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If you have both, here are the pros and cons of cancelling each
Q: My wife and I have two joint life insurance policies. The first one is term life with a death benefit of $250,000 that we purchased in 2004 and the second one is a universal life with the death benefit of $500,000 that we purchased in 2009. The current fund value of UL is $11,051. The premiums that we are paying are $150 for UL and $25 for term life. Our term life policy matured this year and our premiums for the new term have increased to $73. We would like to keep one policy and cancel the other but we don’t know which one we should stick with. We have two kids ages 10 and 8, $100,000 worth of mortgage remaining, $40,000 in car loan and no other debts.
—Sam K., Toronto
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