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03-01-2016, 08:01 PM
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#21
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Thinks s/he gets paid by the post
Join Date: Jul 2006
Location: Denver
Posts: 3,519
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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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03-01-2016, 11:44 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Mar 2014
Location: Southern Cal
Posts: 4,032
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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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__________________
Just another day in paradise
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03-02-2016, 05:41 AM
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#23
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Thinks s/he gets paid by the post
Join Date: Sep 2009
Location: Hong Kong
Posts: 1,688
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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. 
__________________
Budgeting is a skill practised by people who are bad at politics.
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03-02-2016, 05:57 AM
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#24
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Recycles dryer sheets
Join Date: May 2015
Location: Toledo
Posts: 52
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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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03-02-2016, 06:18 AM
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#25
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Dryer sheet wannabe
Join Date: Oct 2007
Posts: 19
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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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03-02-2016, 08:03 AM
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#26
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Chicago West Burbs
Posts: 3,019
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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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03-02-2016, 11:46 AM
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#27
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Recycles dryer sheets
Join Date: Feb 2014
Location: San Diego
Posts: 71
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Trooper,
You might find this recent thread on term life insurance to be relevant - I was the OP.
http://www.early-retirement.org/foru...ad.php?t=80232
Downtown
Sent from my iPhone using Early Retirement Forum
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03-02-2016, 03:55 PM
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#28
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Full time employment: Posting here.
Join Date: Aug 2015
Posts: 550
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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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