Quote:
Originally Posted by pseudoreality
I am going to give an alternative point of view. Keep in mind this is my personal opinion and not the recommendation of any kind of licensed professional. I don't think life insurance is the best choice for most people. For most people, I believe its better to just take the money you would have put towards life insurance and put it into a balanced (60/40), diversified portfolio (ETFs, not high-fee mutual funds) in the priority order of TSFA/RRSP/non-registered accounts. Keep your debt in check, have a good will and talk with your wife about what might happen. If you do that, you will be able to manage with the unlikely situation of something happening to either or both of you, while at same time investing in your future.
Again, this is just my opinion and what my family chooses to do. If you or your wife are not very employable and you live the high life on consumer debt, then maybe you need life insurance.
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Bad advice. What is you die six months after you start this questionable plan? Once you're self insured then fine, but that will take a very, very long time. Until then have insurance.