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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Life insurance is a racket.  If each spouse has a career and you live within your means, then you have no need for it.[/quote]

That's not an unpopular opinion, it's the right one. Term life is the only thing you should have. never whole life.[/quote]

One one hand, you agree that life insurance is a racket and people don't need it.  On the other, you say people *should* have term insurance.  Please reconcile.

The first opinion is idiocy.  Yes, a small subset of the population has no need for life coverage.  But the the rest of us, who have a mortgage, and college to pay for, and families we love, it's lunacy not to have it.  We make about $500k HHI; about 85% of that comes from me.  If I were to drop dead tomorrow, of course my wife and kids would need life insurance.  We live well within our means, but that does not mean that her salary can cover everything.  We're not banking my salary now and living off hers.

This was not an unpopular opinion, it's a stupid opinion.  [/quote]

If you drop dead, she will find another guy to pay the bills. Maybe he wont make 400k, but they will be ok.[/quote]

So in your opinion, I should leave my wife no choice but to marry someone to pay the bills?  Got it.

I think I'll pay the fairly modest premiums for term insurance.  [/quote]
As I said, if each spouse has a career and you live within your means, you have no need for life insurance.  I consider living within your means to mean that each spouse can support the family on a single salary.  Clearly, your wife can't - hence your need for life insurance.  Spouse and I have purposely built our lives around us being each 100% capable of maintaining our lifestyle with or without the other.  [/quote]

Hopefully you have other reasons you are both working (i.e. you love your jobs, obsessed with saving), but if you are "building your lives" around both of you working in order to be self sufficient if someone dies so as to not have to purchase life insurance, that is lunacy. You can address that risk very inexpensively, because as you know the insurance co diversifies that risk over tens of thousands of lives. You are effectively running an insurance company with two clients in order to hedge a very low likelihood event. [/quote]

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