oscar1
Recycles dryer sheets
- Joined
- Jul 25, 2013
- Messages
- 139
My wife and I are 51 and 53 respectively and have had cheap $250k term life poilicies for 20 years as protection from any misfortunes that might have occured and to insure that our daughter would be able to finish college. So, no misfortunes occured and the daughter will graduate college next year. My insurance agent is hounding me to convert one or both of these policies to whole life policies as further leverage before we get into our 60's. But the monthly premiums will jump dramatically at a time when I am trying to reduce monthly expense committments in order to retire early (targeting about $36k annual expenses and ensure my safe withdrawal rate never dips above 3%). Increasing monthly expenses by $250-$500 seems like I am going in the wrong direction. The term life policies served there mission. Am I missing something here??