Do You Need Life Insurance In Retirement?

The Retirement Show: Your Life, Your Money with Scott Sierens

We commonly get asked if life insurance is needed in retirement. With many advertisements and commercials emphasizing the importance of life insurance, this can be an understandably confusing topic. So, in today’s episode, we’re going to talk about the purpose of life insurance, explore the circumstances that warrant its need, and discuss what you can do with your policies if you find it unnecessary.

Here's what we’ll discuss in this episode:

• What is life insurance and its purpose? (3:19)
• How do you know if you will need life insurance in retirement? (6:39)
• Case 1: If you haven’t saved enough and one Social Security won’t be enough for the remaining spouse to maintain and thrive. (8:32)
• Case 2: If you have a pension with no spousal benefits or reduced benefits. (12:05)
• Case 3: You just want a death benefit for burial costs. (14:02)
• How much life insurance will I need? (16:32)
• What if I don’t need insurance anymore? + What to do with old policies. (20:37)
• Emotional versus logical decisions when dealing with life insurance policies. (28:42)

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