Any reason to have all of this life insurance?
Situation. 56 years old, divorced 10 years. Kids now 19 and 17. College freshman and HS junior. Ex wife and I pay life insurance premiums together with trust created under each of our wills as the beneficiary. We have 1.8 million on me and 1.5 million on her. I have a 401K worth over a million and assets of about 150K. She has 401K worth about 600K and similar assets. We have 529 monies enough to cover college and some grad school.
We each have a Term 80 policy that has a benefit of $750K. But the premiums are salty and keep going up as we age. The other policies expire in 11 years, when the kids will be 30 and 27. I said we should terminate those and save the cost of the premiums. She is resisting that for some reason.
If we terminate them, my kids will still get 1 million in life insurance plus my 401K and assets if I pass, over 2 million total. They will get 750K in life insurance plus my ex's 401K and assets, about 1.5 million. There's no way that this isn't sufficient. I want to terminate the Term 80 policies and use the money for other things, but she's resisting. I told he she can pay both premiums on her own if she wants.
Thoughts?
submitted by /u/2dumbtoknowbetter
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