Age: 42 Married No kids
I'm currently the only source of household income. My wife doesn't work outside the home. However, that decision was by choice since my income easily supports the both of us.
If I were to die tomorrow, we have enough short term savings to pay for funeral expenses. We also have enough in Retirement accounts to pay for approximately 22 years worth of our current yearly expenses (in 401k and IRAs, this doesn't even include Social Security). This assumes that money earns just enough interest to match inflation. That is a very conservative figure since if that money were supporting only one person and the money was invested to beat inflation to some extent, that 22 years could easily be extended significantly.
In addition, if it came down to it, my wife is certainly not above getting another job. She is the type of person that could get a job doing just about anything she wanted.
Both of us are of the opinion that I don't need Term Life Insurance for myself. However, when my parents found out, they were very adamant that Term Life Insurance is just something that everyone needs (like health insurance or homeowners insurance (only if you own a home, obviously)).
I certainly don't want to be a penny wise but a pound foolish, as the saying goes. Is Term Life Insurance really that necessary, even in my case?