Term vs. Permanent Life Insurance: What’s Best for Retirees?

If you're nearing or already in retirement, you may be wondering whether life insurance still makes sense—and if so, which type is best for you. The answer depends on your goals.

Term life insurance is simple and affordable. It provides coverage for a set period—typically 10, 15, or 20 years. This is ideal if you only need temporary protection, like covering a mortgage or ensuring a surviving spouse has income during specific years.

Permanent life insurance, on the other hand, lasts your entire lifetime and builds cash value over time. It costs more, but it’s better suited for long-term goals like estate planning, leaving an inheritance, or having access to funds later in life through policy loans or living benefits.

Choosing the right type of policy comes down to your needs, your budget, and your overall retirement plan. It’s not about which type is "better"—it’s about which one fits you best.

Want help figuring out the right kind of coverage? Reach out to our team today for a personal life insurance review.