What Happens To Life Insurance When You Retire?

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    Peggy Mace
    Most of the U.S.
    Nothing happens to life insurance when you retire. You just keep on paying the premium and your coverage continues as before. If you have a paid up policy, you can just hang onto it. You might want to make some decisions about the amount of coverage you have and how much you are spending on life insurance at the time of retirement. It is best to meet with your agent to review your coverage and make wise choices about going forward.
    Answered on April 29, 2013
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    Bob VineyardPRO
    Founder, Georgia Medicare Plans, Atlanta,GA
    If you have a group term life insurance policy through your employer, that life insurance policy normally ceases to exist once you retire. You may be offered a conversion option, or in some cases, there are true portability features in the group term life plan that you want to exercise.
    Answered on April 29, 2013
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    Larry GilmorePRO
    Agent Owner, Gilmore Insurance Services, Marysville, Washington State
    For individual life insurance policies, a person would just continue to pay their premiums if they wanted their coverage to continue.  For group life situations, the coverage usually ends at retirement or is offered as individual coverage at a very high rate since it is not medically underwritten, it is priced as if this is the only policy a person could find.  If you are retiring and need insurance, it pays to look elsewhere.
    Answered on April 29, 2013
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