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Why Not Take That Same Life Insurance Payment Money and Invest it Instead?
Instead of making payments on a term life insurance policy, why not just set that same amount of money aside in an investment of some type. Maybe something with a low interest rate but very secure. That way after 30 years it will be a pretty sizable amount of money that we could do something with. We know the odds are that nothing bad will happen to my husband anyway and think of the celebration we could have with the amount of money we will have set aside by then rather than have nothing to show for it at the end of that 30 years.
So there certainly is an argument for doing something constructive or paying into some sort of totally safe investment vehicle with the same money that we are about to spend on a term insurance premium payment. But that idea defeats the basic goal of why we are getting life insurance on my husband in the first place. The trade off for having nothing at the end of the term of our policy is removing the risk of my husband dying at any time during the policy term. A more significant way of looking at the same thing is it is a trade off against him dying during the years our children are fully dependent on his income for their survival, at least to the financial standard we would like. And that even means if he dies two months from now the life insurance policy we are buying will ensure I will have the money to take care of our son the way my husband and I have always talked about. Including being able to pay for college the same way our parents paid for us to get a college education.
Besides, even if we make the payments until our term life insurance policy expires and none of that money ever comes back to us I still plan on celebrating with him. We will be back on our own, staying up late and partying.
