Question for the Money Doctors

Question submitted on Feb 24, 2011.

Question

My wife and I are almost 60. Our son is 29 and he lives by himself. The family income is from my salary. Does my wife still need to carry life insurance? She currently has a $50k whole life insurance.

Regards,

Philip

Answer

Philip - Sorry for the delay - it''s Tax Season as you may know :)  

 I have 2 questions for you.  1) Does your wife have debt that your family would have to pay if your she passed  - like a mortgage, credit cards, etc?  2) Do you have life insurance and what is the face value of the policy?

Jason Loiselle, CPA/PFS

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