We bought term insurance to cover the time up until our child became an adult. If one of us (husband or self) were to die, we would need money to make up for the loss of the other's contribution while we had a child to support and care for. Once our child was grown, either of us would be able to stand on our own two feet, continue paying the mortgage, etc. So now --after years of reducing the insurance amount as child approached adulthood-- we have zero life insurance. Our money goes to savings and investments instead. I will admit that if my husband were to die now, I could not afford to support my son in school to the extent that we are now doing. But that would be okay. He would not have to drop out, though he might choose to take out a loan. And that is okay, too.
We don't need life insurance for bills, mortgage, funeral expenses, and all that. We are covered through our own savings, investments, and current responsible living already.
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