Is life insurance necessary?
I’m a 40 year old male and recently married. I‘ve never had a policy. My parents had term policies when my siblings and I were young but don’t anymore. Now that I’m married, my wife’s parents are pushing me hard to get a policy to protect my wife if I die. They pay her premiums and are listed as her beneficiaries until I get a comparable policy. They are in their 70s and still have policies for themselves.
I don’t think it’s even necessary for either of us to pay for life insurance. We do not have kids. I make about $130k and she makes about $70k.
Our only debt is our house which we just bought for $600k and owe $440k yet. We have about $25k emergency fund, $725k brokerage accounts, $500k Roth retirement accounts, $250k traditional retirement accounts, and $25k HSA’s.
By my math, either one of us would be just fine financially if the other passed away. What am I missing?