# Do you have life insurance?

**URL:** <https://boards.straightdope.com/t/do-you-have-life-insurance/749924>\
**Category:** In My Humble Opinion\
**Created:** [March 23, 2016, 8:49am UTC](https://boards.straightdope.com/t/do-you-have-life-insurance/749924 "2016-03-23T08:49:25Z")\
**Posts on this page:** 3\
**Page:** 3

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**Author:** ![Barrett\_Bonden](https://avatars.discourse-cdn.com/v4/letter/b/5e9695/32.png) [@Barrett\_Bonden](https://boards.straightdope.com/u/Barrett_Bonden)\
**Post date:** [March 24, 2016, 9:14pm UTC](https://boards.straightdope.com/t/do-you-have-life-insurance/749924/41 "2016-03-24T21:14:31Z")

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> [@Voyager](#):
>
> My father-in-law just turned 100, and the cash value of his whole life policy is equal to the death benefit. It turns out that if he cashed it in he’d have to pay taxes on it, but if we inherit it we don’t. Interesting things happen when you get that old. He had a group medical policy, which they canceled when he was the only person in the group still alive.

> [@Elendil\_s\_Heir](#):
>
> He’s not in a tontine, is he…?

😃

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**Author:** ![gigi](https://avatars.discourse-cdn.com/v4/letter/g/a587f6/32.png) [@gigi](https://boards.straightdope.com/u/gigi)\
**Post date:** [March 25, 2016, 5:38am UTC](https://boards.straightdope.com/t/do-you-have-life-insurance/749924/42 "2016-03-25T05:38:50Z")

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I have it automatically through work – $50,000. It used to be $5000 and they upped it. So I told my father which nicer casket I want; I know he would cheap out otherwise. 😛

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**Author:** ![Mighty\_Mouse](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mighty_mouse/32/7776_2.png) [@Mighty\_Mouse](https://boards.straightdope.com/u/Mighty_Mouse)\
**Post date:** [March 25, 2016, 6:07am UTC](https://boards.straightdope.com/t/do-you-have-life-insurance/749924/43 "2016-03-25T06:07:31Z")

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Before kid, 3X salary on each of us, wife and I.  
After kid 10X salary on me, 5X on wife.  
Kid is now 10, happily the same coverage is 5X salary for me.  
By the time the 20 year term is up, kid should be grown, college paid for, and wife and I both close enough to retirement (late 50s) that future income would be an immaterial consideration.  
It seems excessive to some but we live in a very high cost area, mortgages are huge in relation to incomes, as are property taxes. Wanted to have enough that wife wasn’t forced to work and struggle to raise kid if I copped it, have to move to a less desirable school district, etc. And to ensure that I could afford the best care for the kid if her mother wasn’t around.  
Annual premiums are really low. Less than two days after tax income for me, less than one day for the wife. It’s worth the peace of mind to us.

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