Changing insurance at retirement
When they both turned 56, Maricar and Rudy knew it was time to review their life insurance. Their children were off on their own, and they were looking forward to early retirement. What insurance would they need for this new stage in their lives? They sat down to talk about their finances and the things that worried them the most. They also looked at the insurance forum they had. They had a large joint term life insurance policy, and some disability insurance. However, this insurance was going to expire soon.
Should they renew? As Maricar and Rudy talked, a few things became clear, They didn’t need as much life insurance now. They had a lot saved for retirement. They had also paid off their mortgage, and their children were doing well on their own and they were worried about future health care costs as they got older. They were both healthy, but they knew that things could change. They were also worried about taxes. Maricar just got a big raise, so they would have some extra income to boost their retirement savings.