Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Skip to content
Home » When should you stop life insurance?

When should you stop life insurance?

Life insurance becomes less essential for individuals as they enter their 60s or 70s. By this stage, many have retired, their children are grown, and they have settled their mortgage and other debts. For some, this signifies a time to consider discontinuing life insurance coverage. However, there are still those who choose to maintain their policies into later life with the intention of leaving behind an inheritance or to cover final expenses.

The decision to terminate life insurance should be based on individual circumstances. Once financial obligations are mostly settled and dependents are financially independent, the need for life insurance diminishes. This is often the case for individuals in their senior years, where the policy may have served its primary purposes. Yet, for those who wish to ensure their loved ones receive an inheritance or to cover funeral costs, keeping the policy active could be a sensible choice.

Ultimately, the necessity of life insurance in one’s 60s or 70s hinges on personal financial objectives. Some find security in knowing their loved ones will receive a financial safety net, while others may prioritize using their resources differently during retirement. Assessing current financial needs and goals is crucial in determining whether to maintain or terminate a life insurance policy later in life.

(Response: The decision to stop life insurance in one’s 60s or 70s depends on individual circumstances. Once financial obligations are settled and dependents are financially independent, the need for life insurance diminishes. However, some may choose to keep their policies for inheritance purposes or to cover final expenses.)