Would you cancel the term insurance!?

I know almost nothing about life insurance, and I am wondering if I should cancel the term life insurance, which will expire in 2029. Instead of keep paying the premium for the rest of the term, I’m leaning towards buying stocks for that amount, maybe beyond 2029 and leave them to kids.

I signed up for this 20+ years ago for the purpose of income replacement/education fund for my 2 kids. It is 500K policy with $500/annual premium. I am in 50’s, divorced and 2 kids are the equal beneficiaries. At this point in my life and my children’s, 500K upon my death would certainly be nice but not a desperate need for their life to continue as they are. My current work, a government agency, will provide basic life insurance and accidental death and dismemberment and this will pay 1x my annual salary. Currently around 160K. I have a strong feeling that I will retire from this organization.

I am very healthy (for now) and betting that I will be one of those people that outlive anyone’s desire. I’m not rich but sense that I will have enough final cost and some change.

Would this be a dumb move? Is there other factor that I’m missing??

submitted by /u/ifUwere
[comments]