It looks like you probably never bought the disability insurance. When you get a private individual policy they will only cover about 55-60% of your income. If you have a group policy in place then you can only supplement a little bit with an individual policy. But if you buy you indv policy first you can then have you whole group benefit as well.
As for being over insured…I don’t think that is actually possible. If you went to your auto agent and said…I have a car worth 20k but will you insure it for 80k? I will even pay the higher premiums. I am pretty sure that they would say no thanks. The value is not there. Just a thought.

Mr Cheap, insurance is *not* gambling where the house wins big. It’s a form of spreading risks based on statistics and probabilities. The way to “win” financially is to pay $50, die and have $250,000 paid out. That’ll hurt the insurer but require a big personal sacrifice The way to “lose” is by living well beyond life expectancy and continuing to pay the $50/month. I wouldn’t consider a longer life a loss

If the profits were huge, wouldn’t companies be dashing into the market? Instead, major international insurers have left Canada because the returns are too low: Met Life, Prudential Insurance, Aetna, ING, etc. Although there are fewer companies, competition for market share remains fierce, which benefits consumers.

So TMW, tax planning is a key use for life insurance these days, which is what you’re doing. The result? Thicker wallets for your beneficiaries. Thanks for caring.