Will I Need Life Insurance When I Retire?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Jul 15, 2021

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In general, the need for life insurance tends to decline with age because some of the reasons for buying it (college for children, income for dependents) either become non-existent or are needed for fewer years. In addition, other assets, from savings and investments, that could pay for these expenses tend to increase. So the need for life insurance will be small or non existent for many people after retirement. Exceptions include those with large estates or those who have business needs for life insurance. You might still have dependents that require income or financial resources after your death. Also, there may be a need to have money to pay off “final expenses”, which could include funeral expenses, car loans, mortgages and other bills. Circumstances like these often present special needs for life insurance that should be analyzed on an individual basis.

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