Life insurance and financial planning

Learn how to use life insurance to maximize your family’s retirement, savings, and estate.

Rebecca Shoenthal author photo


Rebecca Shoenthal

Rebecca Shoenthal

Editor & Licensed Life Insurance Expert

Rebecca Shoenthal is a licensed life, disability, and health insurance expert and a former editor at Policygenius. Her insights about life insurance and finance have appeared in The Wall Street Journal, Fox Business, The Balance, HerMoney, SBLI, and John Hancock.

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Life insurance is the ultimate form of financial protection for your family and loved ones. Despite this, many people overlook life insurance as part of their overall financial plan. 

Along with retirement accounts, a last will and testament, and trusts, life insurance provides a safety net unparalleled by savings accounts or other estate planning methods. Some life insurance policies can even include cash value components that help you save and insure simultaneously. 

We’ve covered everything you need to know about life insurance and financial planning, including options for using life insurance for retirement and estate planning

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Life insurance and financial planning

Life insurance is only one piece of a complete financial plan. Term life insurance is the most affordable and popular type of life insurance, but it doesn’t have a cash value like most types of permanent life insurance, such as whole life insurance

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Life insurance and retirement

Most people do not need life insurance forever. As you approach retirement, you’ll ideally have more savings, fewer dependents and financial obligations, and less overall debt. But people with a high net worth or those with lifelong dependents might still need life insurance well into their 60s, 70s, 80s, and beyond. 

A life insurance retirement plan (LIRP) is any cash value life insurance policy that’s used to supplement other retirement funds. 

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Life insurance and estate planning

An estate plan is a collection of legal documents that designates who gets your assets — your estate — when you die and outlines how you want people to handle your possessions when you can no longer take care of yourself.

If you own a life insurance policy, it’s smart to factor it into your estate plan with the help of a licensed attorney or financial professional. 

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Reach out to a Policygenius agent for free to compare quotes and review your options for life insurance. 

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