Retirement changes your finances, daily routine, and the plans you make for your family. It can also change the role life insurance plays. You may no longer need coverage to replace a full working salary, but funeral expenses, remaining debt, and a spouse’s ongoing financial needs can still be part of the picture.
For senior Veterans, military retirees, and federal retirees*, reviewing your life insurance involves assessing your current coverage, considering your loved ones’ needs, and ensuring that your policy comfortably fits within your retirement budget.
Why Life Insurance Can Still Matter in Retirement
Some retirees have sufficient savings and coverage to support their families. Others might seek extra protection for particular expenses. The first step is to determine what costs your loved ones will need to cover after you pass away.
- Final expenses, including funeral and burial costs.
- Outstanding obligations, such as a mortgage or other debt.
- Household expenses a surviving spouse would need to manage if retirement income changes.
- A financial legacy for children, grandchildren, or another beneficiary.
Consider these needs alongside savings, existing life insurance, and any survivor benefits your spouse may receive. This can help you identify potential coverage gaps and evaluate how much coverage may be appropriate for your circumstances.
Review the Coverage You Already Have
Before applying for additional coverage, review your current coverage amount, premium, and renewal provisions. If you have insurance through a former employer or a military-related program, check how its cost and benefits may change in retirement.
Term life insurance provides protection for a specified period, and some policies allow coverage to continue or renew afterward. Premiums may increase, and renewal eligibility depends on the policy. Whole life insurance provides permanent protection, provided premiums are paid when due. The right choice depends on how long you need coverage, the amount you need, and your budget.
If you’re thinking about replacing existing coverage, keep it active until the new policy is approved and effective. Be sure to review the terms of the new policy before making any changes.
USBA Group Whole Life Options for Older Adults
The Uniformed Services Benefit Association® sponsors Group Whole Life Insurance underwritten by New York Life Insurance Company. Two options for older adults are 50+ Group Whole Life and Senior Group Whole Life. Eligible Members and their spouses may apply, with spouses applying as Associate Members. Coverage is subject to eligibility requirements and underwriting approval.
50+ Group Whole Life Insurance
50+ Group Whole Life is available to eligible applicants ages 50 through 71, or ages 50 through 64 in Washington, for coverage amounts from $5,000 to $25,000.
Over time, your policy will accumulate a cash value. Once cash value has accrued, you may surrender the policy for its cash value or use it to purchase a reduced amount of paid-up life insurance. No further premiums are required for the reduced coverage, which will continue to build cash surrender value. Complete details are provided in the Certificate of Insurance.
Explore 50+ Group Whole Life Insurance
Senior Group Whole Life Insurance
Senior Group Whole Life is available to eligible applicants ages 72 through 80, with coverage amounts up to $50,000. It is not available in the state of Washington.
Senior Group Whole Life accrues cash value, but the policy cannot be surrendered for the accumulated cash value. Instead, accrued cash value may be used to purchase paid-up life insurance. This conversion reduces the face amount and eliminates the need for additional premium payments, subject to the terms outlined in the Certificate of Insurance.
Explore Senior Group Whole Life Insurance
Both options offer guaranteed premiums and coverage amounts.** Once approved, your policy stays active for life as long as you pay your premiums when due, and future health changes will not require you to reapply or requalify.
Choose Coverage You Can Maintain
A premium that fits your retirement budget is an important part of choosing coverage. Review your regular expenses and leave room for unexpected costs before deciding how much to apply for. Consider both the benefit you want to leave, and the ongoing premium required to keep that protection in place.
Your age at application and the product’s applicable rate factors affect your premium. A current quote provides a more accurate basis for comparison than a general example.
Talk Through Your Next Step
You do not have to make a coverage decision based on age alone. Your family’s needs, existing resources, and retirement budget can help you determine whether additional group life insurance makes sense.
Call a USBA Product Specialist at 877-297-9235 to discuss eligibility, current rates, and coverage options. You can also visit the Life Insurance Overview page to learn more.
Note: The overall maximum coverage for each Member/Associate Member is $750,000 under all USBA-sponsored Group Life Insurance Policies. See the applicable Certificate of Insurance for complete terms, conditions, and limitations.
*Federal retirees are eligible only if they became a Member of USBA while still an active federal employee. USBA Membership is open to: Active Duty, National Guard, or Reserves: Military personnel currently serving in the United States Army, Marine Corps, Navy, Air Force, or Coast Guard; Honorably Discharged Veterans, regardless of length of service; Retired Military; Retired Reservists; Cadets/Midshipmen: U.S. Service Academy or ROTC; Individual Ready Reservist (IRR); Current Federal Employees and Family Members: Current Spouses, Widows(ers), and un-remarried former spouses of USBA Members who joined USBA prior to or during their marriage, and eligible dependents of USBA Members.
**All guarantees are backed by the claims-paying ability of the issuer.
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