Should I cancel my whole life and just keep term life ?

Dec 29, 2018

  1. pfg1
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    pfg1 Guru

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    Agree with Rouse and others, no way to give you any good advice here - we know way to little about your situation overall. You need someone to evaluate what you actually have and does it fit before making a move in any direction.
     
    pfg1, Dec 30, 2018
    #21
  2. Newby
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    It all starts with the question, what is the purpose of the life insurance.

    Once you know WHY you need it and even IF you need it, a good broker can help you shop for the right kind and right amount.

    With your current companies they were sold by captive agents. State Farm and AIL agents are not able to shop rates for you. They can only sell their own company. So they sell you what they have. And they benefit by you not really understanding what you bought because that almost guarantees that you won’t shop it either.
     
    Newby, Dec 30, 2018
    #22
  3. WinoBlues
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    WinoBlues Guru

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    It is at the forefront of your mind. Now is a good time to have a conversation with an Independent agent. It can be done by phone then Face to face if you choose. You control if you move forward. If you wait, the insurance companies, your health, need or fate may control.
     
  4. myinsurebiz
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    myinsurebiz Guru

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    It's cheap - keep both . . .
     
  5. ATM
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    ATM Super Genius

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    Why does a 40 something with no wife, no kids need the life insurance?
     
    ATM, Jan 10, 2019
    #25
  6. rousemark
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    rousemark Still Here!

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    Charitable giving, parents or other relatives dependent partially upon him business continuation plan, etc.
     
  7. Life Hawk
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    I don't know... ask the undertaker...

    How often do people not get that death is a cost... to someone...
     
  8. jboussea
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    jboussea Guru

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    Could be a multitude of things , but the most obvious is so he doesn't become a Final Expense customer down the line.
     
  9. nfl72
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    nfl72 Guru

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    I didn't read most of the thread but the first thing I'd do is get rid the the AIL. The ones I run into are mostly whole life. I replaced two last week. In both cases I was able to double the coverage for the same payment. They are some of the most expensive policies I have ever seen.

    But on the other hand, if your short on cash, they will pay $1,500 if you cut off your middle finger.
     
    nfl72, Jan 10, 2019
    #29
  10. fun2drum
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    fun2drum Expert

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    But of course that's the most useful finger of all.
     
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