Do you have enough Life Insurance? According to a Corebridge Financial survey, 50% of Americans do not have a life insurance policy. Sixteen percent of those said they have a policy through work. So, here is the question of the day. Do you have a work policy worth more than $100,000? Now, think if you were to die today, would your family be able to live like they are accustomed to? Think about all of your assets, debts, etc. Will your family be able to pay off the mortgage, keep the car payment, and pay for groceries?
What if you were to have a stroke, heart attack, etc., and needed long-term care? Who will cover those expenses? Has anyone priced long-term care facilities lately? The prices will blow your mind.
The same survey mentioned above also states that 76% know that debts you leave behind when you die can eat up assets you hoped to pass on to your heirs. Did you know that some life insurance policies can benefit you while you are alive?
This is not a subject many like to discuss, but it is an essential reality for everyone. This is an important topic not only for retirees but also for young adults. Purchasing life insurance while you are young and healthy is less expensive than when you become older. Prices for everyday items are increasing daily and will likely not go down. This is why ensuring that you have an adequate life insurance policy that provides long-term care when you retire is essential.
You may wonder what this has to do with retiring from the state. Let me explain more.
