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Insurance can help save your retirement

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When planning for retirement, there is much more to do than simply meeting your goals for investing. You need to also consider the various financial pitfalls that could take a serious toll on your retirement savings.

There are several insurance policies that can help you avoid potential problems with your retirement funding. These policies can help with different expenses that can occur, but the difficulty can often be determining which type of insurance you need and how much coverage is enough.

Begin with life insurance. This type of policy can help cover your final expenses and pay off debts that your estate owes after you pass away. If you are married, though, the proceeds can help ensure your spouse has the money to maintain his or her current living standard and to cover his or her basic needs. The remainder of the life insurance proceeds can go into the retirement nest egg for your spouse.

Next, consider disability insurance. This could be something your employer offers or you may need to purchase a separate policy. If you become disabled, you may be unable to work. For those that have a family, disability insurance can be a financial life-saver to help pay the mortgage, put food on the table and more. Don't wait to purchase disability insurance, either. It could mean the difference between your family surviving such a crises or draining your savings and retirement accounts just to make ends meet.

Finally, long-term care insurance can protect against the high cost of medical care. According to the U.S. Department of Health and Human Services, a semi-private room in a nursing home averages more than $72,000 a year. Long-term care insurance provides you with the money to pay for nursing home care, assisted living or home health care. Without this type of insurance, your retirement savings can quickly dwindle down to nothing.

While having these types of insurance is important, there are times when the insurance company refuses to provide the benefits they are supposed to. An experienced attorney can help you appeal a claim denial and work to get you the benefits you deserve.

Source: U.S. News, "4 Kinds of Insurance That Can Save Your Retirement," Rebecca Lake, Sep. 13, 2016

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