Should I cancel my additional life insurance since my son is an adult?

Question

My job automatically provides me with $50,000 life insurance free of cost. Many years ago, I opted to pay $80/month to increase it to $100,000. My son is 26 years old now. I was thinking I would cancel the additional insurance I pay for ($80/month) and sock it away in a savings for my retirement. I'm 55 yrs. old. Any advice?

Answer 1

I'm not a fan of insurance of *any* kind, except for situations which cannot be tolerated. If your death would not result in the catastrophic financial ruin of someone else, you shouldn't carry any life insurance *at all*. The policies are set up by the insurance companies so that the probabilities favor them -- don't play their game. Take the $80 per month -- plus whatever else you have, if possible -- and invest it yourself.

Answer 2

$80 a month seems awfully expensive for $50,000 policy. It must be whole life. If you have no dependents you don't need life insurance.

Answer 3

the naked truth is...you birthed the children and powdered their behinds for 10-15 years but its a viscious fact that they will not return the effort when you are on the down slide of life thats why we have old folks homes...poor people are not the only ones in them......invest your money safely and when your time comes they wiil use your money the way they want and maybe there will be more there to boot

Answer 4

If you don't have need any more for the additional life insurance, that plan would make sense to me.

Answer 5

If you don't have nay more dependents, a spouse, or people who would suffer financially if you died, the best decision would be to cancel the extra payment.

Answer 6

You could do that.Talk to your banker and get some advise...some banks have there own investment reps and you can get advice free of charge.

Answer 7

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