Should You Keep Life Insurance in Retirement?
As retirement approaches, many people think about canceling life insurance once major obligations like mortgages and child-rearing are behind them. However, life insurance can still play a valuable role in a retirement and legacy strategy.
Legacy and Inheritance Planning
Life insurance offers a tax-free way to leave money to loved ones and can help create an equitable inheritance, especially when a family business or uneven assets are involved. Life insurance may also be used for charitable giving by naming a nonprofit as a beneficiary.
Living Benefits and Long-Term Care
Some permanent policies include living benefits, allowing access to part of the death benefit if you face a chronic illness or need long-term care.
Covering Final Expenses
Life insurance can help cover the burden of final expenses, such as funeral costs, medical bills, or remaining debts, easing the financial burden on family members during an already-difficult time.
Keeping Coverage Into Retirement
While keeping coverage in retirement means ongoing premiums, replacing a policy later can be costly or unavailable due to age or health. For many people, keeping a life insurance plan active into their retirement years is a sound financial decision, and we are here to help you assess how life insurance fits into your overall retirement strategy.
Cost Control Takes the Lead for Employers in 2026
As we head into 2026, a recent survey reveals that 42% of employers are now making health care cost control their top benefits priority — surpassing even attracting and retaining top talent. With health plan costs projected to rise by 7.6% (adjusted after plan design changes), many companies are feeling the pressure. Rising prices for medical services, specialty drugs, and chronic condition care are driving this shift, as cost increases have outpaced projections two years in a row. The result is that employers are taking a closer look at their current plans and asking tough questions about affordability and long-term sustainability.
To keep costs in check, many organizations are planning smarter, more strategic moves. These include tightening plan designs, re-evaluating wellness and vendor programs, and keeping a close eye on high-cost prescription drugs, including GLP-1 options, which has been identified by many as a top concern. Employers are also looking into stop-loss coverage changes and digital health tools that could support employees while reducing long-term spending. The message is clear: health care cost management isn’t just a trend; it’s becoming a core part of smart benefits strategy.