As many Americans scramble to deal with uncertain economic times, they can make some mistakes in their attempts to economize.
One error that financial experts see far too often is the way many people - particularly retirees or people approaching retirement - cut back on life insurance.
Gary Lardy, a respected insurance expert, says that tactic can create even more financial hardships for some people, and that life insurance can actually be an extremely useful tool for retirees trying to deal with a rough economy.
"Financial planning doesn't end when you retire," said Lardy, CEO of IntelliQuote (www.intelliquote.com), a leading online life insurance agency. "That's even more true in an uneven economy. Life insurance can work for retirees in a whole range of ways, from providing tax benefits, to protecting their estates, to providing financial security."
Unfortunately, many Americans are going the opposite direction. Lardy cites studies from the Life Insurance and Market Research Association that show double-digit declines over the past six years in the number of husbands over age 65 who own life insurance. The numbers for wives are even worse.
"This is one of those cases when people trying to save money can end up costing themselves even more money," Lardy said. "That's why it's so important for everyone, and especially people on a fixed or retirement income, to understand what their insurance needs are and the ways life insurance can help them."
For instance, Lardy said, many retired couples live off social security or pension checks. But if one spouse dies, those payments will often be reduced while many of the expenses for the survivor will remain at the same high level. Life insurance can fill that gap.
There are other important ways life insurance can help retirees, such as:
"Some people even name charity groups as beneficiaries of their policies," Lardy said. "Many people who have to take the mandatory payouts from their IRAs or 401(k)s, roll that money into life insurance. There are so many ways a life insurance policy can be useful. But most important of all is that it provides a safety net, and in these economic days, that may be more crucial for retirees than anyone."
ABOUT INTELLIQUOTE - A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes. IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents. This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy. IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education. For information on how to estimate how much coverage an individual might need, visit www.intelliquote.com.
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