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Life Insurance In Retirement

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In recent years an increasing demand for life insurance after retirement has lead to more companies offering coverage later in life. In the past, owning life insurance in retirement was unheard of since most people already had children out of the house, and the house was already paid off. Now, the reality of retirement is changing from disappearing pensions, to additional financial obligations being assumed during your later years. With this shift, the need for life insurance after retirement is not only present, but increasing dramatically.

At Waterway Financial Group, we have designed our life insurance agency to cater to those people who are over 60 and looking for affordable life insurance coverage. We understand our clients are looking for convenience, but also the best rates on the market. Most importantly, we understand you may not be 100% healthy when you get to retirement, and that’s fine. We offer many “high risk” life insurance options if you have a medical history, and we know the right questions to ask you to determine which is the correct company for you to be paired with.

Do You Need Life Insurance After Retirement?

Life insurance after retirement is a fast growing topic with new products coming out almost weekly to cater to this specific client. Something many of our clients are left wondering is if they still actually need life insurance after retirement. This is really a case to case basis and depends upon your personal situation, this article will help to explain some of the most common reasons why people who purchase life insurance after retirement. Some of the most common reasons for purchasing life insurance after retirement include:

Mortgage Protection

Most financial experts will tell you not to take a mortgage payment into retirement, and most people can agree with this point of view. However, the reality is, many people will still be paying into their primary mortgage or into a second property while they are in retirement. If someone is relying on you to pay mortgage payments, then what would happen if you were no longer there to provide financial support. This is a great way for life insurance to be used to help protect mortgage payments.

Pension Protection

One of the best retirement vehicles on the planet is pensions. However, not many people are no longer able to have access to a pension program through their work. If you are lucky enough to be retiring with a pension it is important to understand how your pension will operate in the event of your passing. Many people have pensions set up to maximize their payout while they are still living. This creates a problem for the remaining family members who may not receive the pension if you pass away. By purchasing life insurance, you can be sure your loved one’s will still receive financial support if your pension ceases.

Legacy Creation

Life insurance in retirement is often about creating a legacy for loved one’s, and doing so in the most tax advantaged manner possible. If you have done a great job of accumulating money for retirement, and you want to leave some to your family wouldn’t it make sense to leverage your current dollars to create a tax free benefit for your family. Through life insurance in retirement you can pay into a policy which will pass on to your beneficiaries upon your passing.

Estate Planning

Something which also goes hand in hand with legacy creation is estate planning. With many people who have accumulated substantial assets, will also have to pay substantial taxes upon their passing. Nobody would want to see half their money go to the government which they want passed on to their family. Life insurance proceeds can be used to pay the estate taxes in a case like this, and still keep the estate in tact.

Final Expenses

The most common reason why someone would consider life insurance in retirement is to pay final expenses. Final expenses would include burial/cremation, along with any medical bills associated with the death. These can quickly climb over $10,000 in many instances. Life insurance will provide the safety net for your loved one’s so they are not hit with a huge financial burden.

Applying For Life Insurance In Retirement

Applying for life insurance in retirement has never been easier. On a site such as ours, you can do all your research and also get a life insurance quote in just a matter of minutes. If you are healthy the first stop is our online life insurance quoting tool. You can compare quotes from over 50 carriers with just some basic information and a few clicks of a mouse. When you find the policy you are looking for, we will reach out to you to help complete the application process. If you are no longer as healthy as you once were, please reach out to us directly so we can help design a plan for you.

If you have any additional questions, please don’t hesitate to reach out to us.


Jason Fisher

Jason Fisher is the founder and CEO of, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.

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