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The purpose of life insurance

September 29, 2012
By Mary Hunt , Times-Republican

Dear Mary: My husband has a $50,000 term life insurance policy. He is 57 and a smoker, and the premium is quite high. He has an additional $10,000 death benefit at work. The value of the policy keeps going down, while the premium climbs. He pays $57 a month for the coverage. We have an IRA worth over $100,000 but plan on spending some when he becomes 59 1/2 to buy a bigger home. What should we do? -- Anne, Massachusetts



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