Hi:
I have worked for a large company for a little over five years. They offer group life insurance. The Company-Paid Life Insurance (Basic Life) paid by Employer amounts to $96,000.00. I don't pay for that, so I will leave it alone.
I also enrolled in their Optional Group Variable Universal Life (EE Optional GVUL). It was attractive, in part, because their was no medical exam or other medical underwriting. This coverage amounts to $399,000.00 and I pay $39.12/month or $469.44/year for that amount of coverage.
I am 42 years old and single. I don't see having dependents in the near future. I named a sibling as the beneficiary. Due to a family dispute, that sibling is not speaking with me at this time. If I keep the policy, I could change the beneficiary to a friend, a cousin, etc.
But my question is, do you think I should continue to pay the premium on the $399,000.00 of coverage. Right now, I don't need the insurance, no one is relying on me for their support. But if I ever did need that amount of insurance, and had to go through underwriting, I suspect the cost for the insurance would be higher.
What do you think I should do?
I have worked for a large company for a little over five years. They offer group life insurance. The Company-Paid Life Insurance (Basic Life) paid by Employer amounts to $96,000.00. I don't pay for that, so I will leave it alone.
I also enrolled in their Optional Group Variable Universal Life (EE Optional GVUL). It was attractive, in part, because their was no medical exam or other medical underwriting. This coverage amounts to $399,000.00 and I pay $39.12/month or $469.44/year for that amount of coverage.
I am 42 years old and single. I don't see having dependents in the near future. I named a sibling as the beneficiary. Due to a family dispute, that sibling is not speaking with me at this time. If I keep the policy, I could change the beneficiary to a friend, a cousin, etc.
But my question is, do you think I should continue to pay the premium on the $399,000.00 of coverage. Right now, I don't need the insurance, no one is relying on me for their support. But if I ever did need that amount of insurance, and had to go through underwriting, I suspect the cost for the insurance would be higher.
What do you think I should do?