The Retirement Years... After you've retired, your need for life insurance will usually drop considerably. Most retired folks maintain a small amount of life insurance to pay final expenses, and/or to provide money for the children, or a charitable organization, upon their death. In situations with large estate potential, increased amounts of life insurance may be appropriate to pay for anticipated estate taxes and allow for the full distribution of the estate to the designated heirs. 

Additionally, you may want to consider financial needs associated with an aging parent, or a physically challenged relative who depends on you for support. Needs can increase for people who own their own business.

There are benefits of life insurance other than providing for your loved ones in case something happens to you:

• The cash value earned and borrowed from a permanent life insurance policy can be used to help with large expenses, such as a college education or the down payment on a home.
• The growth of a cash-value policy is tax-deferred - you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.
• Life insurance... A "Good Servant" through the years... Thus, from the beginning to end, life insurance can be the most useful and beneficial "friend"... safeguarding us from many of life's financial hazards.
• Long term care
• Early withdrawal benefits