Many of us have dreams of grandeur when it comes to retirement. We’re going to sail around the world or buy a big expensive RV and travel the country or build our dream muscle car.
Well, a lot of people quickly realize that retirement is not always rainbows and butterflies. While there are many great things about retirement, there are also some big adjustments that people have to make.
One of the biggest adjustments for people is figuring out how to live on a fixed income. This can sometimes be a harsh reality, and sorting through needs versus wants can be difficult.
Many of our clients are approaching retirement or are already retired. They often ask, “Can I afford a burial life insurance policy on a fixed income?” I personally believe the answer is yes for most situations. However, there are some things an individual can do to prepare for purchasing burial life insurance on a fixed income.
The first thing you should do before purchasing a burial policy is to set a budget. Figure out ahead of time how much you’re comfortable spending each month and do your best not to surpass that amount. Be careful not to get lured in by a sales pitch and stick to your guns. It’s important for you to understand that the best policy to buy is the one you’re comfortable paying for.
The second thing you can do when preparing to purchase a burial insurance policy is to adjust your expectations. When you’re on a budget, there may be some areas where you will have to compromise. You may not be able to have everything you want on your budget. You should identify the must-haves, but keep an open mind throughout the buying process. Some insurance is better than no insurance, and keeping a level head throughout the process can help you ensure that you purchase the best policy for your situation.
The third and often most important thing you can do when purchasing a burial insurance policy on a fixed income, is to connect with the right agent. This agent will take the time to understand your health history, your financial situation, and your future needs to ensure that you are getting a policy that meets your needs. The agent can also shop your information with multiple life insurance carriers to find the best fit. It’s often best to compare whole life insurance quotes along with burial quotes.
Not all life insurance agents are the same, and you may have to talk with several agents before you find one who you are comfortable with. If you feel pressured or pushed or uncomfortable at any time during the process, remember it’s your right to walk away. Don’t let a bad experience deter you from connecting with an agent, because the right agent can ensure you’re spending your limited budget wisely.
Learning to live on a fixed income can be difficult, and setting priorities is very important. In most situations it is possible to afford a senior life insurance policy on a fixed income. However, it is important to set a budget, adjust your expectations, and connect with the right life insurance specialist.
If you have questions or would like to discuss what options may be right for you, feel free to call one of our agents at 866-699-1884. We are licensed in most states and would be glad to help.