Life insurance often has a clear purpose during your working years: replacing income and protecting the people who depend on you. But once the children are grown, major debts are paid, and retirement savings have been accumulated, does that protection still serve a meaningful role?
In this episode of Coasting in Retirement, Josh Null is joined by Jay Stubbs of Providence Partners to examine when life insurance may, or may not, be necessary during retirement.
They discuss how coverage could help pay outstanding debts, replace income that ends or decreases after a spouse’s death, provide funds for final expenses, or support estate and legacy goals. Life insurance may also help families divide an inheritance when assets such as a business or property cannot be distributed equally.
Josh and Jay also consider circumstances in which continued coverage may no longer be necessary, particularly when retirees are debt-free, have sufficient assets, and no longer support financial dependents. They compare several types of coverage, including term, whole life, and final-expense insurance.
If you died today, would anyone you care about experience financial hardship, and would your current policy address the right need?
Listen to the full episode to learn which questions can help you evaluate whether life insurance still belongs in your retirement plan.
Gulf Coast Financial Advisors, LLC (“GCFA”) is a registered investment adviser offering advisory services in the State of Alabama and in such other jurisdictions where it is registered, filed the required notices, or is otherwise excluded or exempted from such registration and/or notice filing requirements. Registration does not indicate or imply that GCFA has attained a particular level of skill or ability, nor does it constitute an endorsement of the firm by the Securities and Exchange Commission (SEC) or any state securities regulator.
The Coasting in Retirement radio program serves mainly to disseminate general information including those pertaining to GCFA’s advisory services, together with access to additional investment-related information, publications, materials and links. The publication of this radio show should not be construed by any client and/or prospective client as GCFA’s solicitation to effect, or attempt to effect transactions in securities, nor should it be interpreted as GCFA providing personalized investment advice, or any type of professional advice, for compensation, wherever this program is broadcast. Any subsequent, direct communication by GCFA with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.
Certain information, news stories, headlines, data, charts, graphs, figures or statistics presented on this radio program may have been obtained from third-party sources that are believed to be generally reliable but which GCFA may not have independently verified. GCFA does not and cannot guarantee the timeliness, accuracy, or reliability of any such third-party information and undertakes no obligation to update or correct any information that may become obsolete, unreliable, or inaccurate. The radio program also contains the opinions, views, and perspectives expressed by Josh Null and any other GCFA representatives which are solely their own, and do not necessarily reflect the opinions, views, or perspectives of GCFA as a firm. Such personal views and opinions should not be construed as endorsements or professional advice from GCFA. GCFA makes no representation or warranty regarding the accuracy, completeness, or reliability of any information on this radio program, and disclaims any liability for any direct or indirect loss or damage incurred from using or relying on such information.
GCFA, Aptus, Providence Benefits and Providence Partners are not affiliated, nor are any of their respective representatives.