Life Insurance: Keep current policy or get a new one?

You need to meet with a broker that can comare your current policy with new ones on the market.

In a current world where everyone is trying to save a buck make sure you fully understand the benefits of what you have and what a new policy will be do for you. Look past the pure cost alone. What is better? A policy that costs you $6,000 that may not pay out if you live too long, or a policy that will costs you $10,000 that will payout, no matter when you die? I'm not saying to go with a whole life policy, just saying you need to understand the benefits of what each option provides.

The best policy is not always the cheapest policy. The best policy is the policy that is there when you need it.

Also, you mentioned concern about your policy being expensive in 2017. If you are with any kind of legitimate insurance company, there is no underwritting when you renew, which would be the case in 2017...which means, whatever your health is at the time it won't effect your rates.

I'm a licensed agent in Idaho. Life insurance can be tricky when it comes to making "premium decisions." Term insurance is lower in cost because it has a exact time line. And statistics show that very few insured actually die with in the set time-frame. And the insurance companies are hoping you will terminate it, for any reason (ie: financial hardship) so they can just keep the premium. Universal Life policies typically cover you till age 100. They have higher prem's because the company is on the hook longer, and if you put in extra $ (over & above the premium) they pay you interest so Universal policies accumulate money.

I would ask your agent to give you a guote on a term pol at the age you will be in 6 yrs

and quote an Univeral pol at your current age.

Now I will prob really confuse you: After looking at the rates for a term vs universal policy,

ask you agent to work with you, and start off with $200K universal policy with an additional $300K term rider. That way you're locked in at your current age re: premium, and you can rolled the term portion into permanent over time.

As others have said your question is a difficult one because the answer depends on your lifestyle, family, kids, home, bills, ect. And, anything you do is a bet you take with the insurance company.

You are the one that needs to decide if you need life insurance until age 60 or not, or if you can save the money your saving in a different way, 401k or something else so you will not need life insurance later.

As I said in your other question. The policy you have is A MISTAKE you made ~10 years ago. You should buy the right amount of coverage for the ENTIRE amount of time you want coverage.

PS A $500,000 for a 39 year old should cost about $29/month if you're a healthy non-smoker.

Why are you shopping based on RATE?

What's the GOAL of the insurance? Is it a temporary need, like until your kids are raised and your mortgage paid off, or permanent, like you never want to save any money yourself to leave your kids?

Set the goal FIRST, then figure out if your current policy is acheiving the goal. And seriously, seriously consider dropping that "monthly payment". It's adding between $50 and $120 to your annual insurance costs.

No way to know. Are you married? Do you have kids? Do they rely on your income to live? When will you have your house paid off? How much do you have in savings? When will you be debt free?

Most people won't need life insurance much past the age when the kids graduate from college if they earn two incomes, have substantial savings, or have paid off all their debts. Everyone is different. If your family would need the money if you were to die at 50 or 60, then get it.