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Rivers, MB | I've found that term life ins. is cheap at my age (33). My brother and I farm in a partnership with our dad. We have insured each other for roughly the value of our share in the partnership. That way, if one of us dies, the other gets the life ins. which allows the surviving brother to buy out the widowed sister-in-law. That way, she has cash fairly quickly and the remaining brother isn't unduly burdened by having to come up with cash to buy out the sister-in-law.
We are looking at taking out life ins. on our wives. We both have 3 small kids. Wives are staying at home with the kids. If they were to pass on, we would have to be paying for child care or doing it ourselves. Hopefully, some term life ins. on our wives would make that easier. Once the kids are in junior high/high school, this would become less of an issue.
Always open to more new ideas though.
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Life Insurance question
