Reply to DCUM Hive Mind: Can I get rid of my term life insurance?

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[quote=Anonymous]I think DW and I are at the stage of our lives where we can get rid of our term life insurance.  We are in year 25 of 30-year term policies that cover us for $1,000,000 each, and now cost us about $160 earch per month - going up about 5% a year for the last five years.

Here is our financial situation.

I am a Fed (with a stable job, even in the Trump era).  Income is $180,000 per year.
DW is a charter school teacher, making $90,000 per year.
We have about $40,000 per year in income from a rental property.

Our only major debt is our mortgage - PITI is about $3,700 per month, and because of refinancing, is unlikely to be paid off soon.
We have two kids.   DD #1 is out of college, and settled into a career.  She is - fingers crossed - entirely financially independent.  DD #2 is going into her senior year in college, and we have enough in her 529 to pay all her costs for this coming year.

With regard to retirement and other savings, we have:

$1.4 million in tax-deferred accounts (401K and TSP accounts)
I have qualified for a pension that would pay my survivors $65,000 per year if, heaven forbid, something happened to me today.
We have about $300,000 in other taxable investment accounts.
We have about $750,000 in home equity between our primary home and our rental property.
We both qualify for Social Security, which I assume that we could begin receiving payment at retirement age.

It feels good to have life insurance, but it also costs a lot.  And at this point, with a good nest egg, my children's college paid for, and lots of home equity, would a smart financial advisor tell us that we no longer need life insurance?

What say you, DCUM? [/quote]

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