More Americans are extending their life insurance past age 65. Are you?

Years ago, when the retirement age was pushed to 67 from 65 there was quite a bit of uproar. However, the reasoning for this was that individuals are living longer. The estimated life span of Americans is quite mind blowing – some scientists suggest that the first person to live to be 150 is probably already born. If you live to be over 100, are you ready for retirement to last 35+ years?

Some financial advisers suggest getting term insurance, and although it is a very good solution for many people, it is not the only solution or necessarily the best alternative. Many financial pundits argue that the money you get out of a whole life insurance product is not as good as an investment for retirement as compared to other financial products. But what they fail to mention is that it is, first and foremost, insurance. That insurance is there to protect your loved ones in case something happens to you or, if the policy is on your spouse, then that insurance is there to help you, if the unthinkable happens.

Unlike term insurance polices, a whole life or universal life insurance policy can help you accumulate wealth while simultaneously providing insurance benefits. We all know accidents happen or an unexpected illness can devastate a family. So having the option to have some financial remediation for whatever life throws at you is an option that should be seriously considered.

If you are fortunate to live to over 100, you’ll be hard pressed to find a reasonable rate for a term insurance policy for over the age of 70. So extending a whole life insurance policy past the retirement age is a viable financial solution for many. The key is to have that policy in effect before your term insurance expires.

Of course, the best insurance solution is the one that is best for your situation. If you don’t have an agent and you live in Sacramento or anywhere else in California, you can fill out our online life insurance request form or give us a call and we can get you the right insurance for you.