Ok not to have life insurance?
![[Post New]](/jforum/templates/default/images/icon_minipost_new.gif){kind=icon}
Anonymous
| My NW is $3M and my exH makes a lot of money. All my estate goes to my one child with a different trustee and ExH would get the child if I died. Age 50. |
Anonymous
| How old is your child? |
Anonymous
| Yes, how old is your child? How many other children does her Ex have? While Ex makes a lot of money, how is his NW? |
Anonymous
| Yes you’re fine. My dad cancelled his life insurance policy when he was 50 and I was 25 and my higher education was mostly paid for. He died the following year. NW under $1 mil, all to my mom. Bad luck but I only miss him, not the insurance money. $3mil is a ton of money to care for any age child’s basic needs and education. |
Anonymous
|
We don’t. Our net worth is $2.5m and dh has a military pension with benefits for the kids should something happen to him. I tried to get it but then was diagnosed with breast cancer so that’s out.
At $3m you are basically self-insured. I wouldn’t worry about it. |
Anonymous
| We had it for 20 years when our kids were small. Now no need. |
Anonymous
Same here. |
Anonymous
| We have it with three kids under ten. Will reassess when they’re all in college. |
Anonymous
When they are in college, you’ll be 10-15 years older and much more expensive to insure, even if your health remains stable. I would get a longer policy now if they are special needs or you have other reason to believe they’d need the insurance pay out. |
Anonymous
| Our kids are 13& 17, we no longer carry life insurance. We have enough NW that they will have more than enough to care for themselves. |
Anonymous
| Life insurance is recommended if you have dependents. I think most people let it go when the kids are no longer dependents. |
Anonymous
Child is 8. Don’t know ex’s NW, but he owns a house outright and is a high earner so I’m not concerned. |
Anonymous
|
Make a will giving it to your child. After that it should go to charity.
If you put the name of others that can inherit the money after your child or before your child, there is a chance they will get your kid killed, so that they can get the inheritance. |
Anonymous
We got a 15yr term when our first was born. It ran out 2 years ago. They are still dependents, but with 1M now in home equity, 1.5M in 401K, our employer life coverage, and then a good amount in brokerage accounts and their 529s fully funded, there really is no need for the expense of life insurance. I'm now more worried about dying and then our kids/young adults having access to way more money than they should! Each year that goes by it is not like we are getting any more poor. |
Anonymous
Recommended by life insurance companies and their sales force. |