Around 52% of Americans own some type of life insurance policy. But once you retire, some of your biggest financial obligations may be behind you. When you reach this point, you may wonder whether you still need coverage.

In this week’s Money Wisdom Question Series, Heath Grossman, CFP® shares a few questions to ask yourself before deciding whether having life insurance in retirement makes sense.

1. Does Anyone Rely on Your Money?

A life insurance policy can provide financial support for a spouse, disabled child, or aging parent. If you’re like many retirees whose children are out of the house and living on their own, you may not need life insurance. However, you may consider keeping your policy to help pay for your grandchildren’s future college expenses.

2. Are You Still Working and Earning Income?

If you’re no longer in the workforce, you may consider ending your life insurance policy in retirement. But if you are still earning income, your policy can help protect against that potential income loss. Once again, ask yourself if there are people in your life that rely on your ability to continue to earn that income.

3. Do You Still Owe Large Debts? Can You Pay for Final Expenses?

If you have large debts or expect final costs you cannot pay, you may want to ease that burden for your family. Your beneficiary could use your policy to cover funeral costs, unpaid medical bills, and other end-of-life debts.

4. What Type of Policy Do You Have?

Consider the type of life insurance policy you have when deciding whether to end or continue coverage. The two main types of policies are term life insurance and permanent life insurance. A term life insurance policy provides coverage for a set period. If you outlive that term or stop paying the premiums, the coverage generally ends.

On the other hand, permanent life insurance, like whole life or universal life, doesn’t necessarily have an expiration date. This is true if you continue to pay the premiums or use the cash value built up within the policy.

5. Do You Have Any Estate Planning Goals?

A life insurance policy can be an effective way to provide tax-free inheritance to your heirs. You might also use it to ultimately pass on more money than you have. Or you can even use it to provide liquidity for estate and tax settlement needs down the road. Ultimately, your decision depends on your unique estate and legacy goals.