Vice President, Financial Services and Benefits
If you have people who depend on you financially, you should have at least some form of life insurance to protect them in the event that you are no longer alive to provide for them.
But the benefits of life insurance aren't necessarily limited to survivors. Depending on circumstances, and with timely planning supported by expert advice, you may be able to benefit from your own life insurance policy while you're among the living.
Which type of life insurance policy is best for you and those who depend on you — term or permanent — is determined by multiple factors, among them:
- your age
- the age of any children you may have
- whether you’re in or nearing retirement.
It may turn out that a combination of term and permanent insurance is advisable.
Options in retirement
The nonprofit informational organization Life Happens recently published an article directed at people for whom permanent life insurance is most definitely advisable: retirees and those planning for retirement. The piece, “3 Ways Life Insurance Can Help Maximize Your Retirement,” explains how holders of a permanent life policy can benefit while they’re alive.
In short, the three ways permanent life insurance can open up options in retirement, according to Life Happens, are:
- "It can help protect you against the risk of outliving your assets."
- "It can maximize a pension."
- "It can make leaving a legacy easy."
Item 1 may be especially appealing, given recent stock market volatility. As the piece goes on to explain, "Having a (life insurance) policy to draw from can take the pressure off investment accounts if the market is sluggish, giving them time to rebound."
The best way to determine the type and amount of life insurance coverage you need is to talk with a reputable life insurance agent or financial advisor about your family’s needs and what your goals are for retirement. An agent who has earned your trust will hear what you have to say, ask the right questions when necessary, and ensure that you fully understand the terms and benefits of any policy you are about to purchase.
Whether you have a current policy you'd like to review or are considering life insurance for the first time, I'd be happy to discuss coverage with you. Helping clients provide security for the people they care about may be the most gratifying part of my job. Enabling them to experience benefits themselves ranks right up there, too.
About Rosemarie Lopes and Sylvia Group
A Sylvia Group Vice President and Partner, as well as the manager of the agency's Financial Services and Benefits division, Rose Lopes has more than 15 years of industry experience working with businesses and individuals to design programs that fit their strategic plans and goals. Her designs for health, dental, disability, life, long-term care and travel insurance coverage help clients protect their investments and provide security for the people they care about most.
A repeat winner of the SouthCoast Media Best of the Best award as the region's top insurance agency, Sylvia Group helps businesses and individuals protect their future by designing performance-based insurance, benefits and financial planning programs. We’re a fourth-generation agency known for our commitment to our clients and the community, as well for our industry expertise. Founded in 1950 and serving businesses and individuals throughout New England and beyond, Sylvia Group is certified by the Massachusetts Supplier Diversity Office as a Women Business Enterprise and has the distinction of being the first six-time recipient of the Five Star designation awarded by the Massachusetts Association of Insurance Agents (MAIA) for all-around agency excellence.