If your retirement plan is well funded, your mortgage nearly paid off, and you are nearing retirement age, it’s probably a good idea to save the money on expensive insurance premiums and insurance investments, which may have a return that is less than what you are getting on your retirement plan. The older you are, the more expensive the insurance premiums, if you choose to get an insurance policy later on in life. It may be more prudent to use the money that you would invest in an insurance policy, and redirect that money to your retirement fund.