In many cases, the best way to determine if you need life insurance in retirement is to apply the golden rule "Only buy insurance if you need it." If you don't need it, then get rid of it.
But use caution before you cancel your life insurance policiesBefore you cancel life insurance make sure you've covered all the angles because you have one chance to make the right decision. Once you cancel, it's really tough to get it back and in many cases, you won't be able to get it back. Here are some important things to think about before you cancel your life insurance policy:
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Jim Yih is a Fee Only Advisor, Best Selling Author, Financial Expert and a syndicated columnist. He is a sought after financial speaker on wealth, retirement and personal finance. For more information you can visit his any of his other websites www.jimyih.com and www.retirehappy.ca. Inquiries can be emailed to feedback@WealthWebGurus.com