Most life insurance requires regular payments. But if you’ve got enough money lying around, it doesn’t have to.
(Link purely for purposes of showing an example.)
There’s more to consider than I realized.
I need to look into Life insurance before I retire. I’ve only got basic life as a benefit and I pay for optional life. The premium has increased a lot as I age.
The idea is that by the time you retire, you should already be set. Kids have left and are on their own, house is paid for (ha ha) and you have a pension of some sort and savings. About the only need for insurance would be for your spouse - but what you have already set up for both of you should be sufficient for him or her.
Employment benefit life insurance is built on the presumption an accidental death would leave a spouse and children who need support and a house that still needs payments, etc.
Plus, as you get to retirement age, you are statistically closer to dying, so the premiums get so much higher. At a certain point it is no longer a good idea. (Even my wife’s employer’s spousal insurance was not offered for me once I reached 65).