The Grading for his competency in Personal Finance. It should be Well Done!
He fully understands what is the purpose of Life Insurance when he was in his late 20s, married and progressively more children with more life insurance policies to protect his dependents. Life insurance is to cover Human Asset and protect our dependents. When Human Asset is ZERO and with no more dependents to protect; to continue to cover zero value human asset with life insurance is redundant. Unless one is planning it as Funeral gifts!
By the time we retire and never build up our own retirement fund to include self-insured after 60s; we can't grant ourselves a Pass on personal finance. More? Insurance
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