OK, you’ve fallen into a tricky moment. The term life insurance did its job — offering security while your kids are young and your mortgage is huge. First question to ask now is: Do we need a life insurance policy on him? Of course, if would be nice to have cash if something happens, but is it worth the price you will pay at this age and given his health?
Of course you can’t answer that question without knowing the premium you will be charged. At this stage I think another 20-year level term policy will be most affordable. So go to www.Accuquote.com — or call them and ask for the CEO, Byron Udell, my life insurance expert.
He will get you quotes from good companies so you can make an intelligent decision about costs and Benefits. (You do not have to use my name as I get nothing out of this but the knowledge that you are in good hands!)