Life Insurance During Retirement

Life Insurance During Retirement

There is not a lot of reason to keep a life insurance policy when you are retired. You very likely have income that would go to your spouse once you are gone, and many people already have money set aside to pay for their final expenses. With your children grown, life insurance could be an extra expense that you don’t need.

Of course, if you are retired and already have a whole life insurance policy you probably won’t want to just cancel your policy. You have a number of options available to you if you are retired and already have a life insurance policy, including cashing out your policy, or simply keeping it to ensure that you have something to leave your heirs when you are gone.

If you bought your whole life insurance policy when you were still young, it makes more sense to keep it during retirement than it would to buy term life insurance, which would be very expensive when you are old enough to retire.

For those that are planning for retirement or have...
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