While life insurance sales have risen since the COVID-19 pandemic, only about half of American adults have life insurance and many of those that do have policies still don't have enough coverage. Chuck Czajka, CEO of Macro Money Concepts, a retirement planning firm in Stuart, Fla., thinks retirees underutilize life insurance. “During seminars, I’ll ask how many people let their life insurance go because the kids have grown up? The hands go up.”
After he explains the possible uses of life insurance as both a retirement and legacy planning tool, he finds attendees often regret this decision. If you don’t have coverage or you let your former policy lapse, coverage still could be an option. The industry has made it easier to qualify for life insurance even with health conditions.
