Is Life Insurance Needed After Retirement? 
Typically ... YES ! Many people do n't realize it , but there 's pretty much always a need . You may be thinking `` I 've got my house and cars paid off , no other debts , and the kids are out of the house , so why do I still need life insurance ? '' When you 're in retirement , the 4 most common reasons why people have life insurance are income replacement , estate planning , burial expenses , and leaving a legacy behind . During your working life , structuring a combination of benefits -LRB- part of your coverage as term and part as permanent coverage -RRB- can be very beneficial because you 'll go into retirement knowing what checks you 'll be writing for your life insurance and can structure the premiums to remain fixed for life -LRB- or reducing the premiums/increasing the death benefit if you 've got a participating whole life policy -RRB- . 