Is permanent life insurance right for you?

Published August 20, 2019

Senior couple meeting financial advisor_cropped

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:

  1. "It can help protect you against the risk of outliving your assets."
  2. "It can maximize a pension."
  3. "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."

Customized coverage 

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. Contact me about life insurance.


About Rosemarie Lopes and Sylvia Group

Rose Lopes_473 croppedA 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 insurancebenefits 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. 

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  • “I come in contact with many insurance brokers in the course of my practice – even more so with the advent of the Affordable Care Act requirements. Some are ill-prepared or still in denial. Others call me from the car on the way to a client meeting asking for a summary of the ACA in ten minutes. On the flip side of this coin is the Sylvia Group agency. Their clients are very fortunate to have a broker who is knowledgeable about employee benefit matters. The fact that Sylvia Group invited me, an ERISA lawyer, to conduct a live client seminar on the new ACA employer information reporting requirements indicates to me that they are engaged in the process and they care about their clients.”

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  • “Thanks to John Beauregard and the professionals at Sylvia Group, our MassMEDIC membership has paid immediate dividends. Through the BIO Business Solutions® program, Primo Medical received a significant premium reduction on our Professional Liability policy. In addition, utilizing Chubb as our insurance provider and Sylvia Group as our broker, we’re confident that we have business partners who truly understand our insurance needs, provide outstanding loss control services and continue to work with us to lower our total cost of risk.”

    – CHRISTOPHER LAPLANTE, Chief Financial Officer, Primo Medical Group

  • "Getting the right insurance to guard against risks is absolutely critical for nonprofits, as well as other businesses; dealing with a costly claim could force a nonprofit to shut down permanently. Going with the Sylvia Group, we made the right decision and have never looked back. They have gotten to know our mix of services, evaluated our insurance needs and designed an insurance program around our specific insurance coverage needs — allowing us, on a tight budget, to purchase the right amount and type of insurance at the best value. Sylvia Group staff have built strong, personalized helping relationships with our staff. I can sleep at night knowing they make sure that our insurance policies are adequate to cover our risk exposures. I have recommended, without hesitation, the Sylvia Group to my colleagues working in both the nonprofit and for-profit arenas."

    - MARIA A. ROSARIO, Executive Director, NorthStar Learning Centers, Inc.

  • “Sylvia Group is an attentive, professional and knowledgeable insurance agency. They are familiar with the ever-changing rules and regulations when it comes to independent, nonprofit schools., and John Beauregard always goes above and beyond for Friends Academy. Whether it is something small, like registering a new school vehicle, or something bigger, like filing a claim after our greenhouse was destroyed by a hurricane, he treats every question and every claim with utmost importance. Sylvia Group is invested in our program as well; John sponsors and participates in our yearly golf tournament. Sylvia Group is an exceptional insurance company that I would recommend to all my cohorts.”

    – KATHERINE FURTADO, Chief Financial Officer, Friends Academy

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  • “Working with Sylvia Group over recent years has taken our insurance issues from 'groans and moans' to 'no problem.' Rose Lopes, our Account Manager, is one of the most responsive people I have ever worked with. She responds immediately to questions or special requests. It is such a pleasure to work with Rose, who does whatever it takes to find a solution to our needs. We are very pleased… She always has our interests in mind.”

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