Life Assurance and Your Retirement

Of course you have your golden parachute waiting for you at the time of retirement. But will it be that golden? Do you want to retire with more funds so that you can enjoy your retirement all the more?

You may need to do some retirement planning, especially if you just have some 10 or 15 years before retiring. Planning will help make ensure that you have more than enough not just for your daily needs but also for other things you can enjoy during your retirement.

Here are some questions you should ask yourself when you are planning your retirement:

  • Savings.

    What is your level of savings? Based on your estimated expenses, how long will this savings last?

  • Debt.

    What is your current level of debt? How much of this would you have cleared at the time of your retirement?

  • Investment in real estate.

    Are you planning to buy a new house? Do you plan to make renovations on your existing house?

  • Assets.

    What other assets do you have aside from your house?

  • Retirement Plans.

    What do you plan to do when you retire? Do you plan to travel (abroad or nationally)?

  • Health and dental care.

    How have you prepared for health and dental care? Have you considered saving for the possibility of needing constant care due to a chronic illness? Have you thought about enrolling into a nursing home when the time comes?

  • Dependents.

    Do you still have dependents (a spouse, an elderly relative or adult children)?

The Role of Life Assurance

Aside from your pension fund, you can also use a life assurance policy to prepare for your retirement.

This can be an endowment policy – where you can expect to get the minimum guaranteed sum plus the investment earnings that are given based on how well the insurance company performs. The proceeds of the life assurance will be helpful in enriching your nest egg. The earlier you buy and pay for the premiums, the more time your funds can grow and the cheaper the premiums you need to pay.

You can also consider getting a life insurance policy (such as a whole life policy) to cover you even after your retirement years. This will provide for an aged spouse, dependent children (who are disabled and otherwise unable to fend for themselves) or other aged relatives. The life coverage will also prepare for end of life costs such as hospital bills, as well as funeral and burial costs.

To protect your loved ones for less, fill the form on the right to get your life insurance quote.