At What Age Should You Stop Buying Life Insurance?

Shawn Plummer

CEO, The Annuity Expert

What Is the Right Age to Stop Buying Life Insurance

The decision to stop buying life insurance is not tied to a specific age but depends on your personal and financial circumstances. The key factor is the reduction or elimination of financial dependencies.

Here are the scenarios to consider:

  1. Retirement Age: If you have sufficient retirement savings and no dependents relying on your income, you might not need life insurance.
  2. Dependents: If your children are financially independent and there are no other dependents, life insurance may no longer be necessary.
  3. Debts and Liabilities: If you’ve paid off your mortgage and have no significant debts, the need for life insurance diminishes.
  4. Estate Planning: Some may keep life insurance for estate planning purposes, regardless of age.

Examples of When to Stop Buying Life Insurance

  • Age 65, No Dependents: John, 65, has no dependents and a stable retirement fund. He decides to stop his life insurance policy.
  • Age 50, Children Independent: Sarah, 50, stopped her life insurance as her children are financially independent, and she has no significant debts.

Life Insurance Decision Factors

Age RangeDependentsDebtsRetirement SavingsSuggested Action
Under 50YesYesGrowingContinue
Over 65NoNoSufficientDiscontinue


Deciding when to stop buying life insurance revolves around your personal financial situation, not age. Evaluate your dependents, debts, and retirement savings. Once financial dependencies reduce or vanish, you might consider discontinuing your life insurance. This choice ensures that you are not paying for an unnecessary policy, freeing up funds for other uses.

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Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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