3 reasons why you may still need life insurance as you head towards retirement

Let's be realistic. If you have adequate investment and retirement portfolio; if you have arranged for your health care costs; if not you have an account on you for financial support, maybe, just maybe you can afford to retire.

Did you know that 65 healthy man has a life expectancy of 87 and a woman, 89; and 38% of men and 50% of women will live to age 0, according to recent research on longevity risk and retirement.

So you still need life insurance as you head into retirement? Let's look at three reasons you might.

1 You have children and grandchildren-who-may need your support. How much would it cost to raise a child to 17 years? In households with incomes over $ 105,000, it is estimated at $ 399,780. Per child. No college expenses. combined fees may be $ 650,000 or more. How many children do you have? What happens when they go home to live after they graduate? How long will they stay? What happens if you are not there to pay these costs? Do you have adequate life insurance?

Grandparents provide the main financial support for one of 10 grandchildren, and 49% of parents aged 60 and over still provide financial assistance to an adult child. Does it still need life insurance protection? Absolutely!

2. You support your parents. What about adult children who are the support of parents who are 65 or over? About 15% of people aged 40 to 59 provide this support while still raising a young child or an adult child. For people 60 and older living with a parent, 50% of parents need help with day-to-day. Does the caregiver still need life insurance? What happens if caregivers are not there?

3. You will need to take into account the medical and long-term care 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 in 2013 dollars in medical bills out of pocket during retirement. Have you planned your retirement planning? Keep in mind that this does not include the costs of long term care.

Long-Term Care is currently $ 250 per day in Tampa, Florida. That's $ 91,250 per year. The average 65 year-old woman will need this support for 3.7 years against 2.2 years for men, but I know a number of cases where the person was in a nursing home for 10 years or more. Have you planned for it?

Permanent life insurance accumulates cash value, you are able to access while you're alive for any financial needs you may have.

The solution
So, let's return to the permanent life insurance life insurance, also known as cash-life insurance value. Permanent insurance, unlike term life insurance provides lifetime protection, as long as you pay the premiums. Because it is designed to last a lifetime, permanent life insurance accumulates cash value, you are able to access while you're alive for any financial needs you may have.

He will be there when it is needed most and provides guarantees, versatility and flexibility to your changing life situations. Cash-value life insurance provides security, dignity and peace of mind and solves the problem of risk for pennies on the dollar.

If you love someone, need someone or have someone dependent on you, you need life insurance.