Lesson 2

Life Insurance

Life insurance is a valuable benefit for, and the need can be spelled out very simply:

    If you love someone, or if you owe someone, then you probably need some life insurance. That begs the question: How much? This is where we can help.

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The money that goes into your 457 Plan can be used to purchase permanent life insurance. Unlike term life insurance, you donít have to die to benefit from a permanent policy. Over time, your policy can build significant cash surrender values that you can use in later years to supplement your pension and other retirement income. These cash surrender values can also be used to offset the premiums, so that you can keep your insurance inforce without any additional premiums.

The cash surrender values can also can be used to pay off your mortgage early, or to pay off other debts. Death benefits can help your family replace lost income, pay college tuition, or pay the exorbitant costs of caring for aging parents.

Life insurance has been and always will be the only way to guarantee a specific sum of money at an uncertain and unknown time:  When you die. During your working years, or during retirement, nobody knows in advance when their time is at an end. Even if you havenít had time to set aside all the money youíd planned to, life insurance death benefits can provide the funds to when they are needed most.

Moreover, a permanent life insurance policy can be used to overcome the mortality debits for using a survivorship option on your pension.

Next:  Lesson 3

Back to Lesson 1

Back to Retirement 101

 

 

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