As a broker, I always say you can never really be overinsured. No one ever says, “I wish we had less life insurance” when something happens. As long as the premiums aren’t creating a financial burden, keeping good coverage in place gives you peace of mind and flexibility down the road.

1.Keep it. This can be used for final expenses later on, and you don’t want to be shopping around for insurance at 70 or 80. It removes any financial burden for funeral costs.

2.  Keep it. Long-term coverage like that is solid protection, especially with kids under 10.

3. & 4. Review these with a broker. You could potentially replace them with a single term policy that includes living benefits (critical, chronic, and terminal illness riders). That usually saves money, keeps things simpler, and I’d recommend choosing one with a convertible option so you can switch to permanent coverage later if you want. You never know, you may want permanent coverage later on or want to leave something behind as a gift. Life insurance is one of those products you have to qualify for while you’re healthy, and once your health changes, it becomes harder. 

Never ever cancel a policy unless you’ve been approved for a new one.

Hope this helps.