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Old 11-29-2020, 07:46 PM   #21
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I think therw can be more than one decision and method but the goal of term life insurance is always the same. You get covered for a period of time and your beneficiary gets the payout in case you die during this period. If no one on your beneficiary list depends on you than there is no reason to get the additional life insurance using your own money.

I have no kids but I do have 300k 10yr term life with my mother as beneficiary. She is not depending one financially but she is retiring with not much saved up so with this life insurance and other of my net worth she will be able to survive or get cheated on if I am gone.
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Old 11-30-2020, 08:36 AM   #22
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Originally Posted by donheff View Post
We had enough life insurance that, if one of us died, the other could quit work and keep living the life we were accustomed to. When we achieved the degree of FI that we could assure that we dropped the insurance and ER'd.
That's what we wanted -- especially with a school-aged child, but now that they're in college, we still would want to be able to stop working for a few years or maybe retire early if one of us passed away tomorrow, and be able to increase our spending (on things like prepared meals and home services, while we're recovering from the loss). But we'll probably drop it completely soon, as we're pretty much FI, we're just trying to ensure we can maintain or increase our spending in retirement.
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Old 11-30-2020, 11:11 AM   #23
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Originally Posted by Telly View Post
My situation was a bit different than the OP's, but the decision was simple. I had no cost-to-me life insurance through work, but that of course stopped when working stopped. I also had term life for years through a professional organization, that I paid for. For that insurance, the premiums were priced in 5-year brackets. Was pretty cheap till I reached 50. And at age 55 it was going to take a big jump upwards. Our last child graduated college (BS degree, the staying on 2 more semesters for an MS was on him) months before I would turn 55. As our net worth had increased and our financial responsibilities had decreased, and term insurance cost would take a big step up, it was time to quit. The insurance had served its purpose.
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For all the above reasons, we stopped a large term life policy one year before FIRE, stopped work-provided term life when I retired, and stopped a smaller term life when it was scheduled for a big jump.
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Old 12-01-2020, 12:44 PM   #24
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I phased out term insurance as my children got older and became independent and as our assets grew to the point where my spouse's financial position would be secure without insurance proceeds.

I have never purchased or needed any other type of life insurance. I did consider whole life at one point but found that I could buy much more term insurance for the years when I really needed it.
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