If you have achieved all your financial goals and have a sufficient retirement corpus, you may not need term life insurance. If you want to pass on the term life insurance proceeds after your demise as a legacy to your legal heirs, you may continue with your life insurance cover.
Health insurance is essential in all stages of life, including retirement. Old age is when an individual is more vulnerable to illness. A major hospitalisation event with a bill running into Lakhs of Rupees has the potential to derail your retirement plan. Hence, you must have health insurance during retirement. You should evaluate the existing health insurance cover and increase it if required.