conversation: User (skylark70): "So I am 38 wife is 35 and we have a 2 year old.  We have no life insurance and I think I should get some. Question is how much should i get, and what kind?\nWe have 400k house with 330k and 19 years left in mortgage. \nI was thinking 750k 30 years and 250k whole life for both me and my wife. That would cost 4k per year. So we have a million each and if God forbid something happens house will be taken care of with leftover for the baby to go through life.\nWhat do you think? \nMy wife thinks 4k is too much and we only need 500k each. "
  Self: "7 to 10 times income. \n\nWhole life is a waste of money. Please just go with term.  And invest the difference. "
  User (skylark70): "Why is it waste of money? You are not the first person to tell me that. But We can't get insurance once we get to 60 and 70 right? I am trying to understand."
  ElementPlanet (ElementPlanet): "Why would you need insurance at age 70?\n\nLife insurance is to provide for those dependent on your income in the case of your untimely death. If you have no dependents, there is no need for it. Once you have enough assets that anybody who depends on your money will still be taken care of, you don't need life insurance. Which is why in 30 years - when your child is grown up and independent and you and your wife are retired on your own assets - there is no need for life insurance."
  User (skylark70): "This makes so much sense. Thank you. "
  