text: You should consider going back to your advisor and consider converting some of your term into permanent coverage, assuming your cash flow is good.
  Why? I wrote a story about two years ago about annuities. At that time a 65 year old male could get 8% for life on his money the key is to of course have some permanent coverage in place. Taxes are about 20% less.
  The other reason is insurance companies make their money on the interest spread. Right now rates are low and will remain so for a long time. Hence rates are going up. Term on the other hand is great for the family if you die while the insurance is in place!! yet the odds of that before that is less than 1% before 65.
  People who are incorporated and understand taxes have the corporation buy the insurance since they want to pay less taxes and like the idea of the protection for the company as well as retire with more cash in their hands in retirement.
  Congrats to both of you for kicking the habit and staying with it! Hubby, along with several others in our family, are former smokers, and it’s so wonderful to see them living healthier lives and saving money. SO happy for you!
  That is an impressive way to save on life insurance. Congrats on quitting smoking. Quite the achievement.