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Life insurance for retirees: For some it makes sense

May 9, 2014

You’re retired. Your kids are self-sufficient and the house is paid off. There’s no need to continue carrying life insurance, right?

For the most part, that’s correct, said Bob Adams, a certified financial planner with Armstrong Retirement Planning. Life insurance is intended to replace lost income if the policyholder dies prematurely, he explained. If you’re no longer working, there’s no income to replace.

Before you let your policy lapse, however, it’s important to consider your unique financial picture. There are plenty of exceptions for which continuing to pay those premiums into your 60s and beyond might make sense.

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From → Finance

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