News : Life (Insurance) Begins at 50

Jan 23, 2013

From Kiplinger's Personal Finance

By Kimberly Lankford

If your term life policy is ending but your needs continue, consider the cash-value alternative.

For anyone weary of writing checks to pay for life insurance, retirement used to spell relief. With the mortgage paid, the kids on their own, and Medicare and Social Security on the way, common sense suggested you could safely let your insurance expire. But now many fifty- and sixtysomethings don't have the flexibility to shorten the life of their life insurance. Life expectancies are longer, and the expenses that the death benefits were earmarked to take care of are hanging around longer, too. You may be retired, but you haven't retired your mortgage. Without a pension, your spouse may need an extra financial safety net after you die. And what if your children aren't self-sufficient?

You could buy another term insurance policy if you're healthy, but that coverage could still end before your needs disappear. If you want your insurance to last for the rest of your life -- no matter how long you live -- then signing up for a "permanent," cash-value insurance policy may make sense. In return, you get tax advantages and savings guarantees -- plus a death benefit that never expires.

View the full article in Kiplinger's here!

Larry Russell, an Insurance Agent for Northwestern Mutual, is a proud partner of Green Alliance. To learn more about his services or to contact him, click here!