Reply to Ok not to have life insurance?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Since we are older now, every year I think I'll drop the life insurance. Then I think as soon as I drop it that will be the year one of us dies and will wish we still had it. Not that we would need the money to survive but it would be nice to have for the surviving spouse after all those years of paying for it. So I keep paying it every year.[/quote]

Sunk cost fallacy.[/quote]

No PP but I think there is a different logic to it. I have term life and am close to the end of a 20 eyar term. My premium is quite low at this point, and my risk is of course much higher since I am over 60. So it makes sense to pay the low premium because there is sadly an increased chance of my DH actually being able to collect.

We will drop DH's term policy this year because he doesn't earn that much and I don't need the income replacement. We will drop mine when the term expires in 2 years because even though I am a high earner we are set for retirement and DH can live well without my annual income.[/quote]

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