Consider this scenario: Your children are now independent and no longer financially dependent on you. You have no outstanding debts. You’ve accumulated enough savings to cover your living expenses and even your funeral costs, which can be quite substantial nowadays due to the funeral industry finding new ways to profit by having people spend more on commemorating an individual after their passing than they did while that person was alive.
So, at this point, what’s the real purpose of having life insurance? Honestly, there isn’t one! So why would someone opt for Whole Life (also known as Death) Insurance? The idea of a 179-year-old person with grown children who are financially self-sufficient still making insurance payments is quite impractical, to say the least.
In fact, the need for life insurance could be significantly reduced and eventually eliminated if individuals learned to avoid accumulating debts and instead focused on building wealth from the outset. However, I understand that this can be exceptionally challenging for many people in our materialistic, middle-class society. Nonetheless, let’s take this a step further.
