Life insurance
Do I still need life insurance in retirement?
Many people can drop coverage once their debts are paid and their family no longer depends on their income. Others still want it for a spouse's income, final expenses or to leave something behind.
Reasons people keep it
- A spouse would lose pension or Social Security income when you die.
- Final expenses.
- Debts that remain, such as a mortgage.
- Leaving a gift to family or a charity.
- Estate planning needs, which an attorney can advise on.
Before you drop a policy
Check what you would lose, such as cash value, and whether getting coverage again would be possible and affordable. Compare options with a professional.
Have this ready when you call
- Your policy documents
- Your pension and Social Security details
- Your remaining debts
Common questions
What happens if I stop paying on a term policy?
Coverage ends. Some permanent policies have cash value you may be able to use.
Can I buy coverage in retirement?
Yes, though it depends on age and health. Final expense policies are common.
Related answers
Rather talk it through?
Call 855-367-1095 and a licensed agent will go through your situation with you. There is no charge to ask, and no obligation to enroll.
- Licensed insurance help
- No guaranteed eligibility, pricing, or availability
- Educational starting point
Information on this site is educational and does not guarantee eligibility, enrollment, pricing, or availability. It is not a recommendation to buy any specific plan or policy.