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11 Good Reasons To Own Life Insurance After Retirement

11 Good Reasons To Own Life Insurance After Retirement
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In This Article I’ll talk About 11 Different Circumstances In Which You Should Own Life Insurance After Retirement

You are not quite at retirement yet or you have just reached it. You are wondering whether it makes sense to carry life insurance, either on yourself or a loved one. Many people question if getting life insurance after retirement is a good idea. These questions are based on the advice from well-known gurus on the radio and on TV. They suggest that life insurance ownership is pointless after one reaches retirement. But this mentality does not deal with a major fact.

Many times, unforeseen circumstances prevent goals that people set earlier in life from being achieved.

I’ve dealt with lots of clients who saved up. Clients who invested monthly in their 401K or pension plan. Their life then took a left turn and left them in a financial bind. This caused them to not reach their ultimate retirement goals. These circumstances of life are a big factor in why it makes sense to own life insurance.

NOTE: Would you prefer me to present this information to you in video format? Watch the video below for the complete presentation. Enjoy!

Today’s Topic Overview:

We’re going to discuss in detail eleven different reasons why you may not have hit your financial goals earlier in life. We will look at why it would make sense in those circumstances to carry life insurance.

We hear at Buy Life Insurance for Burial want to help seniors like you find affordable coverage that gives you peace of mind. If you are looking to cover your retirement plan or final expenses, get in touch. 

Give us a call at 888 626-0439 or send us a message by using our messaging board on the left and bottom of the screen. We can provide you with a free, no obligation quote to give you a better idea of what you might qualify for. 

Case study examples

Final Expense Coverage

When Mrs. Lothian got in touch with us she said that all she was really concerned about was paying for her burial expense. She was 66 years old and wanted to ensure her children didn’t have to pay out of pocket for her funeral when she died.

Rates for funeral costs in her area averaged around $10,000. So we had Mrs. Lothian fill out an application for $10,000 of coverage. Her only concern was that though she was in good health, she suffered from diabetes.

She took regular insulin shots and was worried that this would affect the rate she would pay or perhaps even cause her to be declined.

Thankfully Mrs. Lothian made the right choice by contacting a broker like us. We were able to get her affordable coverage to meet her final expense goals and give her peace of mind in knowing her expenses would be taken care of.

Not everyone past retirement can qualify for final expense life insurance, but working with Buy Life Insurance for Burial gives you the best chance of finding coverage. We are able to shop a number of providers to find a plan that works for you.

Final Expense Coverage

When Mrs. Lothian got in touch with us she said that all she was really concerned about was paying for her burial expense. She was 66 years old and wanted to ensure her children didn’t have to pay out of pocket for her funeral when she died.

Rates for funeral costs in her area averaged around $10,000. We had Mrs. Lothian fill out an application for $10,000 of coverage. Her only concern was that though she was in good health, she suffered from diabetes.

She took regular insulin shots and was worried that this would affect the rate she would pay or perhaps even cause her to be declined.

Thankfully Mrs. Lothian made the right choice by contacting a broker like us. We were able to get her affordable coverage to meet her final expense goals and give her peace of mind in knowing her expenses would be taken care of.

Not everyone past retirement can qualify for final expense life insurance, but working with Buy Life Insurance for Burial gives you the best chance of finding coverage. We are able to shop a number of providers to find a plan that works for you.

Old Policy, New Rates

An older gentleman reached out to me is because he had paid on his life insurance policy for a number of years without any incident when out of nowhere he received a letter in the mail stating that his rates were going to drastically go up. He couldn’t afford the rate increase and so had to cancel the policy.

He called us to find out what we could do for him and I was happy to help. He explained his concern with having a history of heart problems. He was on regular medication for his high blood pressure and was concerned this would affect the rate of any new policy he took out.

Because he contacted a broker, he gave himself the best opportunity for the lowest price. We were able to shop a number of providers and find coverage that met his life insurance goals as well as his budget.

Though every application is different, don’t give up hope of finding a new insurance policy if you are past retirement. Give us a call at Buy Life Insurance for Burial and we will do our best to find coverage that meets your need and gives you lasting peace of mind.

Top 7 Reasons People Buy Whole Life Insurance

1.Does not cancel due to age or health
Some insurance policies are temporary and are based on your age or health. Whole life insurance gives you peace of mind in knowing it is permanent and will never cancel.

2.Rates stay the same
You can custom tailor your whole life insurance premiums to meet your particular budget. That means once you have a payment plan in place, the rates will never change. 

3.You can pay up your whole life insurance
Unlike most insurance types, whole insurance gives you the opportunity to pay in full after a certain number of payments have been made. This means you no longer have to make payments after this period, but can still benefit from coverage. 

4.Can grow tax free cash value
Many people like the idea of growing a cash value off of their life insurance plan. With whole life insurance you can add a cash value dividend that allows you to take out loans from the policy whenever you need extra cash. 

Generally speaking these loans are tax free and can be used for any sort of retirement situation where people would like to develop their retirement plan. 

5.Permanent solution to permanent problems
Many seniors have financial obligations that aren’t going to go away any time soon. A whole life insurance plan is permanent and works great to cover obligations of a permanent nature.  

A couple of examples of permanent obligations include burial expenses, estate tax concerns, as well as business decisions where funding has to be arranged to buy out a partner’s share if a partner were to pass away. 

6.Exams are optional
For those who don’t like needles or want to avoid setting up an exam, whole life insurance offers the option to do a non-medical application. This means the insurance underwriter would only rely on your current medical history to determine your eligibility.

7.Best use of your premium dollar
While whole life insurance does cost more than term insurance, when you look at its long term value it’s hard to dismiss the benefits. Money spent over a lifetime is far less with whole life insurance than it would be with a renewed term insurance plan.

If you’re interested in finding out more about your life insurance options, give us a call at 888 626-0439. We would be happy to answer any questions you might have as well as provide a free, no-hassle quote. Alternatively you can send us a message directly and we will get back to you within the next 24 business hours to discuss your options.

1.  Someone Will Experience Financial Loss When You Die

It’s the simplest explanation of why someone in retirement years would need to carry life insurance. Just ask this question: If you die, will someone else suffer financially?

Imagine what would happen if you left the picture. Can you explain, clearly and coherently, how you can see financial problems arising for your survivor from your demise? Then it makes sense to carry some kind of life insurance coverage.

Many times people buy life insurance because the surviving person will become indebted with your financial obligations.

They may have to unexpectedly come out of pocket for money. They might not want to spend that money, or even have access to it. Life insurance can play a fantastic role in taking your place at a financial level. All you have to do is take out a life insurance plan that accomplishes whatever your goals are. This won’t eliminate the grieving and loss that your surviving spouse will experience.

But it will at least reduce the economic impact and pain that happens when somebody has a financial loss.

2. You May Leave A Loved One Responsible For Your Mortgage

Do you think that you will still have a mortgage to pay when you reach your retirement years? Have you imagined what would happen if you passed away? If your surviving spouse had to take over the mortgage payments on a monthly basis?

Could they manage those mortgage payments comfortably? Would their lifestyle change dramatically? What would you think they may face?

There may be a real risk of losing the home that you and your spouse have built together.

This is a house that you want to leave to somebody you love, such as your sons, daughters, or grandkids. You want to ensure that the house will pass to your survivors. Do any of these questions describe your circumstances? Do you owe money on a mortgage? A plan to cover that mortgage is a perfect rationale for picking up life insurance.

There are many different types of programs available that will help offset the expense that is associated with a mortgage.

There are two plans in particular that I help my clients with. Let me give you a brief explanation to give you a basic understanding of what your options would be.

A Mortgage Protection Life Insurance Program

This is what’s known as a term life insurance program. It’s designed to last somewhere between 10 and 30 years.

If you pass away within that term, the amount of coverage you take out is paid to your beneficiary.

They use it to pay off the rest of the mortgage. How much coverage you get and the length of time for which you qualify is totally of your design.

Term insurance is the cheapest way to get the most coverage on the books.

Most commonly people buy term insurance for temporary obligations. A mortgage is something that won’t last forever. You will reach a point later in your life, even if it’s at an advanced age, at which that mortgage is paid off. A term insurance plan makes perfect sense in that circumstance.

A Mortgage Protection Payment Plan

This is for those people who either cannot afford or don’t qualify for a mortgage protection life insurance plan. The concept here is simple. The product, which is a simplified issue whole life, is much easier to qualify for.

Say you’ve experienced cardiac, lung, diabetic, or other health problems in your life. It may be easier to qualify for simplified issue whole life insurance instead of term insurance. Instead of a large amount of coverage, these payment protection programs cover several years’ worth of mortgage protection payments.

Why get a plan like this? It’s pretty simple. When you pass away, this lump sum pays to your chosen beneficiaries. With it, they can pay down the monthly mortgage on a monthly basis for a long period of time. Enough time to have them refinance or possibly sell the home and recoup what equity is left in the house.

This is a much better alternative than being forced into a fire sale situation. The quicker you have to sell something, usually the less money that you’ll get from the sale. You would likely lose money in that scenario.

Consider a mortgage protection payment plan when qualifying for a mortgage life insurance plan doesn’t work for you.

3. Your Surviving Spouse Could Not Manage Without You

You and your spouse both have pension plans or retirement plans from work. They are designed not to pass to your surviving spouse when either of you pass away.

What would happen in this circumstance? Let me give you a perfect example. I have a client in the southeast. She retired from a large telecommunications company into a monthly income of $2,500.

Her husband was a small businessperson. He did not contribute much to social security and only draws $800 a month. If she happens to pass away, her telecommunications pension plan does not allow her pension to be passed to her surviving spouse. He would go from an annual combined income of $3,300 to $800 a month.

Picture the situation. That surviving spouse making $800 a month would surely appreciate a life insurance plan to replace his deceased wife’s income upon her passing. Say that you don’t take over the pension plan of your passed spouse, or do take it over, but only at a percentage basis. It will dramatically affect your lifestyle.

This is why an income protection plan is a great idea. The way these plans work is fairly simple. Typically, we recommend either simplified issue whole life or guaranteed universal life plans.

They are designed to cover no matter when the person passes away, as long as premiums are paid in a timely fashion. That life insurance benefit is paid directly to the surviving spouse, in most cases without tax implications.

4. You Want To Leave A Legacy To Your Family

You want to leave money behind to your children or grandchildren. Life insurance is an affordable way to accommodate a legacy without dipping too much into your monthly retirement income.

What is a life insurance premium and how does it work

I had as a client a young lady in Georgia who had around 200 acres of property. One of her children wanted to keep a portion. The other had no interest.

The biggest problem with this tract of land was that it would be hard to sell. It may lead to disagreements. One child would receive what he wants whilst the other would not.

How did we solve this? The child that wanted to keep the land was allowed to do so. The other child would receive a lump sum cash benefit from a life insurance policy that I took out on my client. This forestalled the disputes that could happen.

One of the biggest challenges when planning end of life decisions is making sure to be as fair as possible with family members.

People that I speak to do not want to be remembered in a negative or hurtful way amongst their surviving kids and grandkids. Unfortunate as it is, you have to take steps in order to plan your legacy. You have to fairly disseminate it to surviving kids and grandchildren. Your family can then spend time appreciating what you’ve done for them and not regretting or feeling hurt from decisions made.

5. You Want To Leave A Legacy To Your Church Or Charity

A life insurance plan is a fantastic way to leave behind a lump sum to your favorite charity or your church. There are all sorts of ways that a life insurance can benefit either organization.

The process of benefitting one of these organizations is simple. Take out a life insurance plan of your choice. Name the charity or the church that you decide to assist as the beneficiary. Continue to make the payments.

As soon as you pass away that lump sum is paid to the beneficiary. This is a great way to set up a contributory fund to help the causes in your life that you appreciate. It’s a way to pay back those who have helped you at some point in your life.

6. You Cannot Not Die

I say this tongue in cheek. The fact of the matter is that nobody gets out alive. The only certain things in life are death and taxes.

Along with death comes the cost of death. Chief amongst them, the costs to pay for your burial or cremation. The National Funeral Directors Association states that the average burial cost is north of $8,500 in 2017. The average cremation costs are north of $6,000 in 2017.

People with whom I speak who are retired and on a fixed income with very little savings cannot imagine how they’ll pay those costs.

They remember a time when, in many circumstances, burials cost under $1,000. With inflation in prices going up higher than expected, there comes a very important need to cover that expense with a life insurance policy.

It’s very simple to take out a plan to protect against your loved ones from being burdened with these expenses when you pass. Find a broker like us here at We’ll be able to help you qualify for a simplified issue whole life plan.

The best case scenario will be first-day full coverage at a level of premium that will never go up. You can customize the plan to whatever amount of coverage you desire. As low as $10,000 or as high as $100,000. Even higher if you wanted.

The bottom line is that there are options available to you. It’s a great reason to carry life insurance well into your retirement.

7. Your Current Life Insurance Policy Does Not Provide Enough Coverage

You are currently working and carry life insurance through your work. You’re wondering if your insurance will be sufficient when you retire. Will it satisfy the requirements needed to take care of any final expenses or any lasting obligations upon your retirement?

People trust their employers with their health, disability, longterm care, and life insurances. Unfortunately, employers don’t spend enough time educating them on the pros and cons of an employer-based life insurance program. There are a couple of things that you’ve got to be aware of.

Many times these work-based insurance programs are not sufficient. Say that you’re lucky enough to get one that comes with you when you retire. Sometimes the maximum amounts of coverage are only $5,000 to $10,000.

Many of these plans do not allow for porting. They may be canceled at a later date. Hidden in the fine print you’ll find that they’re designed only to cover up to 65 or 70 years old. That is one of the biggest reasons that life insurance is sold in such huge quantities after people retire.

8. Your Life Insurance Policy Is Slated To Cancel

This is a continuation of the last section.

It is very likely that the life insurance plan that you may have through your employer is designed to cancel. It will do so upon your disability retirement, or if you still work beyond the typical retirement age of 65. They are designed to cancel at 65 or 70.

Why is this the case? It’s a group life insurance program. These programs are incredibly cheap. The way that they make sure that they continue to be cheap is to have endpoints where coverage is not effective anymore.

This is very similar to a health insurance type of program that an employer provides. Ther’s a reason why health insurance premiums are kept as low as they are (they could be much higher). Medicare takes over most of the healthcare cost requirements when someone turns 65.

Likewise, a group life insurance program is designed only to cover to 65 or 70. When a person reaches that age, if they’re still employed, they get off of that plan. That reduces the risk that someone will die and cause a claim which may raise prices across the board for all employees.

Human resources do a poor job of explaining, especially to the older generation, what kind of risks they face when they take out a life insurance plan. This is a perfect example of why owning an individual plan as a supplementary to your employer-based life insurance plan is so important.

9. You Have A Dependent Child

This describes the individual that is guardian to a child that is incapable of taking care of themselves. Your child is mentally challenged, has autism, or has a disability that will require you to take care of them until your last days.

Many of these children will live long lives and will need continual care of some sort. The likelihood is very high that you will pass away before they do. Who will take over the job?

Will it be your children? Will they have the financial capability to do so? Will they have to stop work? Will they have to rearrange their financial lives and make it happen?

If you’re scared that you may burden them unfairly, a life insurance plan is the way to go. It will cover you and in the event of your passing, benefit whoever will be taking care of your dependent child.

You can take out any kind of life insurance available to you. Name the caretaker as the beneficiary. You’ll feel a great sense of relief and peace of mind.

Your dependent child, whom you’ve loved so much, is not going to become a ward of the state. They won’t be put in a position where their caretaking may not suit the type of environment that you wish for them.

10. Investing In Stocks For Financial Security Is Too Risky

When they reach their fifties many people decide to start saving money for retirement. They start planning accordingly. Should they put money into the stock market? They might risk a part of their savings to the point where they don’t have sufficient funds to take care of themselves in their long years of retirement.

This fear of a down market inspires the purchase of supplemental life insurance retirement plans. These are generally either whole life insurance plans or index universal life insurance plans. They are designed to generate cash value in a tax advantage state.

One of the more popular methods to do so these days is using an index universal life insurance plan. These plans tie a part of their growth to the market while also protecting against the downside risk potential.

In theory, the concept behind the plan is to provide cash values from which the retiree can borrow at a future date. They can take care of themselves financially whilst also having a death benefit attached. These kinds of plans are great in certain circumstances.

They are best designed for those that have a time perspective of 10 to 20 years in which they will want to use the cash value life insurance plans. If this kind of plan is of interest to you, please contact us and we’ll give you more information on how they work.

11. You May Lose Your Existing Coverage When You Retire

Owner of, David Duford, with his two 5-year old girls

My twin girls Emily and Eva thank you for reading, and hope you’ve gained truly valuable information on your search for life or burial insurance. If you’re ready to discover your options for life or burial insurance, call me at 888-626-0439 now for your free life insurance quote!

If you’re an employee, it’s very likely that you’ll lose your coverage when you retire. Don’t let this happen to you. You need to look for other additional coverage. There is term life insurance, whole life insurance, guaranteed universal life insurance or index universal life insurance.

Put something in place that matches your financial goals. That protects you into retirement. Now. While you can still qualify for it. The higher your age, the higher the risk of coming down with a disease or ailment that may prevent you from qualifying for competitively priced life insurance.

Story from the Field

In this story I want to share my experience with one of my very first clients. It’s an important story because it reinforces the importance of buying quality life insurance.

It was a hot summer in 2011. I was making sales calls in a rural town in Georgia and stopped in at a small trailer that had its door wide open. When I was invited inside I couldn’t help but notice all the wasps flying around – I was certain I was going to get stung, but tried to concentrate instead on the matter at hand.

I asked my client why he had requested I talk with him about life insurance and he proceeded to tell me a story about his father who had recently passed and how it had encouraged him to seek me out. 

While his father was alive he had come to his children and explained to them that he had bought a life insurance policy through Colonial Penn so that his funeral expenses would be covered. His father impressed upon them that he had done this so that his children wouldn’t have to worry about final expenses.

The man I was talking to said it was less than a year later that his father died. The children immediately contacted Colonial Penn to cash in the insurance plan, but were shocked to discover that the plan was denied because their father had died before a two year waiting period had passed on the policy.

The funeral director  they worked with had plenty of experience with the particular type of policy their father had bought. It was called a guaranteed acceptance plan.

The policy was guaranteed if death occurred after two years of taking the policy out. Within that two year period it would only refund the premiums paid in plus 7% interest at that time.

As you can imagine, this wasn’t nearly enough money to cover a $10,000 funeral and burial. What followed next was a sad tale. The children wanted to have a proper funeral and burial for their father, but struggled to come up with the funds.

The man I was talking to said he had to take out a second mortgage on his house. This left him feeling frustrated when he should have had the freedom to focus on his loss without the stress of worrying about where money would come from.

This experience reinforced in my mind why it is so important to work with an experienced broker who has the ability to find first day, full coverage at an affordable price.

Those who purchase final expense coverage do so because they want to prevent the ones they love from having the added strain and stress of paying for a funeral out of pocket. But this only truly works if you are covered from day one.

Don’t take any chances – work with an expert broker who can find coverage that gives you peace of mind from the start. 

Next Steps

If you’re interested in qualifying for life insurance, visit my website. You can go to and grab a free quote.

I do ask that you message me first. You can do that by clicking the contact box; the one at the top or the bottom, and send me a quick message. Or just call me. The best way to reach me is (888) 626 0439, and speak with me live.

I certainly hope you found this article useful. If you find that you have any lingering questions or are curious about what your premium might be, please don’t hesitate to get in touch. 

We regularly work with seniors at different ages with different coverage concerns. The best way to find out if you qualify is to call us at 888 626-0439 now to speak to one of our friendly life insurance experts. You can also send us a message at the bottom of the screen.

Thanks for stopping by.    


We work with individuals across the nation to secure the best life insurance rates.

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