A report says consumers need to be careful who they ask for advice when considering retirement expenses such as life insurance.
According to CBS MoneyWatch, life insurance is an integral part of any consumers' long-term retirement plan, but they need to be careful what kind of coverage or policy they purchase when considering the insurance. Any long-term care insurance seller is more likely to tell anyone who would listen they need to purchase that type of insurance, even if it might not be necessary for them. Additionally, some life insurance agents might try to steer them toward a whole life insurance policy that they may not need - or cannot afford.
Instead, the report says adults should consider a term life insurance policy at a minimum, and then consult with a trusted, independent financial advisor to decide if they need any sort of additional protection or coverage.
Once they've committed to one type of insurance, consumers can shop around and compare life insurance quotes to ensure they're getting the most affordable policy with the most amenable rates, experts say.