Many couples may question whether they should change their life insurance coverage once their children have left home and become self-sufficient, but before making any decisions, policyholders should take a number of factors into consideration.

Policyholders should compare the amount of debt they currently owe to the amount they carried when they initially took out the policy. If the ratio is the same, it may benefit them to maintain their current policy, the Osceola Sentinel-Tribune reports.

Individuals should also take their current retirement savings into consideration. Couples who have failed to plan adequately for retirement or who may have suffered setbacks due to the down economy should consider maintaining their life insurance coverage, which will prove beneficial in the event that their spouse survives them.

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A surviving spouse may also be forced to pay estate taxes in the event of a death. Income from a life insurance policy would reduce the financial burden of hefty estate taxes, the newspaper reports. The surviving spouse may also have insufficient credit, and life insurance can solve this problem.

The Insurance Information Institute suggests that if the death of a spouse is early, he or she may not have gotten salary increases that would have boosted employer pension benefits and/or IRA contributions. A life insurance policy can help offset the effect of these reduced retirement savings.
You may also be able to provide your heirs or favorite charities with money after your death, according to the Insurance Information Institute.

Life changes, such as children leaving home, can bring on a variety of questions regarding retirement and life insurance planning. Policyholders should make sure they account for other financial possibilities, such as trust funds, unexpected medical bills and debts that life insurance may help to cover.