Permanent life insurance

JOMFA said

Looking for feedback on a viewpoint I'm having. Starting to believe my monthly premium in life insurance is unnecessary. I have viewed life insurance in the past as a solid protection for my family in the event I die. My children are in college now, my house is just about paid off, and I have no debt (beyond that mortgage). I have built up a retirement nest egg and feel this would provide enough should I die and no longer need to spend the large amount of premium spend every month. I'll be 52 this summer - just feeling like I'm over-insured. Thoughts???

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If the goal of life insurance is to protect those who depend on you for income in case you die, then at some point in your life, hopefully, you will no longer need that protection.

If your kids are out of college and have good jobs, and your house is paid off, and your spouse is able to support him/herself without your income and maintain a reasonably similar standard of living, then it's hard to justify needing life insurance, especially if you have a solid nest egg that will continue to support your spouse and/or become an inheritance when you die for your kids.

If I were in your shoes, I would wait until the house is paid off and the kids are out of college and then probably pull the plug on my life insurance policy. That money can be redirected to investments.