I wouldn’t take that, but if you told me to stop working or earning a living i might. It costs me money in gas, maint, car payments and travel time to get to work.

BUT if i stopped working it would save me money and IF that 1 million was not taxed it could be put into good dividend paying companies with ‘growth potential’ and the dividend tax’s are far cheaper.

I would also not require saving for retirement since this ‘portfolio’ if structured correctly should be inflation protected and earnings and dividends ‘should’ rise accordingly.

LOL: no life insurance would be needed since i would now be ‘self insured’. I think Derek Foster is living as mentioned about, although this is a guess as i haven’t actually read his book?

In closing Byron if you gave me a million to do some type of work (maybe not what i am doing now) i would have to think about that.

I also have life insurance and based it on how much my wife would need till the kids left the house. I took the initial amount and used some to pay the mortgage. Then i took that lump sum and put it into a retirement calculator to get the income she would need per yr.

I used a 2% growth rate (assuming 3% inflation so 5% actual). I was a few thousand shy (per yr) of what she needed. I also assumed she would remarry (didn’t use the new spouse income since its unknown), but not initially of course.

Since buying a new house recently i may buy an additional term policy (instead of mortgage insurance). I will check out the site above to find the best rates (with the best companies).

For what its worth Squakfox is right and this is promotional and educational. Wether your actually endorsing the product or not is a whole different matter.

If you’re looking for coverage only if you both die at the same time – I don’t think there’s anything like that. There is joint last to die, which pays after both insureds are deceased (which may or may not be at the same time) – but I would suggest you consider exactly what’s going to happen after even one of you dies – it’s probable that you really need individual insurance policies on both of you.

The other request I get occasionally is joint first to die which pays out after 1 deceased. There’s a variety of reasons I don’t recommend it – there’s a lot of drawbacks to these policies and the difference in cost between a joint first to die policy and two individual coverages is generally in the range of 5%. Not enough of a savings IMO to justify the drawbacks.