Do We Still Need Term Insurance?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 27 November 2022
⏱️ 6 minutes
🧾️ Download transcript
Summary
At what point in time is it safe for us to ditch our term life insurance policies?
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome to the Jill on Money Show, it's Sunday, November 27th, and we are here trying |
| 0:08.8 | to help you make better financial decisions. |
| 0:12.1 | We do that by answering your questions. |
| 0:14.8 | How can you ask a question you ask? |
| 0:17.1 | There's your first question. |
| 0:18.3 | Go to our website JillOnMoney.com, click on the contact us button. |
| 0:23.2 | There's a little form that pops up, write your question out, and at the bottom of the |
| 0:27.1 | form it says, would you be willing to join us live? |
| 0:29.8 | And if you would like that, Mark will arrange everything else. |
| 0:34.0 | That is what Greg did. |
| 0:35.3 | He's on the line from Minnesota. |
| 0:37.3 | Jill, I've got a situation where I'm 58. |
| 0:42.5 | My wife is 49. |
| 0:45.1 | We don't have any month to month debt. |
| 0:47.6 | Our house is paid for, and we currently have between 1.5 and 1.75 million in savings and |
| 0:56.5 | retirement accounts. |
| 0:57.5 | Great. |
| 0:58.5 | I've got two kids, one is in college, first year, and one is a junior in high school. |
| 1:06.9 | We've got 529 accounts for both of them that will pay for roughly half to two-thirds |
| 1:13.5 | of their undergraduate tuition, and I currently have two 20-year term life insurance policies. |
| 1:22.7 | One for me, one for my wife, those are in the amount of $500,000. |
| 1:27.2 | My question is, should I let those policies expire? |
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