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Life insurance is security in the event that either you or your significant other outlast each other. If you play your cards right and can self insure yourselves, I see no reason for life insurance.
I generally agree but despite that, we're doing something different. DW and I have an assortment of small whole life policies originated many decades ago when we were kids. Death payouts are very roughly $50k each person. I was going to cash them out and invest the money but eventually decided to keep them for convenience. The insurance company says they will pay out within three weeks of receiving a death certificate and I've called and asked that question multiple times over the past few years. They pay dividends on the cash values of about 4% which more than cover the premiums. (Divs pay the premium and also buy some additional paid-up insurance annually). So the only work on our part is filing the policy statements when they arrive each year and noting the new death benefit amounts. I figured with roughly $50k available to the survivor shortly after one of us dies, I don't have to keep short term needs for that circumstance as much on the front burner when managing the FIRE portfolio.
So, despite being in fine shape to self-insure for either LTC or for the survivor, we hang onto the policies. I wouldn't doubt that if I had cashed them in when I was thinking about it several years ago, that money would be worth more than the death benefits on the policies today since the markets have been so good. But didn't know that then, wanted short term survivor needs covered with conservative investments and this is really convenient.
Lots of ways to do things.......
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