Ahhhhh -- the children have graduated from high school and college and are building lives of their own. It's the time you've been dreaming of, when you no longer have young, hungry mouths to feed or tuition bills to pay.
Maybe you've also dreamed of dropping life insurance from your budget.
Not so fast. For one thing, it's possible your nest may not stay empty, says Wendy Boglioli, a spokeswoman for Genworth Financial.
"We're seeing an increasing number of retirees caring for their grandchildren," Boglioli says. "So, there is a financial need to take care of those children."
Also, you still have a spouse who may need income after you are gone.
"If your spouse outlives you for 10 or even 30 years, would your current financial plan provide for them and ensure they can maintain the standard of living they're accustomed to?" asks Rothschild.
Plus, a life insurance policy can help you pass on some money to heirs.
"It can provide a legacy for your children or grandchildren," he says.
Finally, a permanent life insurance policy that builds cash value can give you an extra financial safety net for future unexpected needs or opportunities, Rothschild says.