As mentioned in my May article, we are going to have a series of short articles about the different areas in retirement that can be a little stressful to think about. In May, I addressed a bit on Health Insurance in retirement. I am always happy to help with your Medicare questions.

This month I would like to focus on life insurance. Life insurance is something you may have never had to worry about. Now that you are retiring, you are starting to realize that your life insurance provided by the employer will no longer be active.

There are a couple of options. You might have a “portable” life insurance policy. This is a policy that you can continue to keep outside of the employer and just pay for on your own. If your health is poor and you can take your life insurance with you after retiring, I strongly recommend investigating this possibility. Not all employer life insurance plans will allow you to take them with you after you retire but some will.

If you can keep this policy, it might be a bit pricey. There is the option of reducing the death benefit thus reducing the premium. This choice avoids the need for medical underwriting.

If you do not have a portable life insurance policy, there are other options available. You may not be able to get as big of a death benefit as you have had but something is always better than nothing.

There are policies that will give you coverage even with existing health issues so please don’t give up before you start. These policies will have an introductory period. Whenever you see a life insurance policy that mentions “no Health Questions,” please note that the first 2-3 years will have a sort of waiting period. This means if you were to pass away, the death benefit will be all premiums paid in, plus an interest rate.

The sooner you start looking into life insurance, the better. Your health is what qualifies you for life insurance. I am always happy to answer any questions you have and go over options with you in a no pressure setting. Please call or text to schedule an appointment, 720-665-6015. Thank you.