Term life insurance
I have a $68,000 policy I’m 82 years old I have until 95 to collect if I die I have probably 2/3 of the amount already paid in should I continue paying in or cancel my payments I roughly now $400 a month thank you
Terry Says
When did you buy this policy? Typically the “maximum” term is 20 years. So I’m thinking it might be another kind of life insurance. Ask your agent if you stopped paying today, could you withdraw cash from the policy as a loan? It might cause the policy to expire if you take the cash out — but you could probably use it now.
I’m guessing it is not accumulating cash, though.
Anyway, here’s the BIG question: Why do you still NEED this life insurance policy? Who is the BENEFICIARY?
Is it to take care of your spouse when you die? Is it for burial expenses? If you don’t need the benefits for some use after your death, then you can stop paying and spend the premium money. Or even use it to purchase a burial plot and prepaid funeral expense. It would probably be less than you’re paying for the annual premium on the life policy.
