So, part of me is wondering if I should convert to the Level Term 20 policy. But I'm also thinking that we may not even need these policies at all, anymore. Our only child just graduated college. We both work (and make similar money), and have no debt, other than our mortgage. I suspect that if we were to convert to a Level Term 20 policy with NM that our premiums for the next couple of years would actually be *higher* than they are today, and that the big savings doesn't start to show up until several years out, at which point we'd be in an even better position to drop the policies altogether. It should be a relatively simple matter for me to request that they tell me what our total costs are projected to be for the next 5 years (rather than the 19 years that they used), so I'll probably go ahead and do that.As you are aware, your Term to Age 75 policy increases in cost every year and expires at your age of 75. If you continue paying premiums for the next 19 years, it will cost you a total of approximately $49,167. If you were to replace this policy with a Level Term 20 policy, your cost over the next 19 years would be approximately $17,710. This would result in a cost savings to you of roughly $37,457. (These figures are not guaranteed and depend upon future dividend changes and new underwriting).
FWIW, I do anticipate that it will be tough to convince my wife that I can drop *MY* life insurance anytime soon. We do still have a sizable mortgage (~$280K) and my wife has been getting increasingly stressed about her current job and would love to quit/retire, making her/us more dependent on my salary. And she and I don't quite see eye-to-eye on the purpose of life insurance, and how long someone needs to continue having it. If she were to die before I did, I'd continue to pay our mortgage while looking to sell the house and downsize ASAP, whereas if I died before her, her current mindset (which I've been trying to change) would likely be to pay off the mortgage with the life insurance proceeds.
In addition to inquiring about the cost comparison "5 years out", I'll probably give serious consideration to having her cancel her life insurance policies within the next year or two, so we'd at least save some money there. I may also look into getting some quotes from other companies for policies for me, but I suspect I may not be able to save much now, as I'm not in the greatest shape and I now (compared to when I first got this policy) have incidents of cancer and cancer-related deaths on my side of the family.