How Much Life Insurance Do I Need In Retirement?

There are several reasons you may need life insurance when you are retired.

Some reasons you might need or want life insurance in retirement may include the following:

1) To pay for your funeral, burial, or memorial service, grave site, casket, headstone, transportation for family to attend your funeral, etc.

2) To pay for outstanding personal or business loans.

3) To pay off an outstanding mortgage loan.

4) To pay off your credit card debt.

5) To pay estate taxes, probate costs, and other costs of settling your estate.

6) To leave an inheritance to your heirs.

7) To transfer ownership of business or property.

8) To provide retirement income for yourself (this would need to be a cash value policy started years before retiring) or your spouse.

9) To provide money for living expenses for your surviving spouse or other dependents.

10) To provide a gift to a charitable organization.

The amount of life insurance you need in retirement will depend on which of these or other life insurance needs you have, and the amount needed to fulfill those goals. Here is a life insurance needs calculator to help you determine how much life insurance you need at retirement.