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 471: What Is Your Social Security Break-Even Point?
Prefer to watch? Click here to watch and listen on YouTube. For many retirees, Social Security is their largest source of guaranteed lifetime income. Yet most are unsure of when to claim their … -
Podcast Episode 470: Retiring at 65? You May Need $185,500 for Healthcare Costs
Prefer to watch? Click here to watch and listen on YouTube. A 65-year-old who retires in 2026 can expect to spend about $185,500 on healthcare and medical expenses throughout retirement. This i… -
I’m Turning 65, Why Do I Need to Stop My HSA Contributions?
If you’re nearing your mid-60s and actively contribute to a health savings account (HSA), you’ve likely used it to cover qualified medical costs. However, as you get closer to enrolling in Medicar… -
Podcast Episode 469: Are Annuities a Good Investment?
Prefer to watch? Click here to watch and listen on YouTube. As more people approach retirement, they’re looking for ways to reduce risk while still maintaining some opportunity for growth. That… -
How Can I Enjoy My Retirement Savings Without Fear of Overspending?
The fear of running out of money keeps many retirees from truly enjoying their hard-earned savings without worry. After decades of nurturing your nest egg, the thought of seeing your progress slip… -
Podcast Episode 468: Are You Prepared for the Great Wealth Transfer?
Prefer to watch? Click here to watch and listen on YouTube. An estimated $105 trillion in assets will pass down from Baby Boomers and the Silent Generation to heirs through 2048. But transferri… -
Do I Need Life Insurance in Retirement?
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… -
Podcast Episode 467: 7 Milestone Ages for Retirement Planning
Prefer to watch? Click here to watch and listen on YouTube. Retirement planning comes with a surprising number of age-based rules and opportunities. Knowing what changes at each stage can help… -
Key Retirement Milestones by Age
In This Article… Preparing for retirement isn’t just about choosing when to stop working. You must also recognize the key age-based milestones that can shape your financial future along the w… -
Podcast Episode 466: Is Long-Term Care Insurance Worth It?
Prefer to watch? Click here to watch or listen on YouTube. Long-term care is one of the biggest financial blind spots in retirement planning. About 58% of people falsely believe Medicare will c…
-
Richard S.Richard S. is a client of Johnson Brunetti and received no compensation for his statement.
“We have been extremely happy with our advisor and the services offered. We previously had accounts with another advisor. We had no issues, but chose to consolidate everything with Johnson Brunetti. We made a great decision with that.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
John & Laura U.John & Laura U. are clients of Johnson Brunetti and received no compensation for their statement.
-
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 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey 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 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Donald & Donna K.Donald & Donna K. are clients of Johnson Brunetti and received no compensation for their statement.
“It’s been one of the best things my wife and I have ever done. The clarity, support, and professionalism have made a real difference for us.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Annette L.Annette L. is a client of Johnson Brunetti and received no compensation for her statement.
