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Dear Liz: I am 43 and divorced. I have a mortgage and an auto payment. I fully fund my 401(k) each year and am funding a Roth IRA. I also have emergency savings of $30,000 and a term life insurance policy for $350,000. What I don’t have is children or a spouse. I am thinking of canceling the policy, but is this a good idea?
Answer: The most important question to answer about life insurance is whether you need it. If no one is financially dependent on you, the answer is probably no.
Then again, canceling your policy is a bet that your life isn’t going to change — that you won’t someday have a partner who may need your income to pay the mortgage or other expenses, for example. If you’ve canceled your policy, you may find it difficult — not to mention more expensive — to get similar coverage later.
Term insurance is typically fairly cheap. Current quotes for a $350,000 30-year level term policy for a woman your age are typically between $40 and $60 a month. You’ll have to weigh whether the savings is worth what you’d be giving up.