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URL:  https://boards.fool.com/they-just-turned-22-our-term-policies-expired-34172624.aspx

Subject:  Re: Life and extended care insurance Date:  4/3/2019  12:28 PM
Author:  2gifts Number:  5755 of 5801

They just turned 22. Our term policies expired. The price went from $350/6 months to $1800/6 months. We said HECK no!

Good decision as you no longer need life insurance. Our FP actually recommended that we cancel our term insurance a few years ago as the kids were out of college and we no longer needed it even though the policy had a few more years before it would expire. Instead, we put that money into the market.

Our financial planner said that at our age (54) and with our now healthy net worth we don’t need life insurance for the kids anymore. She said we could get a new type of insurance which combines life insurance and long term care insurance in that if you need a nursing home before you die you can get part of the payout ahead of time.

If you don't need life insurance at all, why would you want any product that included it? Does your FP sell this type of product?

I would opt for the LTC policy as a stand-alone product.
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