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Empty Nest – What’s the best life insurance?

A happy mature couple enjoying a cup of coffee together on the sofa at home

Empty nest life stage

You’re over the age of 50. If you have children, they may have moved out on their own or are finishing their education. You might have dependent parents or a dependent adult child. Your wealth was earned through your chosen career or you may have inherited some of your wealth. Recently, you might have retired from your career, or you may have been retired for a few years. At this point in your life, you might be looking to reposition your assets or start a brand new career.

You place a high value on knowledge and qualifications and expect value-added advice and support. You’re concerned about your retirement and whether your assets will provide enough liquidity to meet your diverse needs and maintain your financial independence. Perhaps you own a family home or a vacation home or would like to travel.

The type of life insurance you choose depends on your short and longer-term needs as well as your preferences for flexibility and risk.

You’d like to ensure your spouse’s lifestyle is protected.

Life insurance is a great way to protect your spouse’s lifestyle by replacing your future income in the event of your unexpected death.

Term insurance

Term insurance is well suited to meeting high, short-term protection needs for the lowest initial cost, and gives you the freedom to later move, or convert as it's known, to a permanent product. However, this ability to convert to permanent life insurance can expire as early as age 65. It's important to understand any conversion restrictions when purchasing term insurance in anticipation of changing insurance needs. Because term insurance only provides coverage for a specified period you run the risk of outliving your coverage period. Term renewal rates can also be expensive and you may have to go through additional underwriting to get the best rates available at renewal.

Permanent life insurance: Participating insurance/Universal life

Permanent coverage offers considerable flexibility and options during your life. Permanent coverage is a great way to lock in insurability and rates while You’re healthy as well as accumulate tax-advantaged savings for the future. Cash values may be used to help finance a business opportunity, a sabbatical or retirement. Some permanent policies offer more flexibility than others – be sure to ask for details. For more detailed information about the options and methods for accessing the accumulated cash value in a permanent life insurance policy and the advantages and risks associated with each option, ask for a copy of our brochure Options for gaining access to policy cash values.

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