My 85-year-old grandma pays $1,000 a month for a term life insurance policy. Does anyone else have a loved one making huge premium payments?

Like many, I have been worried about my elderly grandma's finances. She is a widow, still living alone in a big house, and has all the usual expenses: food, electricity, property taxes, health insurance, cell phone, etc.<br><br>She also pays a term life insurance policy to the tune of $1,000 per month. On top of that, she pays for other life insurance policies to pay for funeral expenses, which are smaller but still expensive.<br><br>Looking at the policy, it seems like it was taken out in the 90s. When she took it out, my grandma was in her late 30's or early 40's. I don't know the exact amount of the death benefit, but I know she was trying to cover the cost of paying off her house in full, which at the time would have been something on the order of $70,000.<br><br>As a parent, I understand why she would want to ensure that her children were secure if anything happened to her. But now at 85, I don't know how much of a death benefit is still attached to this policy. I know the term life insurance has a "convert to whole life" phase if the policy owner is still alive at a certain age, but I suspect that has already occurred. And because the policy was taken out when she bought it, I could imagine that it's now mostly covering funeral expenses.<br><br>I know my grandma can still afford all of her expenses, but at this point, I think the money would be better spent on reducing her tax burden and lowering her property taxes. But does anyone here have a parent, grandparent, or another relative who is also paying large sums of money into a term life insurance policy that doesn't make sense any more?