At what age should one cancel Life Insurance

[bigbluedude]

What is the name of your state?New York State,

Hi,
My 83 year old mother just cancelled an term Life insurance policy for her husband. He just turned 80 and the Policy coverage went from $40K to $20k when he turned 80. Effectively doubling the cost. The policy was through their Credit union and was relatively cheap per every 3 months. They could easily afford to continue it. They are comfortable in their retirement and I would say financialy secure, and have one other paid up whole life policy. Do we need to go through the trouble of reinstating this Policy at their age? It was only cancelled a few days ago.

Thanks
Bigbluedued

 

[seniorjudge]

What is the name of your state?New York State,

Hi,
My 83 year old mother just cancelled an term Life insurance policy for her husband. He just turned 80 and the Policy coverage went from $40K to $20k when he turned 80. Effectively doubling the cost. The policy was through their Credit union and was relatively cheap per every 3 months. They could easily afford to continue it. They are comfortable in their retirement and I would say financialy secure, and have one other paid up whole life policy. Do we need to go through the trouble of reinstating this Policy at their age? It was only cancelled a few days ago.

Thanks
Bigbluedued

I cannot imagine wanting to leave my heirs LESS money instead of more money when I go, but if that's what pa wants to do, I guess it's his money.

Strange....

 

[bigbluedude]

Not worth the Policy value?

Judge,

Thanks for the response. To keep this policy active it mean keeping a bank account open and active. It also means more monthly statements, more paperwork. They are both at a point in their lives that they need assistance for this. I think that is how the policy got canceled in the first place by mistake. Don't get me wrong they/we are not rich, but the amount of work to keep $20K alive is almost not worth it if you know what I mean. As all the children are remote and it makes it difficult to help with the day to day workings of life.

Thanks again
Bigbluedude

 

[cbg]

At what age should one cancel Life Insurance

At whatever age you decide you no longer want the policy.