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