Quote:
Originally Posted by DelayedFlop
Not meaning to hijack the original post, but what if you are single due to a divorce and have kids (2). She has the kids and the house. Do you still need to have life insurance. I currently have a small term life police (approx equal to 1 year salary).
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I'm in a similar situation, and I say "yes".
I have life insurance policies out on myself and all of my children.
They're the smallest available that is offered by my employer, and honestly, they don't cost much at all. I think my three kids total less than $2 per month in premium....
However, should anything happen to the kids, then at least there will be some money to help defray costs... since it's reasonable that both parties-- even if they are divorced-- should help pay for funeral expenses, and this will at least help cover your end of the tab....
Retirement money, I believe, can be rolled on to your next of kin or beneficiary. I'll have to double check on that, but I'd rather do that...