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Life Insurance for Retirees

Do retirees need life insurance? It really depends on their individual circumstances. There are situations where it could be necessary, and others where it may not be. We'll discuss when life insurance coverage may or may not be needed if you're retired.

When Should a Retiree Consider Buying Life Insurance?

You probably had a life insurance policy while you were working. Maybe your employer offered your group coverage or maybe you bought your own policy on the private market. But now that you're retired, do you need to keep your policy in place, or if it's already lapsed, buy a new one?

If you and your spouse or significant other have saved up enough money and no longer have dependents or debt, you may not need life insurance. It's primarily designed to replace lost income, and you aren't bringing in an income anymore — you're living off retirement savings and benefits.

But there are some situations where keeping or buying life insurance after you're retired may make sense:

  • You still carry substantial debt. If you're still paying off a mortgage or other type of loan that you don't want to saddle your family with, a life insurance death benefit can help wipe it out.
  • You still have dependents. A life insurance death benefit can help maintain a standard of living for dependents, including those with special needs.
  • Leaving a nest egg to loved ones. If you're concerned about leaving an inheritance to your children or other beneficiaries, keeping a life insurance policy after you're retired can help with that. Life insurance can also be used as a gift to charitable organizations.
  • Estate planning. If you have a large estate that may be subject to estate taxes, a life insurance policy may help. Talk to a tax professional or financial adviser to learn how.
  • Final expenses. If you want to alleviate the burden of funeral and other end-of-life costs, a life insurance policy might be beneficial.

If you're retired and considering purchasing a life insurance policy, contact a licensed agent at 1-855-303-4640. to discuss your options.

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

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