<prompt> Human: My ex-wife I got life insurance policies when our daughter was born. In the event one of us died, the policy would pay off both mortgages our home a three unit rental, our daughters college expenses, and about 50,000.Upon divorcing, my ex-wife got the houses I didnt want them, and I took most of the savings and all the retirement. It was a faily equitable split of assests, and we both were happy with it.Currently, my only debt is a car loan: owe 16,000, 3 years left, 0 interest. I make 73kyear. I max my IRA 457b, and I have about 200,000 in retirement and 50,000 in savings. So my question. Should I, as a responsible adult loving father, also have a life insurance policy? Or could I cancel it knowing that I have no debt and my daughter will inherit everything?Im in my 40s and my daughter is 6.edit: Thanks Personal Finance. Lots of good points here, Ill be keeping the insurance.  <response>: How is the child custody being handled? If you have custody even partial or child support payments, it would be wise to have some insurance in place to make sure that your daughter is cared for through adolescence. Then you want to consider what responsibilities you are taking on as far as collegeweddingother money set aside for your daughter. Some of this comes into play on how you are setting up your will. If your daughter is the sole beneficiary, then you probably have enough in assets to cover this, but if you are splitting your estate among others, having some insurance to cover that case wouldnt be a bad idea. Lastly, of course all this changes if you end up remarrying, as you would need to evaluate that situation at that time. Given how cheap term insurance is, I would probably consider a 20 year term for maybe a couple hundred thousand with your daughter as the beneficiary just get your estate documents in order. That would put her into her mid twenties, so she would be grown and independent at that point. 