I Thought I Didn't Buy Life Insurance While Working

When I started writing this, I thought I didn't buy any additional life insurance while working.  Turns out I did, which I posted about in 2006.   

While I was working, my company had a 1x annual salary life insurance policy on me, but I didn't buy any additional. The reason was that we were both working and we did not have any debt other than the mortgage payment, since we had already paid off both student loans with in ten years.

We adopted our daughter ten years after getting married.  According to my post the post in 2006 Protecting Your Wealth – Insure Against the Risk of Financial Disaster, I purchased more life insurance (2x annual salary, 4x for accidental death)  and survivor income insurance to protect my spouse and child in the case of an unexpected death.  This would enable my spouse to pay off the mortgage,  receive about 2/3 of previous after tax income for living expenses and not have to return to work.

Luckily, my spouse never needed to file a claim on these insurances.  However, we don't regret having and paying for such insurance, which is for protection if an unexpected death occurs that results in loss of significant income.

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This is not financial, life insurance, nor survivor income advice. Please consult a professional advisor.

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