Core Insights - The individual has a $1.5 million term life insurance policy costing $200 per month, alongside a $500,000 policy from their employer, and is five years away from financial independence [1][3]. Group 1: Policy Evaluation - The current term life insurance policy is considered excellent value, especially if there are meaningful years remaining in the guaranteed level-premium term [3][4]. - Paying $200 a month for $1.5 million in coverage is deemed cost-effective while the spouse remains financially dependent [4][5]. - The annual cost of the policy is approximately 0.16% of the coverage amount, which is inexpensive for someone in their early 50s with significant financial obligations [5]. Group 2: Comparison and Market Context - For a 50-year-old male in good health, a typical 20-year $1 million term policy averages around $234 a month, making the $200 premium for $1.5 million coverage over 40% lower than average, likely due to group-rate discounts [5]. - Term life policies generally last between 10 to 30 years and only pay out if the insured dies within that period; if the term is outlived, premiums will increase significantly if coverage is extended [5].