Life insurance pays a tax-free death benefit to your beneficiaries when you die. The main types are term (temporary, cheap), whole (permanent, expensive, cash value), universal (flexible permanent), and variable (permanent, invested).
Life insurance pays a tax-free death benefit to your beneficiaries when you die. The main types are term (temporary, cheap), whole (permanent, expensive, cash value), universal (flexible permanent), and variable (permanent, invested).
Most retirees are massively over-insured. If your kids are grown and your mortgage is paid, you may not need life insurance at all. But there are specific situations — pension max strategies, estate liquidity, second spouse protection — where a policy still makes sense.
If your spouse doesn't need your income to survive and your estate is under the exemption, you likely don't need life insurance at all. "Buy term and invest the difference" still wins 9 times out of 10.
Start with the free Retirement Readiness Score to see where you stand, then talk to a fiduciary if you want a second set of eyes. No pitch, no pressure.
Take the free assessment