It's a fact few of us like to think about, but death is a part of life.
Failing to prepare for this could leave loved ones struggling to deal with their loss as well as how to pay for it.
Which is where life insurance comes in. These policies come in many forms and typically provide a lump-sum payment upon your death to beneficiaries whom you've designated.
It's an important financial tool many are choosing to go without. A recent survey found 37 percent of adults did not have any form of life insurance, with the majority citing the cost as the biggest reason why they chose skip coverage.
Even those who did pay for life insurance when they were younger may be facing a difficult decision now that they are approaching retirement.
"Many people have life insurance through their jobs, but once they leave, they have no more insurance," said Ivory Johnson, a certified financial planner and founder of Delancey Wealth Management in Washington, D.C.
Older Americans who chose term life insurance, which provides a set amount of coverage for a specific length of time, may be nearing the end of those policies, which generally max out at 30 years.