There's no one-size-fits-all answer. If, after you retire, you don’t have issues paying bills or making ends meet, and your children are all self-sufficient, you likely don’t need life insurance.  If you still have a lot of outstanding debt obligations (like a mortgage) or have children or a spouse that is dependent on you, keeping life insurance is a good idea. If you have considerable assets—enough to trigger estate taxes—life insurance placed in an irrevocable trust might be a way to get money out of your estate.