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Could I stop paying for term life insurance if I don't need it anymore?
Asked by: insurance 810 views Life Insurance
Hi, I’m debating between 25 year and 30 year term life insurance. Need for 30 is primarily because we still have almost 30 years of mortgage. Can I get 30 year term and then at 25 years or whenever, if we happen to pay off our mortgage early, stop paying premiums for term life insurance? Or am I required to pay for 30 years and if I don’t would there be some kind of a penalty?
Thank you!
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