I think you can very safely dump this policy. You don't need it anymore. It sounds like you are very well set. Plus, you still have the other $500K policy.mkl38s wrote: ↑Mar 12th, 2017 3:22 pmDoes it make sense for me to stop buying life insurance now? I started buying term life insurance 25 years ago with $350K policy initially and then raised to $500K after the first 10 years. I also have a group insurance I purchased from work ($500K). The reason I bought that much because I am the only one working and my daughter always wanted to study medicine when she was young. So I wanted to leave enough behind to help my family if something happened to me. Today, I am into a 5th year of 20 years term policy and it costs $1620/year for the $500K. I just realized I probably don't need this anymore. We have enough savings now so if something happens to me, my wife would still have enough money to live comfortably for the rest of her life. My daughter is already in med school with all tuition fees paid for by scholarships, so she doesn't need much of my help. Stopping the policy now will save me $24000K and I still have $500K from work (providing I am still employed). Am I doing the right thing stopping the insurance (even though we could afford it if we continue)?
My parents saw no need for life insurance after a certain age. All the kids were grown, their house was long since paid off, and they both had decent pensions on top of money in the bank. Now that my dad has passed away, my mom also gets 60% of his pension. She has her own pension, my dad's survivor pension, Maximum CPP, and OAS. She also has a paid off house she could sell for at least $800K if she wanted to. What possible need would my parents have had for life insurance?