Studies show that over 25% of American households lack any member with life insurance. And the approximately three quarters of us who have life insurance do not have adequate coverage levels for the stage of life we are in. It is important to review your policy as your life changes, to ensure that your coverage is sufficient for your new needs.
Life insurance needs may not be as high as they are at other stages (i.e. having a baby, getting married) in life for those that are newly retired. But, it is also true that most new retirees do need to think about maintaining an adequate level of coverage.
Simply consider your children or spouse you may leave behind. Even though your children may be grown and on their own, and your spouse may be able to live comfortably on his or her retirement savings, there are many special circumstances in which they may find themselves in financial trouble if you were to pass, or vice versa, you if they were to.
If you are very ill before you pass away, you will incur many health costs, many of which may be passed on to your spouse or children if you pass away. Many seniors may have to live with a child if they are on their own and need help, and this may put a financial burden on the affected family members. There are also funeral costs to consider. It is important to ensure that your family members can recoup any financial losses after you pass away.
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