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Old 04-13-2009, 12:12 PM   #1
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Retiree Life Insurance

I'll be retiring in four years at the age of 52. I currently have two life insurance policies, one is a group plan with my employer, the other is sponsored by my union. Both policies become null and void when I retire. Something tells me that it might be a good idea to start shopping now, before I hit the half century mark.

Those of you that have retired, where have you found your best rates? Do any of the organizations such as FMCA or The Good Sam Club offer group rates?

Thanks.

Craig
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Old 04-13-2009, 12:54 PM   #2
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If you've got enough socked away and/or a pension that allows you to retire at age 52, what need does life insurance cover? Make sure that your pension has survivor benefits if you are married.
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Old 04-13-2009, 02:01 PM   #3
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Hi Craig,
One normally insures income and assets. If you plan on staying retired, for me there is no need for life insurance. There are other insurances one might consider. Long Term Care Insurance is something to look into. There is more than a 50/50 chance you will wind up in a nursing home. That expense could lead to financial ruin for your family and estate.
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Old 04-13-2009, 02:21 PM   #4
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Life insurance still has a roll, if nothing else you can use it to pay all final expenses, plus remeber the "Death Tax" will be back in full after 2010. At 52, it's still possible you might still have children in college, or maybe you can use it to help fund a grandchild's college fund....There are 100's if not 1000's of reason why you still may need a good life insurance policy. Find yourself a good agent and sit down and talk with him and then map out a plan that will work for you and your family.
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Old 04-13-2009, 06:38 PM   #5
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Have you considered contacting the company that holds the policy for your employer's group plan to see if you can continue with them on your own nickel?
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Old 04-14-2009, 11:07 AM   #6
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I mis-spoke, I meant I will retire at age 54, not 52. As a peace officer I have a very good pension plan that will allow me to retire basically at any age I choose. Of course the longer I work, the larger the pension. I chose 54, because I will at that point have given the department 32 years of my life. Statistics show that a large number of retired peace officers die young. With this being the case, and the fact that I’ve had hypertension for 9 years now, I’ve decided to retire as early as possible so that I can enjoy seeing as much of this country as possible, from the driver's seat of my motorhome.

I considered LTC insurance recently, but a Consumer Reports article about such coverage made me decide against it. Here is an on-line version of the article.

While it’s true that life insurance insures your income/salary, I would like to know that the DW will be able to pay off our home and RV in the event of my death, and leave her some extra cash to "grieve" with.

My employer’s insurance company does not provide for a conversion from a group plan to an individual plan.

Craig
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Old 04-14-2009, 03:47 PM   #7
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Craig,
That CR report was just a little bit "tinted", while some of the info was correct, I have a hard time swallowing the rest of it. I agree that you need to do a check on any company that you are planning on doing business with, and checking out the different rating companies is a smart thing to do... There is A.M. Best, Standard & Poor's (S&P) Fitch Ratings, Moody's Investors Service, and (I think the best) Weiss Ratings. Check ALL of them not just one. I feel that the Weiss Ratings is the best to look at, and A.M. Best is one of the worst...But I still look at all of the rating companies and then draw my own conclusion....I think that buying your LTC policy at a young age is better than waiting until you're 65 or older, the reasons are cheaper premiums and the fact that something could happen to you that would DQ you from getting your LTC policy. Also if you buy young then you can use the premium savings to buy an inflation rider to help cover the expected higher cost in the future.
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Old 04-14-2009, 06:51 PM   #8
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I did a little research and found Good Sam has some decent plans.
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Old 04-14-2009, 07:12 PM   #9
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One other option is a "single pay whole policy with a long term care rider"...you pay a lump sum and you have a paid up policy. the face amount is determined by age, health and the lump sum..with the rider you can use the face amount for long term care or if not needed it will pay a death benefit like any life policy or you can cash in the policy and use the cash. just a thought..At age 62 and hoping to retire I have looked into this type of coverage and knowing that no policy is perfect or for everybody, I think it is worth a look
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Old 04-14-2009, 07:49 PM   #10
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Craig

I think life insurance at your age is a good idea. What you really need to decide is, do you want Whole Life, Variable Life or Term life. Since you probably have a Defined Benefit Retirement Plan (no need to worry about the stock market) you probably do not need a whole Life/Variable Life policy, Get a lever 20 term policy that will carry you to age 72. Pay on the policy yearly and you can alway stop it if you no longer need it, etc. Go to www.insure.com and get some quotes. s/Toby
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Old 04-16-2009, 05:42 AM   #11
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I found that, with my few medical issues, I could roll my "company paid for" policy over as Hitchhiker suggested and at a lot lower price and less trouble than starting over again. I've since dropped it.
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Old 04-19-2009, 11:56 AM   #12
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Craig Best of luck on your future retirement. In one of your posts, you mention that you have hypertension. You might look into an electronic device called "Rheos" that can help control you blood pressure. Check out www.CVRx.com for information. I had it done last November and my blood pressure is down more than 50 points.

George
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