A common question that often arises when clients have paid off their mortgage is, “Should I keep my existing life insurance?”

Paying off the mortgage may trigger the feeling that they no longer need the life insurance that was ear-marked for their mortgage loan.

But there’s another way to think about this new phase of life.

What many clients are finding today is that now they would like to retire but have not reached Medicare eligibility age.

Health insurance and Medicare supplement plans can be very costly. Your clients could choose to keep their life insurance policy in place to protect against uncovered health care expenses. The policy should be reviewed and possibly upgraded—shifting the need to cover the mortgage to protecting against future health care costs.

Make sure to conduct a review with your clients to accommodate their changing needs.