Life insurance once the kids are grown

[olderthandirt]

I did reduce the amount of my life insurance this year, as there is so much less needed to take care of my kids as they're almost grown. I plan on keeping enough to take care of my final expenses and help them finish college. For those of you with grown children, how much life insurance is necessary once they're out of college and on their own?

 

[polamalu43]

Good question. I know I won't reduce my plan. I bought my plan when I was much younger. If I changed it now and then decided to increase it again later it would cost twice as much. My kids will get a nice lump of money when I pass.

 

[olderthandirt]

I only buy term insurance and it does go up as you get older, so it makes sense to reduce it to only what is needed. I've reduced it a couple of times through the years already, but I'm not completely sure what I should carry once they're grown and out.