Very true! I know by looking up policies, we looked to see what the qualifications needed to get higher policies would be and the risks of those policies. We have 4 special needs children and when we talked to our lawyer, these were the lawyers concerns. One, our age, we are the same age (or around the same) as A&P. We were told by our lawyer not to get a policy at this age. It would be extremely unlikely that we would die within the next 25 years, both at the same time, meaning that any bigger policies wouldn’t pay out because there would be 1 person to continue on with the care of the child. Lower policies would pay out the policies without issue. Secondly, we don’t apparently make anywhere near what a bigger policy would require. We would need to show that we have a higher income, either by having it, having it on credit, or showing it within our life style. We refuse to go into a huge debut, we don’t have the income and I definitely ain’t going out to show a lifestyle we don’t have...
We had this discussion about 5 years ago, when we were looking at policies. We have life policies, through work, that cover our debits, which is what our lawyer suggested. It is all that is needed and either of us could continue on, if the worst was to happen... We also have special needs trusts set up at the bank, it doesn’t have much but it will help them out and allow any of the life insurance to be placed in those accounts, after debits are paid... The lawyer has the information but we are in charge of those accounts at the bank, which is again where I say that they haven’t a clue...