3. You may—or may not—need life insurance.
If you have enough assets, and are not looking to replace them if you or your spouse or partner were to die, you may not need as much life insurance as you once had. But when looking at the direction of the economy, you’ll need to ask yourself, “If something happens to me, will my spouse or partner have to change their lifestyle due to insufficient assets?” If so, keeping your life insurance may make sense. Think of it this way: by having the life insurance it puts you in the position of “being the bank” instead of “having to go to the bank” when the need for money arises.
The bottom line is that as you approach retirement, you need to look at the future with clear eyes, considering all the “what ifs.” Then be sure to sit down with an advisor or agent who can help you mitigate those what ifs with the proper type and amount of insurance and planning.
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