1. 5082 POINTS
    J Paul Wilson CFP, CHFC
    Certified Financial Planner, JPW Insurance Retirement Investments, Halifax, Nova Scotia, Canada
    First, whether you need life insurance at any given point in time is base on you individual situation. That being said , for most people insurance is needed after retirement - life insurance creates cash at death. Some uses for life insurance after retirements are last expenses, pay taxes at death and other business estate or legacy planning purposes.

    In addition, cash value life insurance policies can sometimes be used to supplement retirement income.

    If you would like to work with a local Retirement Planner, you could start with a Google search. For example if you search for: retirement planner Halifax or retirement planning Halifax, my name along with several others will come up. You can use the same method to find Retirement Planners in your community.

    If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.

    Answered on April 17, 2014
  2. 1380 POINTS
    James Elbaum
    President | Founder, CLM Insurance Group, Delray Beach, FL
    Determining a need for life insurance at any stage in life is best served by completing a needs analysis with an experienced agent.  Someone that can take the time to understand your situation and make quality recommendations at that time.

    You can never purchase all the life insurance you'll ever need in one sitting.  It's an ongoing process that changes as your needs change.
    Answered on April 17, 2014
  3. 11498 POINTS
    Jason Goldenzweig
    Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
    Typically...YES!

    Many people don't realize it, but there's pretty much always a need. You may be thinking "I've got my house and cars paid off, no other debts, and the kids are out of the house, so why do I still need life insurance?"

    When you're in retirement, the 4 most common reasons why people have life insurance are income replacement, estate planning, burial expenses, and leaving a legacy behind.

    During your working life, structuring a combination of benefits (part of your coverage as term and part as permanent coverage) can be very beneficial because you'll go into retirement knowing what checks you'll be writing for your life insurance and can structure the premiums to remain fixed for life (or reducing the premiums/increasing the death benefit if you've got a participating whole life policy).
    Answered on April 17, 2014
  4. 37376 POINTS
    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    If you still love someone and you have retired, you probably still need life insurance.  Even if you have tried to pre-fund every conceivable obligation, there is still a need for life insurance.  Death is terrible for the people who love you.  They experience grief and pain.  Unless you think that they would be better without any life insurance, keep some in force.  My personal experience is that older people don’t outgrow the need for life insurance.
    Answered on May 7, 2014
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