Retired people often wonder if life insurance is a necessary investment, and this decision may be impacted by the fact that this benefit was, perhaps, provided by one’s job formerly. After retirement, however, life insurance is a provision that takes the financial burden off of loved ones to pay for burial expenses. It is also a good option for sending adult children to college and helping to ensure their futures.
Life insurance is not a requirement by law for those living in Oak Ridge, NC, but many choose to pass down wealth to their families in this way. Your Oak Ridge Insurance Services representative can go over the various options available to you.
Why Life Insurance?
Very often, you may have a spouse who is dependent on the income you are currently bringing in through your pension or social security. You may also be the parent of a special-needs child for whom ongoing support will be necessary.
A life insurance policy can give your beneficiaries choices, such as paying off a mortgage and securing a place to live. It can assist with paying off any credit cards you have or student loan debt, which is especially important for your surviving spouse’s credit score if any of these are jointly held. Estate taxes can also come out of the death benefit.
You may be able to leave behind the payout in the form of a lump sum or an annuity that is paid out yearly in installments, providing reliable income to your surviving relatives.
Oak Ridge Insurance Services Is Here To Help
We help customers obtain the insurance products and services they need to be protected in all facets of life. We invite you to reach out to us to discuss your situation, and we serve those living in the Oak Ridge, NC region.