Why you need insurance for retirement

If you’ve started preparing for your retirement, chances are you’ve pencil pushed the numbers, and you pretty much have an idea about how much savings, and (hopefully) pension, and investments you will need by the time you retire. And if your calculations show you that you have enough to tide you over for the rest of your days while maintaining the lifestyle you want, then congratulations! You are one of the few Filipinos who have managed to successfully plan well ahead in life. 

It’s not an excuse to not have life insurance though: life insurance can help you protect your hard-earned wealth, ensuring that even if something happens to you, you need not worry about becoming a burden to your loved ones.

“But can I still get insurance even if I’m retiring soon?”

A Manulife Advisor can discuss with you about your best options for protecting your wealth. Since premiums are based on your age and state of health, these may be higher by necessity. But you will still get the kind of protection that will make it worth the outlays.

If, on the other hand, you were unfortunately not able to save enough for your future, then life insurance becomes even more necessary for you. It can prevent your family from falling into debt should something untoward happen to you. It can also become your financial legacy, enabling you to bequeath a little something to your loved ones when you’re gone, rather than leaving them empty-handed.

A good life insurance does not only provide your loved ones with peace of mind in case of your untimely demise, but it should also take care of your own needs once you retire. An insurance with an option for payouts allows you to receive a sizeable “income” for your personal use once you have outlived it. This should cover your retirement expenses and give you financial freedom so you would not have to depend on your children for financial support.

When it comes to finances and saving for retirement, it’s always a good idea to be over-prepared. Leaving a legacy of financial security to your loved ones can ensure that your life was indeed well-lived.

Contact a financial advisor and see what insurance can do for you.