As we wrap up today’s chat, we’re focusing on life insurance for retirees. Let’s explore Bob and Karen’s needs.

Story:
Bob, 65, and Karen, 63, have recently retired and are enjoying their golden years. They’ve paid off their mortgage, and their children are financially independent. They live on their pensions and Social Security, with no significant debt. However, they’re concerned about covering final expenses and leaving a small legacy for their grandchildren.

Understanding the DIME Method:
The DIME method isn’t just for young families; it’s also useful for retirees. It covers Debt, Income, Mortgage, and Education expenses, helping you determine how much life insurance you may still need to cover final expenses and leave a legacy.

Solution Using DIME Method:

• Debt: No significant debt.
• Income: No need to replace income, as they live on pensions and Social Security.
• Mortgage: No mortgage.
• Education: No education costs.

Funeral Expenses:

• $20,000 to cover funeral costs.

Total Insurable Amount: $20,000 – $100,000 (based on their choice of coverage amount)

Summary and Best Options:
For Bob and Karen, final expense insurance would be a good option to cover funeral costs and provide a small legacy. Alternatively, a small permanent life insurance policy could provide lifelong coverage and accumulate cash value.

Bob and Karen are now confident that their final expenses won’t burden their loved ones. If you’re planning for retirement, schedule a call with us today for a free consultation. We’ll help you find the right coverage using the DIME method.

Disclaimer:
This example is for illustration purposes only. Each person’s life insurance needs are different and require a personalized assessment.