[T.S.R:10855] is it worth buying insurance for ur retirement ??

Is it worth to Buy Insurance for Your Retirement

But if those disasters do happen, you will be very glad you had insurance. But there is one big life event that is coming that you want to do all you can to prepare for financially and that is old age and retirement. While there is no old age insurance, you will find as you do your retirement planning that there are some very valuable insurance policies that are absolutely critical to a retirement life that is enjoyable, safe and prepared for.

We may or may not think of life insurance as part of retirement planning. After all, the benefits of life insurance, at least on the surface are for those who survive you after your death which does not do you a lot of good when you are living and breathing. But you can invest in life insurance that also serves as a long term investment as well. These policies which are sometimes called whole life allow the funds you put in to be invested and to build a cash value that you can cash in on when you retire.

So you may want to carry 10, 00,000 insurance when you are in the working world, paying a mortgage and trying to get the kids through college. But if you can then hit retirement, cash in on the investment value of that insurance and spend your golden years with just enough insurance to cover some protection for your spouse and funeral expenses that is a better way to organize your insurance programs.

By setting up these different specialized insurance policies early enough in your working life, you can get some value into them when the time comes for you to retire. Then you can you enter retirement with confidence knowing you have policies with reliable insurance providers to take care of the needs that you expect to come up during your golden years.

However BEWARE of the following before buying any insurance policies:

1. Charges levied by insurance company for the policy for instance there are lots of policy where first year 65 % to 75 % is deducted as cost for the policy and hence you are left with only a very small corpus that will get invested and hence your returns will be very low.

2. Make sure there are no exit charges levied else every time you with draw money you will unnecessary get penalized

3. Look at the fund management fees typically it should not be more than 1% or even less

4. Choose the most appropriate fund investment option i.e. Debt + Equity ratio typically it should not be very conservative if the horizon is more than 10 years plus. Also, investors should have choice to change or switch the fund option as an when required.

5. Lastly don't put all eggs in one basket buy policy from different companies and not just one company, remember the recent plight of one of AIG .

 

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