Do You Need Life Insurance In Retirement?

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Show Notes

We commonly get asked if life insurance is needed in retirement. With many advertisements and commercials emphasizing the importance of life insurance, this can be an understandably confusing topic. So, in today’s episode, we’re going to talk about the purpose of life insurance, explore the circumstances that warrant its need, and discuss what you can do with your policies if you find it unnecessary.


Whether you’re considering life insurance or reassessing your current policies, tune in for a thought-provoking discussion with real-life stories to help you determine if life insurance is necessary for you in retirement. Scott dives into three key scenarios where life insurance is necessary and shares practical strategies for handling existing policies, including paid-up policies, cash value options, and surrendering policies. Emotion versus logic plays a significant role in this decision, and Scott provides guidance on how to strike the right balance in this episode.


Here’s what we’ll discuss in this episode:

  • What is life insurance and its purpose? [3:19]
  • How do you know if you will need life insurance in retirement? [6:39]
  • Case 1: If you haven’t saved enough and one Social Security won’t be enough for the remaining spouse to maintain and thrive. [8:32]
  • Case 2: If you have a pension with no spousal benefits or reduced benefits. [12:05]
  • Case 3: You just want a death benefit for burial costs. [14:02]
  • How much life insurance will I need? [16:32]
  • What if I don’t need insurance anymore? + What to do with old policies. [20:37]
  • Emotional versus logical decisions when dealing with life insurance policies. [28:42]

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here.