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November 14, 2022
Eva Zielinski

Reviewing Your Life Insurance Needs as You Near Retirement

Life insurance is an essential financial safety net that may give your family money when you die—and give you peace of mind. Many people have life insurance as part of their overall financial planning. Some may have coverage through their employer as part of a benefits package, and others may have purchased their own policy.

Regardless of the coverage source, as you near retirement, you may want to re-examine your life insurance to determine if it still meets your financial goals—or if you may want additional coverage.

Why Have Life Insurance?

Life insurance, as mentioned earlier, is a form of financial protection for those you leave behind—especially if you’re the primary earner and your death would mean a loss of income for your family.

Life insurance offered through an employer is a great company benefit, but if you’re retiring soon, you may no longer have access to this benefit. Some company plans will convert their group coverage into an individual one, but you become responsible for the premium payment. If your company doesn’t offer this, you may purchase another life insurance policy for your financial needs.

As you near retirement, part of your financial planning is to review your existing assets, such as any savings, 401(k) or another retirement plan, home equity, or inheritance you may have received. Cloverleaf Insurance can help you review your assets and financial needs and determine whether life insurance is a worthwhile retirement investment.

Get Covered Now

Cloverleaf Insurance helps Missouri, Illinois, Ohio, Indiana and Wisconsin residents with life insurance policies that help protect their financial futures. We can work with you to navigate whether you need to make adjustments to your life insurance or any other insurance coverage as you near retirement. Our team of agents can also help determine if you can use life insurance funds before your death. Contact us today to learn more about your life insurance and retirement needs.


This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.


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