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Been thinking about letting my life insurance policy lapse/ not renewing it.
I'm 62, look and feel 20 yrs younger and have no unhealthy habits.
I'm divorced, have 2 grown sons on their own and they have no dependents.
It doesn't sound like you do. But it's your decision of course.
Personally I think insurance is -- when a person doesn't need it -- as profiting from someone's death.
But then again plenty of people use insurance as a way to give/leave money to their kids, spouse, loved ones, etc.
If you want to set them up with money that IS one way to do it.
I would say -- after a person dies it IS nice to be able to get money RIGHT AWAY, with no delay. A friend was on a joint account with her mom so she had access to paying last bills, a funeral home, their attorney with no delay, and that was good. Without that sometimes the executor is putting out the money up front, and is paid back from the estate...but then again you have to HAVE an estate for that to work out well.
Been thinking about letting my life insurance policy lapse/ not renewing it.
I'm 62, look and feel 20 yrs younger and have no unhealthy habits.
I'm divorced, have 2 grown sons on their own and they have no dependents.
Technically no, you probably don't need it.
But ( there's always a but!): if you decide later you want to get it, it'll be astronomical compared to renewal.
Second, as noted above if you want to leave something to the kids, it goes directly to them as beneficiaries.
Third, you may "feel 20 years younger", and have no unhealthy habits, but you still don't know you won't say, have a heart attack, a stroke, or be in a bad fatal car accident, through no fault of your own.
Insurance and the future are risks we take. I'd weigh VERY CAREFULLY before doing totally without. As I said new policies in older age cost a fortune. I'd rather have than not, but that is me. I was older when I considered LI, and the cost is great compared to when I was 20 something. I have a spouse, but no children, my spouse will fend ok, but I'm thinking of burial costs covered if nothing else.
I'm 79 and had some life insurance by employers over the 40 yrs of working, but do not buy any on my own. I agree with the posters above. Insurance can be very beneficial but it's also a lot of fear induced thinking and that's why insurance companies are so rich. And their execs drawing mega salaries and bonuses and pensions...grrrrrrrrrrrr
I'm 79 and had some life insurance by employers over the 40 yrs of working, but do not buy any on my own. I agree with the posters above. Insurance can be very beneficial but it's also a lot of fear induced thinking and that's why insurance companies are so rich. And their execs drawing mega salaries and bonuses and pensions...grrrrrrrrrrrr
What? Fear induced thinking? Umm...the OP, like everyone else, will die one day. That's not inducing fear. That's accepting reality. The big consideration is does the OP care to leave the insurance proceeds to family, charity, endow a scholarship, etc. If not, then the coverage isn't needed.
In 3 yrs, when I turn 65, the term life policy becomes so costly I planned to drop it then but now I'm thinking thats about $750/yr I'll continue to spend. I'm working and I do have enough to pay for any 'final expenses'.
As a child of someone who is getting older... don't worry about life insurance. We can manage the one time costs when you die(harsh, but fact), but please, unless you can retire today, have disability insurance. We can't take care of you until 65 on our own without a lot of sacrifice.
Personally, who cares about life insurance, if you care about your kids, get disability. Life insurance is just a gamble...
In 3 yrs, when I turn 65, the term life policy becomes so costly I planned to drop it then but now I'm thinking thats about $750/yr I'll continue to spend. I'm working and I do have enough to pay for any 'final expenses'.
Hmmm, mine costs about 10 times that and I'm 63. You must not have much life insurance. Yes, I do plan to drop it.
If you have enough money set aside so that your family can cover your final expenses, then it's probably not necessary.
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