Do You Need a Wealth Protection Plan After You Retire?

Retirement planning is often front of mind for those reaching the end of their working career. 

Understandably, many people look forward to the time they’ll be able to wake up and do the things they love without working a demanding 9 to 5. To ensure you retire on your terms, it’s important to consider ways to best protect your financial situation, yourself, and your family.

To make sure their golden years are enjoyable, many people save money every month and even put a portion of their income away in investments that will help them achieve financial security.

As important as it may be, planning for retirement can be complicated. It is never easy to balance your current capabilities with a sustainable source of money in retirement. A good amount of savings and a diversified investment portfolio is a prime example of how to achieve that. 

A significant aspect of that is having a strong wealth and protection plan.

What is a Wealth Protection Plan?

A wealth protection plan is often referred to as a life insurance plan that aims to financially protect you and your loved ones in unexpected circumstances. 

Throughout your working life, you may have had income protection policies to help support you if you were ever suddenly without an income. However, if you’re transitioning to retirement, do you still need any type of life insurance?

The answer will differ for every retiree depending on their situation. 

One of the most important life insurance policies for retirees is ‘life cover’ (also known as death cover). Life cover can provide support for your loved ones in the event of your death. To avoid the added financial stress in this circumstance, life cover can support your loved ones by providing the necessary funds to pay the bills and other living expenses.

Here’s Why a Good Wealth Protection Plan Can Play a Crucial Role in Your Retirement

They Can Help You Pay Off Any Remaining Debts

In retirement, you may finally have the time to live a life free from any work-related stress; however, you may still be bothered by debts. 

There is nothing wrong with having debt. As long as it is managed properly, it can be a great financial tool to compensate for cash shortages. However, associated fees can add up in your retirement and detract from the enjoyment you should be having. 

If you pass away with debts, unfortunately they don’t just disappear. They get passed on to your family who have to pay them off. With the financial support of a life cover policy, your family can be pay off your debts without unnecessary stress. 

Can Help Cover Funeral Expenses

A life cover lump sum can help your loved ones to plan a funeral without having to source funds and pay out of their own pocket. Whether you have plans for your funeral, it can get quite costly. The last thing you want is for your funeral to put financial strain on your family in an already difficult time.  

Provide Support for Your Loved Ones When They Need It Most

Life insurance enables you to provide for your direct beneficiaries, whoever you choose them to be.

You may have family members or your spouse who depend on you financially – or maybe you just want to be able to provide some support to children or grandchildren. 

If you want to provide for anyone left behind, life cover can do just that. This can be a good way to support them as they grow up, leaving behind a lasting memory and legacy in your name.

Investing in a wealth protection plan provides you and your family with many benefits. You can rest assured during your retirement that your family will be well provided for when you’re no longer there. 

The right life insurance plan can help to pay off debts, cover the expenses of your funeral, and even provide for the needs of your kids and grandkids. Whatever the benefits may be, invest in a policy that will work best for you and enjoy a life not restricted by finances. 

If you want to get the assistance of an experienced life insurance advisor in the NSW Southern Highlands, look no further than our experts here at Poole Advisory. We are an experienced advisory firm offering financial advice to help you achieve your financial goals. 

Contact us today and let us discuss all your financial options.


Compliance Disclaimer:

This information contains general advice only, that is, advice which does not take into account your needs, objectives, or financial situation. You need to consider the appropriateness of that general advice in light of your personal circumstances before acting on the advice. You should obtain and consider the Product Disclosure Statement for any product discussed before making a decision to acquire that product. You should obtain financial or credit advice that addresses your specific needs and situation before making investment or borrowing decisions. Taxation information is based on our interpretation of the relevant laws as at 1 July 2018. While every care has been taken in the preparation of this information, Prosperitas Partners Pty Ltd does not guarantee the accuracy or completeness of the information. The case studies are hypothetical, for illustration purposes only and are not based on actual returns

Poole Advisory Pty Ltd ABN 15 642 040 604 is a Corporate Authorised Representative (No. 001282603) of Prosperitas Partners Pty Ltd ABN 30 662 654 453 AFSL 544 917

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