I think I know what to do here, but I’m struggling to actually do it, and I’d like help being decisive.
I left a job one year ago after I was diagnosed with cancer, and I “converted” my life insurance under their group term life policy into a whole life policy at MetLife. MetLife said my job did not offer “portability”, which might have let me instead get a term policy. Approx. $100,000 in coverage for $190/month ($2250/year), paid up at age 100. I converted the policy because it seemed like a good - if very unfortunate - wager for my heirs.
I’m now in remission (yay!), but I think odds are that I’ll still die younger than average. The policy still seems like a good wager, but I don’t need this insurance, and it’s far more expensive than the other insurance I have. I think I should cancel it, but I’m struggling to bring myself to do so. Help convince me? Or tell me why I should keep it?
I have other life insurance - a total of over $750,000 through a term policy I bought in my 20’s plus a new group policy issued by my new job. This $100,000 probably won’t change any of my heirs’ lives as much as the $750,000+.
Age 42, male.