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My father is age 62 and due to serious back problems retired early from the government at age 55. He still has a mortgage of $123,000. on a home valued between $325,000-$375,000(values based on recent sales in neighborhood). 6 years ago we took out a $350,000.00 Term Life Insurance Policy on him to cover the mortgage and to provide some "extra" money for my mother. He pays approx. $6,500.00/year for the policy because he smokes pipes, and has a few health issues. My question is: with 14 years left on the insurance policy would it be better to continue to pay $6,500/yr or should he either lower the policy amount and invest the difference, or just cancel the policy and invest the $6,500.00 for the next 14 years? Granted, he could pass away within the next 14 years and the policy would be the best bet, but he's like a bull and we believe he will outlive the policy. Any input would be appreciated. Thanks.
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