Though many senior citizens may have taken advantage of a permanent life insurance policy while they were younger, retirement can significantly change one's financial situation. According to Anchorage Press, some seniors may find that their permanent life insurance policy is no longer affordable on their retirement income.
However, the source recommends that, just as with seniors who downsize their homes, changing to a less expensive policy may be an option. In this case, many experts say that term life insurance is generally more affordable than other forms of life insurance coverage.
However, those who would like to keep their permanent life insurance and can afford the coverage may also want to consider changes to their coverage. These individuals might consider adding a term life insurance policy as a supplementary plan, the source suggests.
"That way, you're adding to the legacy that you'll be able to leave to your spouse, children or grandchildren," the source says. "Whatever your decision, it's important that you have some kind of coverage, so that your loved ones will be protected."
For those without dependents, experts say life insurance coverage remains an essential investment, as it can cover outstanding debts and funeral costs.