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Reply to "DCUM Hive Mind: Can I get rid of my term life insurance?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Seems worth it to keep it. Your survivors will be significantly better off for only $160/month over 5 years (with modest annual increases). [/quote] +1 $2k/year seems worth the cost/benefit here. Would your surviving spouse/kids be out on the street if you died without insurance? No. But they'd be much better off if you still had the insurance, and it's just a few more years which coincides nicely with your second kid being fully out of college and settled. OP just think about it as 2/3 of one month's income from the rental property covers your insurance costs.[/quote] Assuming OP is around 60, odds of dying over the next 5 years is 5%, multiply that by 1 mil payout and you get the expected benefit of $50k, which is higher than the $10k cost of insurance. Looks like you are right PP. [/quote]
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