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Article: Life Insurance for Retirees?; Experts Say Some People Need It, Some Don't
- Article from:
- The Washington Post
- Article date:
- October 19, 1999
- Author:
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For many workers, life insurance is a way to provide their
families with a substitute paycheck. It's a hedge against untimely
death and the resulting struggles with mortgages and college
tuitions.
So the question arises for retirees: Do I need life insurance?
The answer: "It depends."
"The classic reason people use life insurance during retirement is
to pay estate taxes, so they can preserve their estate for their
children," said Peg Downey, a certified financial planner in Silver
Spring, who is the former chair of the National Association of
Personal Financial Advisors.
"The question is, do they feel they need to do that? It's not a
rule of thumb, it's what they want to do with their ...