For most people retiring is something that is looked forward to for years. In many cases, an employer provides a life insurance policy that you are allowed to continue and pay for yourself after you end your employment with them. You may have carried your own life insurance to add additional coverage to your dependents. Your income may change when you retire and you are probably wondering if you need to maintain the life insurance that you had when your family was young and you were the main provider. If you live in Dripping Springs, TX you can feel comfortable bringing your questions to the helpful agents at Ty Lawrence Insurance Agency.
Your life insurance needs change over your lifetime. When you are younger you need to carry much more life insurance since you have dependents to worry about if you should pass away. By the time you are ready to retire, likely all your children have grown up and moved away and it may be just you and your spouse. In some cases, you may have a dependent child who will always be dependent and in that case provisions for their care need to be made. But in general, you need enough insurance to take care of your final expenses and any debt that you may have. If you still have a mortgage you may want to have enough to cover that as well.
By the time you retire, if you have had a term policy it may have reached the end of its term. Any whole life insurance that you have can stay with you for your entire life. The experienced agents at the Ty Lawrence Insurance Agency in Dripping Springs, TX are happy to discuss your life insurance as part of your retirement financial plans with you, give them a call at 512-732-2353.