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Term Life And Term Life With Return Of Premium?

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Term Life And Term Life With Return Of Premium?

Postby Columbanus » Mon Aug 28, 2017 9:48 pm

In rare cases, a very tiny amount of permanent (whole life) coverage to cover funeral and burial expenses may be a good idea, but usually not.

Life insurance for retirement really makes no sense.
After you die, your spouse can live off the same money as if your spouse was still alive.
If anything, you need the opposite of life insurance: you need something to cover the risk that, if neither of you dies, then you will both need to live off of the retirement savings that are enough for just one person.

Life insurance, preferably term life insurance, should be used to cover the possible unexpected loss of income if either (a) a working person dies before retirement, or (b) a working person has to stop working (or work less) to stay home and take care of the children after the other parent dies before normal retirement age.

All other needs should be funded in other ways, not with life insurance.
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