Insurance needs change Still, serious problems can foil even the best-laid plans. The three major types of coverage that are most worth looking at are long-term care insurance, Medigap insurance and life insurance. Long-term care insurance helps to cover what Medicare doesn't. It's insurance for the middle class. A few Medigap policies also pay for outpatient prescriptions.
Life insurance is a third option.
If the answer to that question is no, either because it wouldn't create a hardship or you don't care about them, you probably don't need to buy life insurance. If you are married or have a domestic partner, for example, your savings, pension and Social Security income might offer sufficient support after your death. In that case, your demise might not create a significant financial hardship. On the other hand, there are plenty of people who don't have enough. My advice is to be skeptical.