When you’re retired, your cash flow is extremely important, and there’s a good chance that you’ve spent plenty of your working years planning specifically for retirement.  

A 25 year retirement giving you increasing numbers and longevity can be cause for concern particularly was you evaluate your various expenses and figure out what makes sense for you.  Life insurance is a vitally important form of protection during numerous different points of your life. Planning for the possibility of someone’s death can help with paying off the mortgage, replacing income, providing liquidity to pay estate taxes, and to establish children’s college funds.

There are times, however, when these needs come and go and the re-evaluation of your needs in retirement is extremely important. There must be consideration about whether or not your life insurance policy is still serving you at this period in time. Unfortunately far too many people in or nearly retirement are continuing to pay their life insurance premiums out of a sense of obligation without evaluating whether it is necessary.

Many life insurance policies that were purchased for the purpose of paying an estate tax may no longer be needed due to updates in the estate tax planning. As particularly if you are married, you would need to have substantial assets in order to even trigger the estate tax. If you are concerned about whether or not this affects you, schedule a consultation with an estate planning lawyer.