There was a discussion in the forums about Term Insurance with one user "complaining" that the premiums increased significantly past age 62. Actually the premiums usually increase every 5 years by quite a bit, so by the time you hit age 60+, the premiums may more than tripled versus age 40.
The usual response is that at age 62, you should not have any more dependents who need to be 'protected' against your untimely death or TPD.
I have a term policy and since I have set up GIRO payment the premiums get auto-deducted so I haven't paid much attention to it.
But now, after thinking about it, it really seems that Term insurance is not particularly important to me now that I am financially independent with a steady stream of passive income. Furthermore, my cash and cash equivalent holdings exceed my term insurance coverage by quite a bit.
I'll think about it some more, but I should set myself a to-do list to discontinue my term plan within the next few years. After a few years, my passive income should have grown even further (and so will the cash-equivalent holdings), which means there is even less reason to have a term policy
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