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Life Insurance in Retirement: Do You Still Need It?
In this episode of the Retire Early Podcast, financial advisors and retirement planners Sam Benson & Linwood Fraher of Martin Wealth Solutions break down one of the most common questions retirees and pre-retirees ask: Do I still need life insurance in retirement?
Sam and Linwood walk through the different types of life insurance, how their purposes change as you approach retirement, and when it may make sense to keep, reduce, or eliminate coverage altogether. They also discuss how life insurance can play a role in income planning, legacy goals, debt protection, and surviving spouse needs — and why keeping the wrong policy for the wrong reason can quietly hurt your overall plan.
This episode provides clarity to help you make confident, intentional decisions about life insurance as part of a broader retirement strategy.
http://retirewithmartin.com/ ← Learn about working with us
www.planwellretirehappy.com
Episode Breakdown
00:00 – Introduction: Why life insurance decisions change in retirement
01:34 – The original purpose of life insurance
03:08 – Term vs. permanent insurance: key differences
05:02 – When life insurance may no longer be necessary
06:58 – Situations where keeping coverage still makes sense
08:52 – Life insurance for income replacement vs. legacy planning
10:44 – How debt and dependents affect coverage decisions
12:28 – Using life insurance for estate and tax planning
14:10 – Common mistakes retirees make with policies
16:02 – Reviewing policy costs and opportunity trade-offs
18:04 – How to decide what’s right for your situation
20:06 – Key takeaways and action steps
Disclaimer
Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.
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By Sam Benson & Linwood FraherIn this episode of the Retire Early Podcast, financial advisors and retirement planners Sam Benson & Linwood Fraher of Martin Wealth Solutions break down one of the most common questions retirees and pre-retirees ask: Do I still need life insurance in retirement?
Sam and Linwood walk through the different types of life insurance, how their purposes change as you approach retirement, and when it may make sense to keep, reduce, or eliminate coverage altogether. They also discuss how life insurance can play a role in income planning, legacy goals, debt protection, and surviving spouse needs — and why keeping the wrong policy for the wrong reason can quietly hurt your overall plan.
This episode provides clarity to help you make confident, intentional decisions about life insurance as part of a broader retirement strategy.
http://retirewithmartin.com/ ← Learn about working with us
www.planwellretirehappy.com
Episode Breakdown
00:00 – Introduction: Why life insurance decisions change in retirement
01:34 – The original purpose of life insurance
03:08 – Term vs. permanent insurance: key differences
05:02 – When life insurance may no longer be necessary
06:58 – Situations where keeping coverage still makes sense
08:52 – Life insurance for income replacement vs. legacy planning
10:44 – How debt and dependents affect coverage decisions
12:28 – Using life insurance for estate and tax planning
14:10 – Common mistakes retirees make with policies
16:02 – Reviewing policy costs and opportunity trade-offs
18:04 – How to decide what’s right for your situation
20:06 – Key takeaways and action steps
Disclaimer
Opinions expressed herein are solely those of Martin Wealth Solutions, unless otherwise specifically cited. Material presented is believed to be from reliable sources, but no representations are made by our firm as to another parties’ informational accuracy or completeness. Content provided herein is for informational purposes only and should not be used or construed as investment advice or a recommendation regarding the purchase or sale of any security. There is no guarantee that any statements, opinions or forecasts provided herein will prove to be correct. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. Past performance may not be indicative of future results. Indices are not available for direct investment. Any investor who attempts to mimic the performance of an index would incur fees and expenses which would reduce returns. Securities investing involves risk, including the potential for loss of principal. There is no assurance that any investment plan or strategy will be successful.