As people start making plans for their retirement years, it’s vital that they hash out specific details – such as how much they will need to live on after they leave the workplace.
This is especially true in light of the current economy, where millions of people have yet to recover from stock market losses sustained during the economic downturn.
However, an equally important part of planning for retirement is life insurance.
For example, some people may want to consider a term life insurance policy, which would cover them for a set number of years generally at a reasonable cost.
In fact, life insurance premiums are currently at an industry all-time low, which makes getting a new policy or additional coverage even easier.
Individuals with small children can especially benefit from term life insurance because they will be able to protect their families at least until their children are grown.
One detail to remember with term life policies is that it typically costs more to renew them, as a person gets older.
This is similar to long-term care insurance, which also is useful and cost-effective to consider while young and healthy. Long-term care insurance provides coverage for the increasingly high cost of nursing homes and other care needs that people tend to face as they approach retirement.