We have been married for 34 yrs, he is 57 yrs old, I am 54 yrs old, both in perfect health, no smoking or alcohol ever, have had both Universal Life for 100,000 on each and 30 yr Term for $200,000 on each for approx 11 yrs, our problem is now he has lost his job, we are in a very tight financial situation and need to let one of these go, we are looking right now to only keep our home protected (150,000), but don't know what the best decission would be. We are thinking maybe cancel the Universal, and keep the Term for only $150,000 on each, but the only thing is the Term takes us only to 2030, so we are afraid what happens then after that?, we have our Term with First Colony, can they add another let's say 10 yrs to this actual policy we have now to make it to 2040, because if we cancel this one and open another one I am sure the price will be way higher being that we are older now. I am all confused. Please help, we need advice on what the best way to go would be.... Or there might even be a better way that we don't know about, we just hate to loose all the money we have already put in these policies, the Universal money I know we would get back which we desperatly need, but hate to loose all the money we have put in the Term. We are completely lost. Tks so much.
Only mutual company professionals? 
