Author Topic: Keep Paying for Term Life Insurance?  (Read 1718 times)

gary

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Keep Paying for Term Life Insurance?
« on: January 02, 2014, 07:25:33 AM »
Hi All,
This is my situation.  I'm a recent Money Mustache convert and have made pretty good progress.  However, I have something I'm not sure about and wonder if you would offer some advice.

I'm 54 years old. 
For the last 14 years, I've been paying for a 30 year $300,000 term life insurance policy $50/mo ($600/yr).
The payments will not go up. The policy will expire when I'm 70.  I can drop it at any time.
I'm single, I have had a long time girlfriend ( I don't live with her).
I'm in very good health.
I have a house worth $250k
I owe $90k (Home equity)
Two cars are paid off.
A couple of small 401ks (less than $30k)
Used most of my savings to start paying off debt ( mustachian emergency mode).

Question : SHould I keep paying $600 per year for the remaining 16 years on this $300k term life?

Thanks a great deal,
Gary

kevinb421

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Re: Keep Paying for Term Life Insurance?
« Reply #1 on: January 02, 2014, 09:41:46 AM »
If you die today, who will need $300k to continue their life? The answer is no one.
If you die today someone is already getting a significant amount of assets including your home, cars and any savings you have. The money from selling your cars, 401ks and home will more than pay your final expenses.

You have no need for life insurance.

fodder69

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Re: Keep Paying for Term Life Insurance?
« Reply #2 on: January 02, 2014, 09:53:08 AM »
Yeah, exactly what kevinb421 said, who are you planning to give the money to?

gary

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Re: Keep Paying for Term Life Insurance?
« Reply #3 on: January 02, 2014, 10:02:16 AM »
Was planning to leave the money to Girlfriend and elderly Aunt.. However, it makes sense.  The money from selling the house, cars + other assets should be enough.  No one really needs money which I was giving them to keep going. 

Thank you, Gary