Do Retirees Still Need Life Insurance After 65?
A retirement planning expert weighs in on whether life insurance remains a smart financial move for retirees rethinking their priorities.
Life insurance is often associated with working-age adults supporting dependents, but a growing number of retirees are questioning whether coverage still makes sense once they reach their mid-60s and beyond. Katy Ridge, a retirement planning specialist at Cornerstone Insurance in Greenville, Texas, addressed that question in a recent HelloNation article aimed at helping older Americans reassess their financial footing.
Ridge's guidance comes at a time when many retirees face shifting financial landscapes — reduced income streams, changing estate planning goals, and evolving family obligations that can make the calculus around life insurance more complex than it was during their working years. The relevance of a policy often hinges on individual circumstances rather than a universal rule.
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For some retirees, maintaining a life insurance policy can serve purposes beyond income replacement, such as covering final expenses, leaving a legacy for heirs, or addressing potential estate tax liabilities. Others may find that accumulated savings and Social Security benefits render an active policy unnecessary, freeing up premium dollars for other needs in retirement.
Financial advisers generally recommend that retirees periodically review existing coverage to determine whether it still aligns with current goals — particularly as household expenses, debt levels, and family dynamics evolve over time. Ridge's commentary underscores that there is rarely a one-size-fits-all answer in retirement financial planning.
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