Retirees may need coverage for debts, final expenses, or to leave an inheritance.
Term life is usually more affordable for retirees than whole life due to limited coverage period.
Cash-value policies offer tax implications and access to funds, but surrendering may trigger taxes.
Life insurance may be unnecessary if you have no income to replace, little debt, and self-sufficient family.
Consult a financial planner or fee-only insurance consultant for objective advice.