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Insurance

The Basics

If I already have a well-funded IRA or 401(k) retirement plan into which I automatically invest each month, do I really need life insurance?

If your retirement plan is well funded, your mortgage nearly paid off, and you are nearing retirement age, it is probably a good idea to save the money on expensive insurance premiums and insurance investments that may have less of a return on your retirement plan. The older you are, the more expensive your insurance premiums. It may be more prudent to redirect the money you would invest in an insurance policy into your retirement fund.



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