Thread: Life insurance.
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Old 05-08-2021, 10:39 AM
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TransWorld
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Originally Posted by Excargodog View Post
Term life premiums are cheap when you are young. They are for hedging bets. You are betting that you are going to die young and your spouse and kids are going to need it to continue their current lifestyle.

If you are fortunate you lose that bet.
Term is to provide for younger kids. Once you grow older, if your spouse needs it (pay off the house, etc), it may be better to get a whole life policy.

Once you have enough (10 to 15 times your annual income needed for your family to be sustained), you probably do not need whole life.

As a professor of mine said, “Life Insurance is Poor People Pooling their Poverty.” I was poor once, the first couple of decades out of college. Not anymore.
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