You two are doing everything right. Let me ask you a question, of something my wife and I were discussing today. I have a life insurance policy, not worth much, just $100,000 (also have others of lesser amount). In my late 60s. The premiums keep going up every year, now at $165/month. My wife was talking about getting rid of it because it's getting more expensive. But I told her that is what the insurance companies are counting on, for seniors to abandon it. That over the next ten years our outlay would be less than $20G for a $100G payout if I die. Over the next twenty years our outlay would be less than $40G for a $100G payout if I die. Good chance I may die within the next 10 or 20 years. Good gambling odds for a payout. If I live longer, so what, most of the money comes back to her in insurance benefits. We have the means to pay the premiums, not in debt and have savings.
So would you stop the insurance payments? This is another reason why people should save for retirement, so they shouldn't have to abandon life insurance payments.
I’m not a financial adviser, just a career engineer whose husband is an economist and a very good amateur financial planner. We’ve always done only term life insurance. It has lower premiums and we were both able to get good deals on the premiums through our employers. Now that hubby has retired he has term life for only $100k benefit, trying to keep the premiums ftom going too high. I still have a $250k benefit for term life through my employer,will cut back to $100k when retire at the end of 2018. With $2 mill in liquid assets, we are basically self-insured at this point.
One thing we have that I would strongly recommend: before you get too old and start having chronic health problems, sign up for long term care/nursing home insurance. We’ve been enrolled since our early 40’s, currently pay $200 per month for both of us. Benefit right now is $200 per day (per person) through Prudential. You can have a nice nest egg quickly wiped out with the cost of nursing home care. The vast majority of workers do not sign up for this kind of insurance and mistakenly think Medicare pays for nursing home care. Medicare does NOT pay for this.
My wife and I were in a similar situation except the policy ($100k) was on her life. She was diagnosed with terminal cancer at 68. Just before that I was thinking of cancelling the policy. Glad I did not as that has contributed to a retirement in which I have absolutely no monetary worries. You never know what is going to happen. You might also want to contact an attorney to set up your estate as a trust for your heirs in order to reduce any burden at your passing.