Prepare for your life

Let’s be practical here if you have a sufficient investment and pension portfolio; if you have made necessities for your health care costs; if you have no one relying on you for financial support, maybe, just maybe you can afford to retire.
Did you know that a healthy 65-year-old man has a life expectancy of 87 and a woman, 89; and that 38% of the men and 50% of the women will live to age 90?
So, the question that still remains is, do you still need life insurance as you’re heading toward retirement? Let’s look at a few reasons you might consider doing so:
 You have children—and grandchildren—that may need your support. 
How much does it cost to raise a child to age 17? In households with income over $105,000, it’s estimated to be $399,780 per child, without college expenses. Combined expenses maybe $650,000 or more! How many children do you have? What happens if they come home to live with you after they graduate? How long will they stay? What happens if you’re is not around to pay these expenses? Do you have adequate life insurance?
Grandparents provide the primary financial support for one out of 10 grandkids, and 49% of parents age 60 and older are still providing financial assistance to an adult child. Is there still a need for life insurance protection? Absolutely!
You’re supporting your parents. 
What about adult children who are supporting parents who are 65 or older? Some 15% of people age 40 to 59 are providing this support while still raising young children or an adult child. For people 60 and older with a living parent, 50% of the parents need help with day-to-day activities. Does the caregiver still need life insurance? What happens if the caregivers are no longer around?
You’ll need to factor in medical and long-term care costs in retirement. 
Now let’s talk about the cost of medical care after retirement. According to Fidelity Investments, the average 65-year-old couple will spend $220,000 on out-of-pocket medical expenses during retirement. Have you provided for this in your retirement planning? (Keep in mind that this does not include the costs for long-term care).
Long-term care is currently $250 per day in Tampa, Fla. That is $91,250 per year. The average 65-year-old woman will need this care for 3.7 years compared with 2.2 years for men, but there are a number of instances where the person was in a nursing home for 10 years or longer. Have you and your loved ones planned for this? Permanent life insurance accumulates cash value, which you are able to access while you’re alive for whatever financial needs you might have.
The solution?
So let’s come back to life insurance—permanent life insurance, which is also known as cash-value life insurance. Permanent insurance, unlike term life insurance, provides lifelong protection, as long as you pay the premiums. Because it is designed to last a lifetime, permanent life insurance accumulates cash value, which you are able to access while you’re alive for whatever financial needs you might have.
It will be there when it is needed most and provides guarantees, versatility, and flexibility for your changing life situations. Cash-value life insurance provides security, dignity, and peace of mind and solves the risk problem for pennies on the dollar.
If you love somebody or have someone dependent on you, you need life insurance.

IPA Team

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