Quote:
Originally Posted by pseudoreality
Well, I did not start my "questionable plan" of long-term financial planning and risk analysis six months ago. I started as soon as I entered the workforce after university. My wife and kids won't end up in the poor house in the highly unlikely something happens to me and we will be better off in the much more likely scenario of me sticking around for a number of years. Between my pension payout and our investments, there are over eight years of my after tax income. After that, she can either move to a cheaper house or find a man that will never live up to me in the eyes of my children. If both of us die, my recently empty-nested sister and her husband will take the kids (and money). This idea that I should be insured to pay out the mortgage and all family expences until the kids are 18 is silly. I don't see why death should be like winning a lottery. My wife is more educated than me and works. She got squirly after a year of materinity leave. She's not going to want to never work again if I die.
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You're missing the point. What if you had died six months in? Just because you didn't die doesn't make it a sound decision. If you haven't been in a major car crash killing someone in the last 20 years do you think it would have been a good decision to be without auto insurance?
What about a man aged 35 with three young kids and a wife at home who has very limited ability to support her family? He puts away $1,000 a month to protect his family. Are you really suggesting that's a good idea? If he dies months or years in his family cannot survive that financial devastation.
It appears like you don't like insurance. Just understand that being uninsured is a risk with potential devastating consequences. And it's not like winning a lottery. It's protecting loved ones from the result of severe financial devastation.
