Life Insurance, You Won't and Shouldn't Need It When Your 50

I'm sure you guys have seen those life insurance commercials with the older people concerned about not having enough coverage to account for all the bills they may have at their death. Well, I'm here to tell ya, if you properly plan your finances now, this won't be an issue. I know it may sound harsh, but, it's true.

First of all, thanks to Dave Ramsey, our debt is nearly gone. And, I'm only 30 years old. Imagine that, almost no debt before I even get a glimpse of the Senior Discount at Denny's! Woot!

While taking the FPU classes, we learned that life insurance is not a permanent necessity, contrary to popular belief. Think about this. At the rate we're paying our debt (that is, my husband and I), our debt (excluding the house) will be completely eliminated in 2 years. That means no car payments, no credit card payments, no student loans! That's just awesome!

In roughly 20 years we'll have completely paid off our house too! That means that all that extra cash that used to go into some sort of debt, can know be specifically allocated to one thing: wealth building. Now that is something to look forward to. We can max out our retirement (401k's and IRA's), max out ESA's (Education Savings Account), and invest in other things like real estate without incurring debt.

So, next time someone tells you you'll need life insurance when your 65, it's complete hogwash. Unless of course you were irresponsible with your finances.