My fiance and I are both 28. We don't have any kids yet but plan to do so in the next couple years. With kids come dependents, and with dependents comes life insurance. Or does it?
I ask because my fiance and I have pretty low monthly expenses. I could do a breakdown of the budget, but in short, our monthly expenses are about $2,800 per month. That includes a pretty big car payment for her that will be done in a year or two.
We basically can take care of all expenses without the other's income, and quite easily so. In other words, if something happened to either one of us, both of us make enough money that we could handle all costs and not really have to worry about anything financially.
If this is the case, why do we need life insurance? To me it's just another monthly expense, and as an attorney that (in part) defends insurance companies (forgive me father, for I have sinned), insurance can go wrong in a billion ways and end up being a complete waste.
So does having low monthly expenses act as its own life insurance policy? What says the MMM community?