When you were raising a family, financial obligations made life insurance a critical expense. While you may not have dependent children anymore, that doesn’t mean you should immediately cancel your policy. In fact, life insurance can help to protect your retirement plan and legacy, so analyzing its role in your financial life is essential.
1. Analyze how your death would affect your spouse’s lifestyle — especially if they outlive you by decades.
2. Consider how a life insurance policy could help pay for estate taxes or provide a financial legacy for future generations.