No. of Recommendations: 2
<<Which is why every parent with dependants MUST have insurance on their life. (especially when term insurance is so inexpensive)>>

Unless the surviving parent could manage on one salary plus existing assets. DH and I are in that category. He has no life insurance, and he works part-time for pay, making about 20% of our total wages. Looking at it cold-bloodedly and only WRT finances, the kids and I could manage without him. I have some life insurance (double my salary), and he could use that, his salary, and our assets to live on while he ramped up his income, which he could easily do.

We have four kids. Their college education is paid for already. Two of them are in college; two are teenagers living at home. The death of a parent would be vastly tougher on them and the surviving spouse than any financial crunch that might be suffered.

I agree. If a family can live off assets without major problems after the death of 1 or both parents, then there is no need for insurance. (at least no need for insurance to protect the children, though there may be other reasons to have insurance)

I buy a 20-year term policy when each of my children are born under the assumption that by the time they are 20 years old, they should be able to fend for themselves if necessary. By the time they are 20 years old, their college funds will be adequate to allow them to complete their education.

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