How Much Life Insurance Do I Need In Retirement? 
Let me answer by beginning by asking you a question . How much do you expect your final burial costs to be ? Does that cover your wife ? What about any `` estate planning needs '' you may have ? Also remember the growth in that policy has grown tax deferred . Are you aware that you can convert that life insurance policy into an `` immediate annuity '' or you may want to use the cash value for `` long term care '' planning . If so , are yuo familair with the provisions of the Private Pension Act that allows you to convert that policy into a plan that is covered by the Private Pension Act and when you use the `` cash value '' to pay qualified medical expense , which includes you paying for care in your home , the cash value is not taxable . 