A: The short answer is that it depends on your retirement plan and financial situation. You need to consider whether your surviving spouse or family will need the money, and whether the potential benefits of your policy outweigh the ongoing costs. It makes sense for many retirees to exchange their current policy for one that offers more appropriate coverage, costs, or benefits once retired. One attractive benefit of some newer policies are long-term care (LTC) riders that enable the policyowner to use a portion of the death benefit to pay for LTC. To examine this topic more in depth, read: Life Insurance – Do Retirees Still Need It?