I am investing for retirement. I have covered myself with term/life insurance. I understand importance of insurance; that is not what I am asking here.
Premiums paid for insurance are expense. Insurance amount helps dependent family members. If I reach certain investment level, those investments play the same role. Assuming no debts, insurance seems useless expense then after.
Suppose (numbers are for example only) I buy life insurance cover of 1,00,00,000 with premium say 15,000. My total current investment value is 30,00,000. After 15 years lets say, my investment value will be 1,00,00,000. So after 15 years, should I reduce my life insurance cover? This will save me on some expenses.
If this is not advised, why? What am I miss-understanding then?
I am aware about this question: Is permanent life insurance necessary in retirement?.
I am not asking about "after retirement". I am asking about when I am still earning and still planning to continue work for next 10 years lets say. Also, I am not asking about discontinuing complete cover. I am asking about minimizing it looking at the investment value grown by that time.