Term Life Insurance?

[exitstrategy]

Hello All,

I know this is another lifestyle question, but let me try anyways.

Two years ago, back when I was earning solid, I purchased 2 life insurance packages - both term insurance:

1) 10-Year, $1m of coverage @ $65 a month
2) 20-year, $1m of coverage @ $165 a month

We have a solid amount of savings with a 10+ year kitty, fully paid boat, zero debt.

Two kids 15 & 11. Wife and I are are 44.

My thinking is that I should drop the 20-year plan. If I were to die in the next 8 years, the 10-year, $1m is plenty to stabilize the family.

But if I die between 52 and say 67, then while she would have a boat and some savings it would not be much.

My agent is advising me to keep the 20-year and drop the 10-year.

A third option might be to drop the 10-year, and keep the 20-year, and possibly drop the coverage from $1m to $500k after the kids leave the nest.

I am going through a scrub and eliminating any leaking expenses and Term Life is our highest 2nd to the boat insurance.

Curious about your opinions,
-Erik

[JPA Cate]

I'm sure you'll get a lot of responses. Fwiw, neither Jim nor I have any life insurance whatsoever.

What you need to consider is your whole estate, your whole financial picture, and you need to do that with your wife.

Some decisions are best made in private.

Ann

[sailjumanji]

Ann is perfectly correct. Everyone's situation is unique, and needs vary.