Should a retired person without debt cut back on life insurance?

There are many reasons those in their sixties and beyond maintain life insurance. For example, surviving loved ones may need the benefit for final expenses like your funeral or medical costs not covered by insurance. Beneficiaries often use life insurance proceeds for outstanding debt or estate and inheritance taxes. Life Insurance benefits can help a surviving spouse or disabled child to live more comfortably. Finally, life insurance provides a way for you to leave a sizeable give to an organization dear to your heart.

Discuss your financial situation and post-death intentions with your life insurance agent, financial advisor, and immediate family members.

Examine policy specifics and review payment options for current life insurance plans. Explore other alternatives as well. A thorough understanding of your financial needs and life insurance options will help you make an informed decision about this important matter.