Life Insurance and Retirement: What You Need to Know From Expert Darcy Bergen

Darcy Bergen

April 20, 2021

Life Insurance and Retirement: What You Need to Know From Expert Darcy Bergen

Are You Retiring? Let Darcy Bergen Explain How That Should Impact Your Life Insurance

Darcy Bergen, a financial expert, wants to help you avoid making common mistakes with your finances while also allowing you to plan for your future. One of the areas where people make mistakes has to do with their life insurance plans upon retiring. People make many mistakes regarding life insurance and retirement simply because they read information on the Internet that may not necessarily be relevant to them or their situation. Here is what you need to understand about retirement and how it impacts your life insurance. 

Darcy Bergen States Whether You Need Life Insurance Once Retiring

Darcy Bergen says that many people are under the impression that they no longer need life insurance upon retiring. However, this is often not the case. While some people may not need life insurance upon retiring, many of the people out there still should continue carrying some type of life insurance policy once they retire. The question that most people should be asking themselves is not whether they need life insurance upon retiring but whether they need to increase or decrease their life insurance policy. 

Darcy Bergen Explains When You Should Increase Your Life Insurance Upon Retiring

Darcy Bergen explains that life insurance should consider your current income, current debt, and your spouses’ current income. If you have a lot of debt, and your income will be decreasing when you retire, you may need to increase your life insurance amount. This is especially true if you are the primary wage earner and may leave your spouse with debt should you pass away unexpectedly. You want to ensure that your surviving spouse will have the ability to pay down all of the debt, as well as reach their dreams of retiring, even if you pass away. 

Darcy Bergen Details When You Should Decrease Your Life Insurance When Retiring

Darcy Bergen says that while some people need to increase their life insurance upon retiring, others may need to decrease it. Consider how much you are paying for life insurance, how much debt you have, and your current income. A lot of people work to significantly pay down debt before retiring. As such, you may not have as much debt, if any, once you retire. If you don’t have much debt, you may be able to reduce your life insurance, and save money on premiums, once you retire. 

Darcy Bergen knows that life insurance is never one-size-fits-all, and this is true when it comes to life insurance and retirement as well. Some people may need to continue to carry a life insurance plan or may need to increase their policy once they retire. In contrast, other people may be better off decreasing their life insurance plans upon retirement. A financial expert can help you determine which option is ideal for you based on your circumstances and current financial situation. 

Darcy Bergen Can Help You Plan For Your Financial Future. Call Today to Schedule a Consultation.

Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a Registered Investment Advisor. Sub-advisory services are provided by Advisory Alpha, LLC, a Registered Investment Advisor. Insurance, Consulting, and Education services offered through Bergen Financial Group. Bergen Financial Group is a separate and unaffiliated entity from Simplicity Wealth and Advisory Alpha.