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If half a million is not enough, then there is an addiction to a certain lifestyle. I have a quarter of a million on myself, and my family has no issues with that.
Depends where one lives. My mortgage was over a quarter of million dollars when DH died, so having just a quarter million dollars in life insurance would not have covered the mortgage (not to mention the funeral costs, paying off his huge credit card bar bills, etc).
Why should I have had to move myself and my kids to a much smaller home after he died? Far better that the life insurance ensured that we got to remain living in our home.
Buy a policy on someone if they die within the first two years in most states there will be an investigation by insurance company. After two years if things look fishy the police will investigate and if wrong doing killer won't be paid.
High numbers have to pass muster also with the insurance company too.
That means if you would die the person holding the policy would be a millionaire. The first answer will be it depends on who is holding the policy. Wife? Don't bet on it. Its way too tempting. I could just see the cat and mouse games starting once the policy is signed. It would make me nervous to say the least. Of course there is love that transcends all that money stuff. Right? But then love can change suddenly for sometimes unknown reasons(and sometimes known reasons).
I would be very uncomfortable if somebody were to take a life insurance policy out on me. I would limit contact with that person. If I were married it would be a big problem.
It's not like a stranger or cousin can't just take out a policy on your life. You have to sign off on it. If you are worried about your spouse killing you, I don't know how you could sleep in the same bed.
edited to add: If we didn't already have survivor benefit on our pensions (retired), we would have $1mil on each other to make up for the loss of pension income.
Though not a million, my best friend is the beneficiary of my life insurance policy. He changed his so it's now split between his parents and I: 2/3 to them, 1/3 to me. We are also the #1 contact/decision maker on each other's advance directives. Some would say that's a conflict of interest; we just really trust each other.
That means if you would die the person holding the policy would be a millionaire. The first answer will be it depends on who is holding the policy. Wife? Don't bet on it. Its way too tempting. I could just see the cat and mouse games starting once the policy is signed. It would make me nervous to say the least. Of course there is love that transcends all that money stuff. Right? But then love can change suddenly for sometimes unknown reasons(and sometimes known reasons).
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