Thread regarding Ford layoffs

I retired in 2022 after 33 years with the company. Everyone's financial situation is unique so recommend you work with a financial advisor if you are considering retiring or retired. They can discuss life insurance options, long-term care and your overall financial plan. In regard to life insurance, we purchased term polices in our thirties that will expire after 30 years. At my level, the company provided good life insurance coverage as an active employee, as a retiree I only have the Accidental coverage so I'm keeping my outside polices since the premiums are pretty low although not needed since we are in great shape after taking the lump sum. I have the retiree ARAG policy and just started the process to update wills and trusts...wish I had updated our estate plan before retiring. All the best!

You should have been shopping for life insurance outside of Ford between your 45-50th birthdays. Cheaper on the outside and linked to your age at time of policy creation.

What does ARAG stand for?

I retired two years ago, at 63, with nearly 30 years (GSR). Took the lump sum. My estate will receive from Ford, $25,000 at no out of pocket from me. I purchased a 20 Term life policy in my fifty’s from an out side company. After sixty, the cost of insurance rises fast….

Go to https://my.viabenefits.com/shop/config/ click on the Menu and shop for plans in your area.

Perhaps I should have not replied to this post and started a new post, but another item for retirees is in regards to the ARAG legal plan as a salaried employee benefit. While you are still employed, the ARAG legal plan covers putting together a trust for your estate. As long as you start the process while you are still an active Ford employee, the plan pays the expenses for establishing a trust.
However, if you wait until you are ioffically retired to start the process, the premium will be the same but I found out that expensive trusts ARE NOT covered.

As a Ford retiring you can buy life insurance through Ford, If you received a pension. If not don’t know.

A life insurance policy may help off-set expenses due to long term care so a spouse would not loose a major portion of their 401K, etc savings.

@enp, unless the OP knows they are sick and thinks they can shift from group insurance to a no medical life insurance, the numbers will never work out. Typically those are so limited anyway that would do little more than cover funeral expenses.

You will give more to the insurance company than you will get back, that’s how they make money. That said, I own shares in a couple of major insurance companies, so perhaps I should encourage people to buy it.

Maybe @OP has a younger spouse or children that he/she wants to leave a large sum of money to last their lifetime while planning to spend all that he/she has saved during his/her lifetime . @OP didn't ask IF he/she should get life insurance, but what are the best options.

I think you should have enough to cover the expenses and some extra for your family.

Like @fgx said, Why do you need life insurance at that stage of your life? Life insurance makes sense when you have 30 years of mortgage debt to pay and your salary is required for a major part of that. The math doesn’t work out in your favor at retirement age.

Well, I look at things a bit differently. When working, one needs life insurance to make sure family has financial support.

In retirement, once the person takes the pension or lump sum, that _is_ the family financial support. No need for anything extra... (that's just me).

If you one does not have a pension/lump sum, little in 401K, then I can see a case for life Insurance.

I’m curious to know as well. I plan to retire in 6 months or so. So Thanks for asking the question.