No. of Recommendations: 4
Not for everyone; each of us has unique needs, but IMNSHO, all insurance is suboptimal. The only insurance my wife and I have is that required by our mortgage lender and by our State for the vehicles we own. When we were working, we had life insurance up to the amount our employers supplied, and no more.
In my younger days when I had a young family, I had a term policy for a few years - which I thought was a good choice at the time and would recommend to others in the same situation. I think my calculation was, pay off the house + 10 years of income. As you said, once the snowball starts rolling (and the kids get older) it loses its purpose.
tecmo
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