Editor’s note: The author of this column is chief executive of life insurance provider.
As retirement draws near, it’s only natural to look at your life insurance coverage and wonder whether any changes should be made. After all, you might have first purchased life insurance half a lifetime ago. Back then, it offered a great way to safeguard your income during your prime working years, particularly if you had young children to raise or decades of future mortgage payments to consider.
By the time you reach your 60s, your children are likely grown and your mortgage is at least close to being paid off. If you executed a sensible long-term savings plan, perhaps you also have a healthy amount of money set aside for retirement. Under such circumstances, do you still need life insurance?