we have found out that our insurance is universal and has taken us this long to figure out that we were paying for nothing really. Should we switch to a term insurance at this age?

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yes, you can buy term life as the premium is cheaper.before you make any changes, please make sure1. your current health condition is acceptable by the insurer. You may need to undergo a health check before they accept your application. or loading may be imposed for any pre-existing condition. 2. Get you agent to run through some numbers with you. ie Your annual term life premium x 25 years. what is the total projected premium? 3. Universal life should have some cash value, maybe they can convert the cash value into some form of of paid up policy for the next 25 years or more.4. if you are able to save on the premium, PLEASE deposit it into your bank account and dun spend it. People buy term and invest the rest, at the end many buy term and spend the rest. You need money for your retirement too.** due to limited info given, kindly get your local agent to project 2 scenarios : 1) Continue Your exsting plan 2) Buy term and find out how much you can gain from both scenario.

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It sounds like you do not have a good understanding of how insurance works.Go meet with an agent or a financial planner to get a firm understanding of how insurance fits into your financial picture.Term works well if you die during the term. If the term expires before you do, your heirs get nothing. If you have sufficient savings for all of your future financial needs - debts, retirement funds, future medical and nursing home bills etc - then you don't need insurance and term did its job.It is rare for someone to have sufficient savings.Good Luck.

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Well, term insurance at 50 is going to be VERY expensive. Go talk to a local agent - figure out how much the term is going to cost you, if you outlive the insurance. Compare it to what you're paying on the Universal policy. Be sure to establish the GOAL of the insurance, and consider if you're even going to NEED it in 10 - 15 years.

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