How Long Will I Need Life Insurance?
Posted on September 19, 2009 - Filed Under Life |
Remember, life insurance was never intended to fill a permanent need. As the years go on, the money that you are putting away in your retirement plan (see Step 5), the money you may accumulate on your own, and the mortgage you’re paying off to own your own house are all factors that will continue to change how much insurance you really need or whether you need it at all. One of the goals of this book is to make sure that by the time you are retired, you’ll have enough coming in from your retirement plans to support you, and your loved ones, after you’re gone. Once you have enough to live on in this way, most likely there will be no need for life insurance. (However, nevei never cancel or attempt to change a policy without checking with your doctor and having a thorough physical. If there’s a medical reason, you may want to keep insurance you otherwise would not have needed.) Bottom-line goal: By the time you are sixty-five at the latest, your need for life insurance, and your need to pay the premiums on your life insurance, should be gone.
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