Do you have any significant debt (e.g. your home)? I have it to provide about 3 years of my income to my husband should I die or pay off all our debt plus some.

$3m is enough for one kid. The other issues (disability and other insurance) are separate; you should have them. If you've set up the trust well to protect your kid then there is no issue, and anyone who tells you otherwise is misinformed or trying to sell you something.

Anonymous wrote:

Anonymous wrote:I would not drop term life insurance in your situation. There are too many unknowns in life not to have a policy. Unless it is very expensive for you don't be cheap. A serious medical issue, disability, or job loss or underemployment are a host of factors that could change the situation.

What? The situations you describe are covered by disability insurance (which I have) not life insurance.

The above is referencing what could happen to the 3m in assets, such that life insurance would indeed be needed. You think you’re self insured for your kid but then something unexpected happens and you have to dip into the NW.

Anonymous wrote:I would not drop term life insurance in your situation. There are too many unknowns in life not to have a policy. Unless it is very expensive for you don't be cheap. A serious medical issue, disability, or job loss or underemployment are a host of factors that could change the situation.

+1

Anonymous wrote:Since we are older now, every year I think I'll drop the life insurance. Then I think as soon as I drop it that will be the year one of us dies and will wish we still had it. Not that we would need the money to survive but it would be nice to have for the surviving spouse after all those years of paying for it. So I keep paying it every year.

Sunk cost fallacy.

Since we are older now, every year I think I'll drop the life insurance. Then I think as soon as I drop it that will be the year one of us dies and will wish we still had it. Not that we would need the money to survive but it would be nice to have for the surviving spouse after all those years of paying for it. So I keep paying it every year.

Anonymous wrote:I would not drop term life insurance in your situation. There are too many unknowns in life not to have a policy. Unless it is very expensive for you don't be cheap. A serious medical issue, disability, or job loss or underemployment are a host of factors that could change the situation.

What? The situations you describe are covered by disability insurance (which I have) not life insurance.

I would not drop term life insurance in your situation. There are too many unknowns in life not to have a policy. Unless it is very expensive for you don't be cheap. A serious medical issue, disability, or job loss or underemployment are a host of factors that could change the situation.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Life insurance is recommended if you have dependents. I think most people let it go when the kids are no longer dependents.

Recommended by life insurance companies and their sales force.

You do you, but we have life insurance so our family / friends don't have to do a go fund me.

+1

Life insurance is needed until kids are out of college or at a minimum out of HS and their college funds FULLY funded. Or until you have enough NW for your spouse and kids to continue the same lifestyle without any changes to them (Ie if the spouse is SAH or Part Time working, they can remain at home/PT for 2-3 years to help the kids adjust to loosing a parent). Life insurance is a cheap way to ensure if the worst happens, your family is provided for and they don't have to change much...cannot imagine why anyone would not want that. Get the a 20 year term policy when you are 25-30 and it won't cost that much.
However, once your NW is sufficiently high enough you can drop it if you desire, but for us we kept it until kids are in college (worth over $10M), and will now drop it once the youngest graduates college

Anonymous wrote:

Anonymous wrote:Life insurance is recommended if you have dependents. I think most people let it go when the kids are no longer dependents.

Recommended by life insurance companies and their sales force.

For whole life, yes. Term life is basically a commodity, and worth having if you have dependents unless you are names "Baudelaire" or are on an episode of Law & Order.

Anonymous wrote:

Anonymous wrote:Life insurance is recommended if you have dependents. I think most people let it go when the kids are no longer dependents.

Recommended by life insurance companies and their sales force.

You do you, but we have life insurance so our family / friends don't have to do a go fund me.

Anonymous wrote:

Anonymous wrote: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.

WTH?!?!?! Maybe in your circle of friends and family, but that's not normal

Have you never read or watched Lemony Snicket, A Series of Unfortunate Events?

Anonymous wrote: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.

WTH?!?!?! Maybe in your circle of friends and family, but that's not normal

Anonymous wrote:

Anonymous wrote: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?

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.

I wouldn't worry about life insurance; it sounds like your ex could support your child by himself, and the extra $3 million would be plenty to pay for whatever extra support they might need. (And I have no idea how this works generally - whether it's part of the divorce agreement, for example - but it seems like it would be fair for your ex to similarly leave your child his assets if he died.)

Anonymous wrote: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.

What if the charity decides to kill the kid?