income and could live her retirement years without having to worry about money.
Catholic Life offers many great life insurance plans. Our most popular permanent plan is the 20-Pay Life certificate. You make payments for 20 years and you are done. It’s the perfect plan for those who are planning to retire. The younger you are when you purchase it, the sooner your life insurance will be paid up. Owning paid-up life insurance is another way for retirees to reduce their monthly expenses.
Permanent life insurance has the additional benefit of building cash value that you can use for a financial emergency. There are many more benefits to owning permanent life insurance, call your agent or the 虚拟货币排行_虚拟货币交home Office for more information or to obtain a personalized quote.
In closing, thank you for letting me serve you for the past 20 years. I feel honored to have helped so many families plan for their future.