Am 44 with a payed off low life insurance policy, should i cash in and get a higher policy?

Question

Am 44 with a payed off low life insurance policy, should i cash in and get a higher policy?

Answer 1

It depends.  Do you have the need for a higher payout if something happens to you?  For example, if you have kids, how old are they?  Will they be needing money for college or will your spouse be needing extra income if something happens to you?  If the amount you have is sufficient - why get more?  If you find you need more, you need to get it before you get too old or develop an illness that will prevent you from getting insurance at all.

what Billy said is good - get more don't cash out.

Answer 2

no keep the policy if it is paid in full, if you feel you need more insurance open another policy to make up the difference, but don't give up the one you already own.

Answer 3

It really depends on what your goals are.  Try talking with a few independent insurance brokers to get multiple perspectives.