mistermike40
Recycles dryer sheets
- Joined
- Aug 6, 2014
- Messages
- 365
I apologize if this has already been asked... do you carry life insurance after retirement?
I have to make that decision this month. If I pass away before my wife she will receive 65% of my pension, her portion of SS, plus our 401k and stock account... so she is ok with me canceling my insurance policy (through Megacorp... the premium triples in retirement).
I suppose the only reason to carry any is to pass on to our children... when both me and my wife pass away, they would have our 401k plus other assets... but nothing from my pension or SS.
I realize some here have multi-multi-million dollar nest eggs so it's probably moot for those folks. Although I can afford it, I'm leaning towards canceling my policy since it's sole purpose will be to increase my children's inheritance.
Thoughts?
I have to make that decision this month. If I pass away before my wife she will receive 65% of my pension, her portion of SS, plus our 401k and stock account... so she is ok with me canceling my insurance policy (through Megacorp... the premium triples in retirement).
I suppose the only reason to carry any is to pass on to our children... when both me and my wife pass away, they would have our 401k plus other assets... but nothing from my pension or SS.
I realize some here have multi-multi-million dollar nest eggs so it's probably moot for those folks. Although I can afford it, I'm leaning towards canceling my policy since it's sole purpose will be to increase my children's inheritance.
Thoughts?