That said, for those with children, I can understand the purchase. Overall it's very circumstantial.
1. Student loans: There was a story floating around of how a family co-signed on loans for a child and then were on the hook for said child when they passed away.
2. Family: If you have a kid, get life insurance. You should have the ability to leave the living with a sum of money to ease the burden of your absence. This means the loss of income and life adjusting to a one-parent family, not meaning that there is a pile of money to blow.
Do not say it is not affordable, grab a term policy that gets you to 65 and then be comfortable knowing that you have one less thing to think about.
For those who claim it is too expensive, a million dollar , 30 year term-policy for non-smokers is as follows:
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| Age | Sex | Monthly Cost |
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| 25 | Male | $55 |
| 35 | Male | $66 |
| 45 | Male | $160 |
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| 25 | Female | $45 |
| 35 | Female | $55 |
| 45 | Female | $120 |
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I am using this as a public service announcement, get life insurance.
I dont consider life insurance 'wealth'. Its a safety net that nobody should look forward to, but unfortunately a lot of people do. My wife has a wealthy grandmother and every one of her children are all drooling at the moment she passes away. I can't stand all the end of life bickering that goes on and the way I read this article sounds like it would perpetuate that more.
From seeing how rabid her family gets about money, I would rather be poor than deal with all the greed involved with such large policies. I believe that a policy large enough to pay off the deceased's debt and leave some extra money to help support the family is fine, but way overshooting for too large of a policy is asking for trouble. Backstabbing, lawsuits, etc.
Sorry for the rant. I just regularly hear my wife talk about all the selfishness her aunts and uncles display constantly and I cant stand it.