I do not currently have life insurance. I am currently retired and have sufficient assets to fund my lifestyle. The Suggestions part of the report shows income from Life Insurance starting when I am 66 years old and continuing until I am 91. Why is this suggested? I do not know about any such policy. The discretionary spending also goes down significantly starting at the same age. Why would I be collecting life insurance and spending less?
Disclaimer: ESPlannerBASIC, ESPlanner, ESPlannerPLUS and ESPlannerPRO, are educational calculators designed to give users input in mapping out financial futures, but should not be acted upon as a complete financial plan. The creators of these programs are not certified, registered, authorized, or any other type of financial planners. These programs are simply tools for helping you think through economic futures. Its "recommendations" should be viewed as informative inputs into your own decision-making with respect to saving and the purchase of life insurance. ESPlannerBASIC, ESPlanner, ESPlannerPLUS and ESPlannerPRO provide neither economic, financial nor tax advice, which can only be delivered to you by authorized professionals.
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ESPlanner recommends life insurance if you are married or single with children and there is an expense entered (Housing change, special expense such as college, etc). that would not be covered if you were to die.
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