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CoffinWith people living longer and social security benefits diminishing, it's never been more important to sock away money for retirement. Diligent saving over the years helps you create a nest egg for later in life, so the last thing you want is to have to dip into your savings early.

Once retired, your paychecks end, but your living expenses persist. When you have to rely solely on what you've saved, every unexpected expense can rock your financial stability. One example of this is the cost of a funeral. If you die, could your spouse or other family members afford to pay your final expenses without carving out a dangerously large chunk of their savings?

Funerals — a cemetery plot, casket, headstone and services — can very easily exceed $10,000. Not to mention, funeral costs have been steadily rising, with a price increase of nearly 10 percent since 2009. Removing that much money from a savings account could mean that your spouse may face financial troubles in later years.

However, with life insurance, you can provide the means for your spouse to pay your final expenses — and then some — without the need to withdraw money from his or her retirement savings. Additionally, many permanent life insurance policies have a savings element that accrues money over the years, which can help in times of need.

While life insurance is not meant to replace retirement savings, owning a policy can absolutely help preserve you and your spouse's savings. Wondering if life insurance is the right choice for you? Contact your independent insurance agent for personalized assistance.

Are you covered? Call First Independent - Descamps Insurance Agency at (586) 247-2220 for more information on Sterling Heights life insurance.
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