As you begin to think about your goals for retirement, it is time to decide if your insurance coverage is still appropriate to your needs, now and into your retirement years.

If you have built a cash value with permanent life insurance, be sure you understand the ways your policy offers you to access those funds for your present or future needs.

If you have a Term policy, consider carefully whether you need to renew for the next term. Keep in mind that now, while you are still working and in good health, may be the time to convert to permanent insurance.

Also remember that once you retire, employer-provided life insurance will end. If you have relied on your company's policy up to now, consider purchasing your own coverage.

Are Your Needs Decreasing?

Although your children may be grown and your mortgage balance may be shrinking, you may still have family financial obligations.

• College bills or loans for your children or grandchildren, that your policy's benefit could help them pay
• The care of an aging parent or other family member
• A financial legacy you may want to leave

Speaking Of Your Legacy

If your estate consists mostly of property instead of money, remember that a policy can provide your heirs with the cash they will need to pay estate taxes. 

Now is also a good time to think about updating your beneficiaries on your existing policy or policies.

Part of building a financial legacy is conserving what you have built. So consider long-term care insurance as well. If you or your spouse should become ill and unable to care for yourselves, the high cost of nursing care or a nursing home could wipe out your children's inheritance.

You should be aware that several of AXA Equitable's life insurance products offer a Long Term Care Services rider, that could help pay some long-term care expenses.

Nearing retirement is also a good time to take stock of your total situation with your financial professional, who can alert you to the circumstances and possible scenarios that people often overlook.