Life insurance can provide income after retirement

Nov 09, 2010

Life insurance can be a source of income

As people enter their golden years and think about retirement, many may wonder if they have enough funds to enjoy life and if they will be able to maintain insurance benefits through their employer.

MetLife's Annual Employee Benefits Trends Study reveals that over half of those surveyed are concerned about not having enough money and working full or part-time in retirement. Over 60 percent of workers say they have planned for 20 or fewer years of retirement, despite the fact that they may live beyond the age of 85, according to the survey.

"Against the backdrop of a still challenging market environment, large numbers of workers are concerned about making their retirement savings last a lifetime," says MetLife retirement products executive vice president Robert Sollmann.

Even if people want to work beyond the age of 65, that may not be an option depending on health conditions, notes Sollmann.

One way people can alleviate some of their money concerns is with life insurance. Some policies, such as those from Protective Life and West Coast Life, offer a plan that will provide an income stream death benefit on universal life insurance.

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