Will I be able to maintain my lifestyle after retiring? Do I need to continue working? How can I protect my family and my legacy? There’s a lot to think about when it comes to retirement; and life insurance should be part of the solution.
Like traditional 401Ks, mutual funds and other investment vehicles, life insurance is a smart way to ensure you’re financially secure when you’re no longer working. Here’s how: It can provide funds to make sure your retirement savings are on track should your spouse pass away, offer additional income after retirement so you can maintain (and enjoy) your lifestyle, and protect your estate and legacy by providing a tax-free death benefit, among other things.*
Term Life Insurance
Some financial responsibilities can increase in retirement, like buying a vacation home. Term life is a lower cost option that provides the financial protection you need for a set period of time (10-, 15-, or 20-years). You can customize the amount of coverage and the duration of your policy to meet your specific needs.
Permanent Life Insurance
Permanent life insurance gives you coverage for as long as you live, plus a cash value component that can provide regular income so you can enjoy your retirement. It can also help you protect your legacy for your loved ones. There are many types of permanent products such as universal life, indexed universal life and variable life products.
John Hancock Vitality life insurance gives you the financial protection you need while helping you live a longer, healthier life. You can save as much as 15% on your coverage and earn shopping and entertainment discounts for taking steps to live healthy, like exercising, getting regular check-ups and eating well. You can even earn an Apple Watch for $25 through regular exercise.
* Life insurance death benefit proceeds are generally excludable from the beneficiary’s gross income for income tax purposes. There are few exceptions such as when a life insurance policy has been transferred for valuable consideration. Comments on taxation are based on John Hancock’s understanding of current tax law, which is subject to change.
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