In addition to addressing personal needs, some individuals also consider legacy planning and ensuring financial security for their loved ones as important aspects of retirement planning. If you share these concerns, purchasing a life insurance policy may be a choice. By naming one or more beneficiaries, the insurance policy ensures that, upon the policyholder’s passing, the payout goes directly to the designated beneficiaries. This arrangement not only helps prevent disputes but also supports estate planning and wealth transfer goals, while providing financial support for family members. Retirees or seniors considering life insurance can refer to the following insurance tips.

By regulation, intermediaries are required to perform a financial needs analysis with clients when selling life insurance. This process ensures a thorough understanding of the client’s insurance objectives and requirements, enabling the recommendation of appropriate insurance products. Applicants should carefully complete the financial needs analysis form and clearly state their expectations and concerns.

After retirement, income often becomes less stable. When considering the purchase of life insurance, it's important to evaluate your financial capacity and plan for the long-term commitment of premium payments. Individuals should communicate their financial situation to their insurance intermediaries, including pensions and savings etc. Carefully assess your ability to maintain premium payments to avoid the financial losses due to premature termination of the insurance policy.

Insurance policies may include complex terms and conditions. If anything is unclear, do not feel pressured to accept it or rush into buying a policy. Never sign any blank or incomplete documents. Take the initiative to ask questions, and ensure you fully understand and compare various products. Seniors can bring family members along when meeting with an insurance intermediary, if needed.

To protect the interests of customers buying life insurance products (except term insurance), insurers are required under the regulations to make a post-sale telephone call to vulnerable customers (for example, persons aged 65 or above) to conduct post-sale confirmation, ensuring that the policyholder understands the product and the risks involved. Life insurance policies also include a “cooling-off period” clause which provides the opportunity for policyholders to review the policy terms again. If policyholders consider the product unsuitable, they may cancel the policy and receive a refund of the premiums paid within the cooling-off period (21 days after the policy is delivered to the policyholder or his/her representative).