Dear Pete: I’m 57 years old, my kids are grown and out of the house, and I don’t really feel like I need all the life insurance I once carried. I currently have $500,000 worth of life insurance, but once the kids moved out and I fully funded my retirement income strategy, the half-million amount seems excessive. It’s just my wife and me now, and we have plenty of money set aside for retirement. Should I keep it, just in case? It’s term insurance, and it’s about to increase in price. — Michael from Houston

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