Is it worth it to keep a small life insurance policy?

Whether it is worth keeping a small life insurance policy depends on your individual circumstances, financial situation, and goals. A small life insurance policy typically refers to a policy with a death benefit of $50,000 or less. These policies may be purchased to cover final expenses or provide a small amount of financial support to loved ones. If you have dependents or beneficiaries who would experience financial hardship in the event of your death, keeping a small life insurance policy may be beneficial. Even a small amount of life insurance coverage can help cover funeral expenses, outstanding debts, or provide some level of financial support to loved ones. Additionally, if you have health issues or are otherwise considered high-risk for life insurance, a small policy may be easier to obtain and more affordable than a larger policy. In some cases, a small policy may be the only option for obtaining life insurance coverage. On the other hand, if you have no dependents or beneficiaries who rely on your income, a small life insurance policy may not be necessary. The premiums paid for the policy may outweigh the benefits provided, and the money could be put to better use in other areas of your financial plan. Ultimately, the decision to keep a small life insurance policy should be based on a careful consideration of your individual circumstances, financial goals, and priorities. If you're unsure whether a small life insurance policy is worth keeping, it may be helpful to speak with a financial advisor or insurance professional to discuss your options and determine what makes the most sense for you.