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Old 03-01-2016, 08:01 PM   #21
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Do you have a pension that will stop at your death? Will that cause a hardship for your spouse?
Same with SS. Will having just one SS payment be a hardship?
Taxes will be higher for the surviving spouse, so take that into account too.

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Old 03-01-2016, 11:44 PM   #22
Thinks s/he gets paid by the post
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I still have it, I pay about $300 for $1.5million for both my husband and AI. Why? Because I can still afford it. My husband and I was in a car accident a few years back, the car was totaled but we both got off unscathed. So that's why I keep it. Who knows? It's tax free for the kids, no tax involved.

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Old 03-02-2016, 05:41 AM   #23
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I ditched the life insurance shortly before retirement. With no estate duty where I live, by definition if there is enough money to support the family while I am alive there is more than enough to support the family without me. Fortunately, that theory hasn't been tested yet.
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Old 03-02-2016, 05:57 AM   #24
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I have 400k 20 year term for 85 per month,premium does not increase.i am 54 We need it because Widows pension is only 20% of what I currently receive.
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Old 03-02-2016, 06:18 AM   #25
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I have been thinking about when and if I should drop the life insurance. My reluctance to drop the life insurance stems from not being able to get long term care insurance. While we could self insure a reasonable amount of ltc, it would stretch the finances if one or both of us needed extended ltc. Seeing what the premiums are for ltc and seeing what the op is paying for 300,000, while it may seem high, it is still significantly less than what the ltc premium is. I know inflation will eat into it some but your spouse will still get the 300,000 when you are gone, so you do get a return in your investment. You just do not get to enjoy it though.
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Old 03-02-2016, 08:03 AM   #26
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I have had 2 policies. One, a term life that will expire in a couple of years. I will probably continue that as I am still on-track for the plan created when I took it out in the 1st place. The 2nd policy is a whole life which I took out when I was 20 yrs of age. At that time, I (we) will have no life insurance. That 2nd policy will, in the next year and a half, begin paying me ~$300/ month for life. It may not be not a lot of money, but it should be enough to keep me in alcohol products for a good long while. There will probably be no need for embalming.
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Old 03-02-2016, 11:46 AM   #27
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You might find this recent thread on term life insurance to be relevant - I was the OP.

Drop term life insurance when nearing FIRE?


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Old 03-02-2016, 03:55 PM   #28
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DW and I have a Life Insurance for 3 more years (20 years period). Once it is expired, we are not going to continue as rates are going too high. Currently we have $100K each for $20.65 per month for both policies.

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