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Life insurance for retirement

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Term Life quote

Throughout your career, you worked hard to build a solid financial future for yourself and your loved ones. As you get set to enjoy that future – your retirement years – you may be wondering how life insurance fits into the picture. More than just protecting against the unexpected, life insurance can add to your wealth, helping you supplement your retirement income and build the legacy you want. Working together, we’ll find the right life insurance solution for your situation.

Your needs

Whether your retirement goals include owning a cottage, putting your kids or grandkids through school, taking that dream vacation, or a wonderful mix of it all, you’ll need to draw on your retirement savings to see your goals through. But, with your employer-provided life insurance coverage coming to an end, there are considerations. Should you keep life insurance in retirement? Start by asking yourself a few questions:

  • Could your surviving spouse continue to fulfill their dreams, if you were no longer by their side?
  • Are your children self-supporting?
  • Is your mortgage paid off?
  • Are your funeral expenses covered?
  • Have you built enough savings to leave the legacy you want?

Reminder: As you approach retirement age, your need for life insurance doesn’t end. But it changes – from a mindset of protection to one of preparation. Life insurance can play a key role in helping you cover all the what-ifs.

Your budget

Should you have life insurance after age 60? After all, making the most of your retirement funds means cutting unnecessary expenses. Often, life insurance is swept straight into the “cut” category. But, depending on your situation, it may be one of the most important “keeps” within your budget – ensuring that you can maintain your monthly expenses and the quality of your retirement lifestyle.

Before you make any decisions, it can be helpful to speak with a qualified financial representative. That way, you can address all your questions and queries, from determining the best life insurance for seniors to seeing how life insurance can help with estate planning.

Did you know? Even later in life, insurance can be an affordable way to protect your family if the unexpected were to occur. As a bonus, you can take advantage of built-in savings options to ensure the retirement you want. Review your life insurance regularly with the help of a financial representative, so you always have the right coverage at the right time.

Your choice

Many individuals at this life stage benefit most from life insurance that includes a savings component. Here’s how you can protect your loved ones, while continuing to build your nest egg and your legacy:

Whole Life insurance

Is whole life insurance a good choice in retirement? It often is. That’s because, in addition to coverage for funeral costs, debts and estate-settlement needs, Whole Life insurance includes a built-in savings component, allowing you to earn dividends and grow your wealth. Whole Life insurance also comes with guaranteed and level premiums, which helps making and sticking to a budget easier – a feature especially useful when you’re on a reduced income during retirement years.

And don’t forget your children and grandchildren. Our Whole Life – Head StartTM policies allow you to give the gift of lifelong coverage to your loved ones, ensuring that they’ll have the protection they need for years to come.

Universal Life

If you’re looking for more ways to manage your retirement portfolio, a Universal Life plan may be the choice for you. Along with life insurance coverage that adapts to changes in your life, these plans offer tax-advantaged savings, investment accounts tailored to your risk profile, and access to the cash that is accrued within your policy.

Here’s an example of how your coverage could work:

  • Other debts: $25,000
  • Income replacement: $250,000
  • Final expenses: $25,000
  • Total coverage needs: $300,000

Based on this information, you can protect your loved ones for less than
$16* per day.

Call 1-855-687-1684 for a personalized quote.

*Under a Whole Life Protector policy, male, non-smoker, age 55.

Start planning today!

With Co-operators, it’s easy to find the right policy for your life – options that keep your planning simple and your retirement plan on track.

Use our life insurance calculator to see how much insurance you need.

Talk to us today

For personalized solutions that fit your needs and budget, connect with a
Co-operators financial representative near you.