October 07, 2011
By: Jana Bell
While many Americans are cutting back on expenses due to rough economic times, financial experts caution against cutting back on life insurance.
According to insurance expert Gary Lardy, this cost cutting move often leads to further monetary issues down the road, particularly for retirees. Lardy said a quality life insurance policy can be a significant benefit to people who are struggling financially.
"Financial planning doesn't end when you retire," said Lardy. "That's even more true in an uneven economy. Life insurance can work for retirees in a whole range of ways, from providing tax benefits, to protecting their estates, to providing financial security."
Lardy laid out some of the specific ways life insurance can help retirees, such as paying off the rest of their mortgage debt should they pass away and ensuring their families are financially protected. Further, because the proceeds of an insurance policy can be tax free, many people use life insurance to hand down assets to their children and grandchildren, he said.
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