Podcast Episode 386: Do You Still Need Life Insurance in Retirement?
Life insurance has a clear role within a financial plan, but is it worth keeping a policy once you’ve reached retirement and don’t have as much of a need for income replacement?
In the latest episode of the Money Wisdom podcast, Jake Doser, CFP®, CPWA® and Nicholas J. Colantuono, CFP® tackle a listener’s question about the necessity of life insurance in retirement. We’ll work through the complexities of life insurance policies and discuss the considerations that could help you make informed decisions about your policy.
Before answering the question, let’s start with the basics and the primary purposes of life insurance: income replacement, debt reduction, and legacy planning. Like with any other investment or financial product, you need to assess whether it aligns with your present financial needs. While life insurance may have been essential during your wealth-building years, it might not be as crucial in retirement, especially if your children are independent and your home is paid off.
The answer will also be determined by what type of policy you have. Understanding the different types of life insurance, including term insurance and whole life policies, will help you better understand the uses of each. You want to know the benefits and drawbacks, and then evaluate whether your policy is still serving its intended purpose. Nick shares a personal anecdote about his parents, illustrating how life insurance needs can change over time.
One of the key takeaways from the episode is the importance of integrating life insurance decisions with your overall financial strategy. Financial planning should be holistic, with investment, income, tax, insurance, legacy, and estate plans all working in harmony. Be careful you aren’t making decisions in isolation, urging listeners to consider how each component of their financial plan interacts with the others.
If you’re looking for a resource to help you better understand how all these aspects of your financial life work together, take advantage of our complimentary book, The Money Map. This will give you insight into the foundational philosophy of our firm and you can get it by texting MAP to 800-757-0436.
Here’s what we discuss in this episode:
0:00 – Intro
0:50 – Today’s question
2:00 – The need for life insurance
4:35 – Types of insurance
6:40 – Considerations
9:09 – Aligning your planning
Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Podcast Episode 452: Mindset and Greatness with Alex Karaban
Prefer to watch? Click here to watch and listen on YouTube. No matter what you’re passionate about, reaching an elite level demands discipline, resilience, and growth. For Alex Karaban, those q… -
Podcast Episode 451: What Crucial Retirement Step 56% of Americans Are Missing
Prefer to watch? Click here to watch and listen on YouTube. More than half of Americans are missing a critical step in their retirement plan—a step that could be putting their legacy and loved … -
Podcast Episode 450: Should I Consider a Pension Buyout?
Prefer to watch? Click here to watch and listen on YouTube. In March 2025, only 14% of private industry workers had access to a defined benefit plan. As companies shift toward defined contribut… -
My Mother Hasn’t Done Any Estate Planning – How Can I Help?
Estate planning is an essential part of securing your financial future and protecting your loved ones. Yet, 56% of Americans still don’t have any type of estate plan: no will, trust, power of atto… -
Podcast Episode 449: 4 Ways to Prepare for Next Year’s Tax Season
Prefer to watch? Click here to watch and listen on YouTube. Now that tax season is over, it’s a great opportunity to reflect on your current situation and plan ahead. During your review, you mi… -
Should My Partner and I Retire at the Same Time?
Many couples dream of retiring together, but it isn’t always the best—or most common—financial strategy. According to a 2024 financial report, only 11% of retired couples leave their careers at th… -
Podcast Episode 448: How Often Should I Check My Investment Portfolio?
Prefer to watch? Click here to watch and listen on YouTube. A 2025 survey found that 40% of people with retirement savings check their investment performance at least once per month, while 26%… -
What Is a Backdoor Roth IRA and Is It Right for Me?
If you earn too much to contribute directly to a Roth IRA, there may still be a way to save tax-free for retirement. Financial professionals commonly refer to this strategy as a “backdoor Roth IRA… -
Podcast Episode 447: 5 Ways to Boost Your Financial IQ
Prefer to watch? Click here to watch and listen on YouTube. Financial decisions don’t exist in a vacuum, and the cost of getting them wrong can quietly build up over time. According to the Nat… -
What Questions Should I Ask My Employer About My Benefits?
Whether retirement is decades away or right around the corner, it’s important to know what benefits your employer offers. A 2025 Goldman Sachs survey found that those with an employer-sponsored re…
-
Laura H.Laura H. is a client of Johnson Brunetti and received no compensation for their statement.
“Your corporate values and mission have stayed constant which we’d say is the primary reason we are so satisfied. We believe that mission should never change.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
John L.John L. is a client of Johnson Brunetti and received no compensation for his statement.
“We are extremely please with J&B. Referring back to our one word, Family, we trust your firm, advisors, and services as we would a member of the Family. Thank you for everything!”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Joe D.Joe D. is a client of Johnson Brunetti and received no compensation for his statement.
“Your model is working well, continue to keep your focus on your clients. The podcasts are an effective way of communicating information and real life stories. Your business is supporting your clients’ many different real life stories.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Jackie L.Jackie L. is a client of Johnson Brunetti and received no compensation for her statement.
“I love how everyone in the company makes us feel. Like we are one big happy family. I wouldn’t change anything! “
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Christine Q.Christine Q. is a client of Johnson Brunetti and received no compensation for her statement.
“Your services are exemplary and greatly appreciated by my husband and myself to live out our retirement years feeling safe and secure. Thank you!”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
-
Barbara S.Barbara S. is a client of Johnson Brunetti and received no compensation for her statement.
“We are very happy with Johnson Brunetti. It has really taken a load off our shoulders. Thank you.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024. Please click here for a description of the survey and the overall results.
