In general, the need for life insurance tends to decline with age because some of the reasons for buying it (college for children, income for dependents) either become non-existent or are needed for fewer years. In addition, other assets, from savings and investments, that could pay for these expenses tend to increase. So the need for life insurance will be small or non existent for many people after retirement. Exceptions include those with large estates or those who have business needs for life insurance. Circumstances like these often present special needs for life insurance that should be analyzed on an individual basis.