Thursday, January 10, 2013

Term life policy cancelled

Having concluded that we have reached the point where we can retire, it was time to ask whether we still need to carry a term life policy.  The short answer is "no" - by definition if there is enough money to support myself and my family for a retirement period that could run for 40+ years, then there is enough money to support my family without me. 

Now that I can retire, the annual premium changes from being the cost of ensuring that my family will not suffer financial distress following my death to an unnecessary expense - and quite a large one at that.

The fact that the policy was on very good terms which could not be obtained again should I change my mind at some time in the future is, of course, entirely irrelevant.

The policy has now been cancelled.

Next project: update my will.

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