(ETA: Somehow the first 3/4 of my post didn't post. I'm amending with the data:)
I'm trying to decide whether to renew my term life insurance.
Age 57, excellent health (knock on wood)
Premium: $1,940 for 12 months (increases each year)
Benefit: $378,000
Finances:
House paid for
Colleges paid for
$ 2,000,000 in funds and stocks
$125,000 annually in pensions to my widow
$25,000 SS to my widow
Widow would have probably $50,000/year in living expenses, maybe $25,000 more for luxuries
So, my widow would have no trouble making ends meet should I pass, which makes me lean toward not renewing the term life insurance.
On the other hand, perhaps a $378,000 benefit for a $1,939 premium is not a bad rate and, if I keep renewing it, eventually it will pay off. :/
Thoughts?