You don’t actually need life or health insurance in retirement, but you may benefit from having coverage.
Critical illness insurance. You can have critical illness insurance coverage during your retirement years, but you must purchase the policy by age 65.
Health insurance. Retirees can purchase private health insurance that covers dental care, vision care and various other health services.
Long-term care insurance. You can choose long-term care insurance that covers care at home or in a residence. Another option is to set aside funds that would cover personal or nursing care expenses if needed.
Life insurance. Permanent life insurance can meet different estate planning needs, such as covering the tax payable on estate assets, funding a trust for a child with a disability, making a charitable gift or equalizing inheritances. For example, one child may receive vacation property or your business, while another child receives the life insurance proceeds.