Keep or Not to Keep & cost to keep?
8 replies (most recent on top)
Get 15 year term life outside of the company so that your insurance is not tied to your employment. During those 15 years pay off your debt including your house, save money and become financially independent. This way you don't have to renew your policy.
Buy or rent a modest house, keep your old car, don’t pay your kids way thru private school, don’t buy shiny things, and you will have some assurance that you don’t need life insurance.
When I hit 65 the premiums doubled, and I stopped, it wasn’t really needed anyway.
Are you sure Coventry Direct won't hire a hit man to make the policy pay out to them just a tad earlier than otherwise?
I think @ktt provides good advise. As for whether to continue with your MetLife life insurance as depends on your own situation after leaving the company. If you are under 55 years of age, still have a mortgage and maybe kids in college, having life insurance might be a good idea to keep just in case you die unexpectedly. Life insurance goes up in step increments every 5 years older you get; 50-55-60, etc. They actually like to get you started early in your career, take your money, then force you out through the high premiums before the policy pays off to your widow. If you are close enough to age 62 when contemplating dropping the coverage, it may interest you to check out companies that will compensate you for buying your life insurance policy. One such company is Coventry Direct. There are several others who will offer you money to for your life policy. Call around before casually ending your life insurance.
Is the price per month locked in?
I kept my Term Life. Three times my final years salary. Last I checked it was $143 a month. I believe it expires when I hit 65 and go on Medicare. Is it worth it? Well let’s hope my wife never has to find out. Oh and it didn’t require a checkup with a Doctor after I retired.
My advisor says buy from Chevron when your under 43 years old (very inexpensive). Once you pass 43-45 buy a 30 year term. It will be much less expensive when you reach 50+.