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Originally Posted by jIM_Ohio
We also have a permanent insurance policy to cover funeral costs. We will die, so this policy is needed.
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I would disagree with this. Not the fact that you will die. Obviously, that part is true. However, that doesn't mean you will always need insurance in place to cover funeral costs. Hopefully, you are saving money in other ways. As we get older and our financial assets increase, our need for insurance gradually decreases.
I've reduced my life insurance twice in the past 10 years and I expect to reduce it farther next time I meet with my agent. Eventually, I expect to reach a point where I don't need it at all as our savings and investments grow to be sufficient to support the surviving spouse and cover funeral costs.