6. Your life insurance needs may change
Term life insurance
If your children are grown and independent, and if you have enough savings to provide for a spouse in the event of your death, you may decide that you no longer need as much term-life insurance coverage as you used to have, or you may need it only for a shorter period of time.
In your 50s, some of the heavy living expenses that life insurance provides for families in case of a premature death are lessened at that age, so it may be a good time to reassess what costs you’d need insurance to cover.
Permanent life insurance
Permanent life insurance, such as a whole life policy, has an added investment component that could potentially grow in value, and which you may be able to borrow against. Whether you decide to keep that type of policy will probably depend on whether you still see value in it as an investment vehicle.
For most people, however, term life insurance may be sufficient, and you can get coverage up until age 80. Whole life insurance generally is more often used if you’re concerned about estate taxes or want to leave behind a legacy for your family. Because permanent life policies are often more difficult to understand—and usually carry higher premiums—it’s important to consult with your insurance agent to determine whether a permanent life policy makes sense for you.
Next issue - social security benefits.