golfnut
Full time employment: Posting here.
We have had a met life insurance policy since 1986. Its called a Flexible Premium Life policy. Face value $80,000. My wife is the beneficiary. We are both in our 60s and retired. For years, we paid the min. premium $250 to keep the policy in force. Well, the policy will expire in May next year unless we up our payment to $1,050. Of course, the required premium increases year by year as we get older.
Just wondering if we should keep this policy in force. Of course, I discussed this with my wife and she really had no strong opinion one way or the other.
She did bring up looking into burial policies. I did a quick check on these products and for $10,000 policy , it was about $600 a year.
Financially, we are doing ok but lets face it $80,000 is $80,000.
Any opinions or thoughts would be appreciated.
Just wondering if we should keep this policy in force. Of course, I discussed this with my wife and she really had no strong opinion one way or the other.
She did bring up looking into burial policies. I did a quick check on these products and for $10,000 policy , it was about $600 a year.
Financially, we are doing ok but lets face it $80,000 is $80,000.
Any opinions or thoughts would be appreciated.