We both carry life insurance (we are 59 & 61). We have continued it because it is an annuity for one so it costs $250.00 a month and because in the case one of us goes there will be cash to use for various expenses that will follow. When my mother passed away, we needed to pay the property taxes on her home until it was sold, burial expenses, left over medical bills, the electric bills, insurance and have you bought a death certificate lately? They are not free and you need them to stop services like the telephone and cable and lots of other things. All those bills add up - so you don't need a lot of insurance and if you have a large savings or money to leave behind for these incidentals great. Did I mention that insurance is not taxable income for the beneficiary?
Last edited by quiltingcandy; 09-22-2013 at 06:33 PM.