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Covering the "Life Insurance Gap" as You Approach Retirement

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Walt: Many people in their 50’s and 60’s today find that they have a GAP in their life insurance coverage and this is primarily due to one of two things. First of all, they might have had a change in their employee benefits at work such as they no longer have as much coverage or secondly, their individual life insurance which maybe they purchased 20 or 30 years ago has now expired. So one way to think of it is that their life insurance has expired prior to their need for coverage having expired. And that’s the main reason why many Americans today are continuing to work or maybe even going back to work after their normal retirement age and if they are relying on that income, they also need to think about protecting that income through life insurance.