Yes, you may need life insurance coverage for ,many different reasons when you are retired.
For instance, if you own a large estate that is subject to estate taxes; or wish to leave a financial legacy to your children or grandchildren (heirs).
In fact, permanent life insurance coverage may be paid up by retirement and is an asset with many different uses. It can
be used to help pay for any critical illness expenses, as a supplement to your retirement income, and more
while you are still alive. These options make life insurance a smart
buy at all life stages.
The
need for life insurance coverage may include having just your burial and final
expenses covered so your family members are not burdened with those expenses, to
paying off debts such as mortgage loans, car loans, credit card debt, or medical bills so your surviving spouse doesn't have to be responsible for paying it off, to
replacing lost retirement income for your surviving spouse.
There are many good reasons to have life insurance when you are retired. Here's how you can learn more about life insurance for retired seniors.
