It may seem counterintuitive that “empty nesters” need life insurance after the kids have left home. But some retirees still have dependents, such as disabled adult children. Many empty nesters also still have financial obligations, such as the mortgage on a home or second home, that could become burdensome if a spouse dies or becomes disabled.

More importantly, if you died today, your spouse could outlive you by 10, 20 or even 30 years. Would your spouse have to make drastic lifestyle changes to make ends meet? Your death could reduce the Social Security benefits your spouse had been counting on. It also could bring on unplanned medical and funeral expenses and other costs. Life insurance coverage can preserve the retirement plan you worked so hard to put in place.

Life insurance also can ensure your estate will be passed on, intact, to your survivors. A policy’s death benefit can help foot the estate tax bill from Uncle Sam. It also can provide a legacy for your children and grandchildren even if you use up most of your assets during your lifetime. For all these reasons, if you’ve been thinking about dropping your coverage, you may want to reconsider.

But what if your retired or nearing retirement and you don’t have life insurance? You may think that you’ll no longer qualify due to your age or health conditions you may have. That’s not necessarily the case. Americans age 60 and older is among the fastest growing markets for life insurance purchases.

Even if you’re considerably older or coping with serious health challenges, there still may be an option for you. Final expense insurance is a form of life insurance that requires little or no underwriting, which means almost anyone can qualify. Policies are available in face amounts typically ranging from several thousands of dollars up to a maximum of $50,000 or $75,000 – much less than a standard life insurance policy. That’s because these policies are only intended to cover final expenses and not longer-range expenses like ongoing living costs or college or retirement funding.

 Final expense insurance typically comes in two varieties. Immediate full benefit policies, which pay the full face value upon your death, are generally available to people with no serious health concerns. Graded benefit policies provide limited benefits during the first few years and are available to people with serious health concerns. These policies can provide the peace of mind of knowing that your survivors won’t struggle to pay for your funeral or be saddled with outstanding medical bills and other debts.

 Long-term care insurance usually takes effect when you cannot perform at least two activities of daily living, such as bathing, eating or dressing. The cost of this insurance rises as you grow older. But if you do not have it and can afford it, you should consider it. The cost of home health care aid, an assisted living facility or a nursing home can quickly deplete your life’s savings. Medicaid, a government program, only kicks in once your assets are significantly depleted, and you may not get exactly the care you want through Medicaid.

 On the other hand, long-term care insurance isn’t right for everyone. If you have substantial assets and won’t be adversely impacted by the cost of long-term care, you won’t need the insurance. Or, if your assets are modest (less than $80,000 if you’re married, or $30,000 if you’re single) it’s probably not cost effective.