life insurance
hi Terry,listen to you all the time,we have about 400.000 in iras , moved most of it to cash, cds and money markets , have 2 annuities that pay us about 500 a month plus social security ,still have a mortgage ,question / have 2 life insurance policies ,1 worth 150,000 pay 115 a month the other worth 100,000 pay 74 a month ,both term policies, should we continue with these or put the 174 a month somewhere else .we are 71 and 72 years old .THANKS
Terry Says
That all depends on whether the policy beneficiaries NEED the money! Are you leaving this money to your children and grandchildren? Or are you each the beneficiary of the other’s policy?
At your ages, if this is a term policy it is likely to expire soon anyway. You likely bought it nearly 20 years ago. So at this stage you should probably keep paying.
As my good friend, Byron Udell, pres of Accuquote.com often says “The only way you win with life insurance is to die with the policy in force!”
