EL DORADO HILLS, Calif., April 21, 2011 /PRNewswire/ -- When the last child has moved out of the house, many "empty nesters" question if maintaining a life insurance policy is necessary.  Before cancelling or reducing your insurance coverage, take some time to re-evaluate how your circumstances have changed, and consider what your future needs may be.

"Many empty nesters are faced with financial obligations, such as the mortgage on a home or second home, and could be financially devastated if a spouse dies or becomes disabled," said insurance expert Gary Lardy, CEO of IntelliQuote.

If the unthinkable happens so close to retirement, you may be forced to work long into your golden years.  Marvin H. Feldman, CLU, ChFC, RFC, President and CEO of the Life Foundation (www.lifehappens.org) recently posted, "Researchers are telling us that the expected retirement age for U.S. workers is rising and that people are planning on working longer, as opposed to saving more."

He refers to a study conducted by Mathew Greenwald & Associates, Inc. and the Employee Benefit Research Institute stating that "the percentage of workers who expect to retire after age 65 increased to 36%, from 25% in 2006, and the percentage that expect to work in retirement increased to 74%, from just last year.  Researchers found that workers with less than $100,000 in savings are especially nervous about retirement."

Life insurance will protect your retirement savings, ensuring that you or your spouse will remain secure, and that your estate will be passed on, intact, to your survivors.  Unfortunately, you can't rely on Social Security benefits to add additional relief.  These benefits are not available to a surviving spouse during the "blackout period," which extends from the date the youngest child leaves high school until age 60.  

The good news is that regardless of your age, you have a wide variety of choices that can be tailored to your unique life circumstances.  Weighing the differences between term insurance and permanent (whole life) insurance, you may elect one over the other, or combine them.  

Term insurance covers you for a term of one or more years.  It pays a death benefit only if you die in that term.  Term insurance offers the largest insurance protection for your premium dollar, but does not build up cash value, and it may not be renewable at the end of the term or may cost considerably more to continue.

Permanent life insurance (which is also referred to as universal life, variable universal life and whole life) may provide long-term financial protection.  These policies include both a death benefit and, in some cases, cash savings.  Because of the savings element, premiums tend to be higher.

Life insurance can act as a safety net and may help secure your retirement plans for you as an empty nester, should the unthinkable occur.  

ABOUT INTELLIQUOTE

A leading online life insurance agency since 1997, IntelliQuote provides customers simplified, private access to compare, shop and buy life insurance online, including term life insurance quotes.  IntelliQuote offers clients a wide selection of competitive products from A-rated carriers, supported by licensed agents.  This simplified approach makes purchasing a policy easy and straightforward while providing a savings of up to 70% per policy.  IntelliQuote is a member of the LIFE Foundation and is committed to ongoing consumer education.  For information on how to estimate how much coverage an individual might need, visit www.intelliquote.com.

For more information, contact www.intelliquote.com, or 888.883.6855.

SOURCE IntelliQuote