Universal life policies - needed, or get rid if?

[noppenbd]

Originally Posted by aida2003

But on the other hand, if you've got 401k, IRA's, savings, maybe even pension, they would offset inflation piece perhaps.... and then wouldn't members of a deceased person receive some benefits from the SS? They're little, but still not pennies.

True, you would get some benefits from SSI. I checked the calculator online and it would replace about 40% of my income. Yes, you do need to consider your assets and pension as well. But my point is, the insurance is so cheap why would you? I would much prefer that my family have extra money in case my DW would choose not to work for a few years, move to a new house, retire early, etc.

[glock35ipsc]

OK, so I have started the process to drop the three Flexible Premium Adjustable Life Insurance policies. That will save me $90 a month, plus I will have about $1500 cash coming back to me.

I also used Term Life Insurance Quotes, Life Insurance to compare quotes for my wife and I, and it looks like I can save about 40% on both of us for new 20 year term policies with $100k more coverage (using the 10x income suggestions).

Thanks for all the VERY helpful replies!!!

[creditcardfree]

Please drop life insurance on your kids. You are wasting money.

I agree with DisneySteve....get term life for you and your wife, then drop the universal life.

[glock35ipsc]

Like is said in my last post, I am already in the process of dropping all three of them. And I already have term life on both me and the wife.