Do You Need Life Insurance in Retirement?

Do You Need Life Insurance in Retirement?

ric dalberri, founder,

Life insurance helps protect your spouse and children from poverty in the case of your untimely death. However, once your children become self-sufficient and you and your spouse accumulate significant assets, there’s less of a need to keep paying the premiums for life insurance. Letting your policy lapse can save you money, but there are also a few reasons to keep it.

To consider:

Are you still working?

Are your children and spouse self-sufficient?

Will you need to pay estate taxes?

It is always best to seek professional certified planners; estate attorney’s or C.P.A.’s when it comes to important decisions that will affect your family.

It can be emotionally difficult to let your policy lapse, but it could also allow you to eliminate an unnecessary retirement expense. Life insurance was there to give you peace of mind and to protect your children and your spouse. For most people, if you have sufficient resources to take care of your retirement needs and your children are on their own, you don’t need it anymore or have tucked away just enough for burial. Just let it go and save the money.  Although some funeral expenses can be quite high, it all depends on your last wishes and how you want to be buried. Most people these days are choosing the less last expense so they or their spouse can enjoy their time left using those resources for other enjoyment.