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Started By
Message
Starting life insurance policies
Posted on 7/5/16 at 11:05 am
Posted on 7/5/16 at 11:05 am
I want to take out a life insurance policy on my wife. She's 25, healthy, non-smoker, and normal in every sense I can list.
We have less than 20k in debt (all her side). She is a full time graduate student (loans) and has a car note ($200/mon). No mortgage we rent (1400). We also have usaa for insurance. Side note her family has a history of kicking the bucket around 60 yrs old.
I am asking if a term life or whole life would be better being young and healthy. I think without real research while life my for to lock in a low price being young? I have no clue otherwise.
We have less than 20k in debt (all her side). She is a full time graduate student (loans) and has a car note ($200/mon). No mortgage we rent (1400). We also have usaa for insurance. Side note her family has a history of kicking the bucket around 60 yrs old.
I am asking if a term life or whole life would be better being young and healthy. I think without real research while life my for to lock in a low price being young? I have no clue otherwise.
4
Posted on 7/5/16 at 11:46 am to SCndaBR
You can get a 20 year term life for next to nothing. Amount would depend on status of kids and her income level. I would revisit in ten years or when your family grows.
Posted on 7/5/16 at 11:50 am to SCndaBR
Why do you feel you need life insurance on her? I can understand its use to protect a surviving spouse/children who will have greatly diminished earning capacity in the event of a head-of-household's death. But I don't get wanting insurance on a young, healthy person w/no dependents & little debt.
Posted on 7/5/16 at 12:02 pm to SCndaBR
last year (25 yr) i took out a whole life for basically nothing a month because i figured hell...it's better than nothing.
Debt:
Car note
mortgage
Debt:
Car note
mortgage
Posted on 7/5/16 at 12:21 pm to Navajo61490
The only reason to have insurance is to pay for something that goes wrong that you can't afford. What are you looking to pay for? Her student loans? Really not worth it.
The main reason to have life insurance on the wife is if she works and you have kids, and you rely on her income to pay the bills. You could get around $250k term life for 15 years for under $15/ month most likely so really its not much if you just want some though.
The main reason to have life insurance on the wife is if she works and you have kids, and you rely on her income to pay the bills. You could get around $250k term life for 15 years for under $15/ month most likely so really its not much if you just want some though.
Posted on 7/5/16 at 12:39 pm to hungryone
Accident do happen. I just want to be secure if something every does happen. We may not have debt now, but I'm a planner. When she graduates in 2 yrs we will buy a house, new car, and start life. I just want to get a jump. If she dies tomorrow why not get paid? Not to sound unsympathetic or like I'm going to hire a hit man haha.
Posted on 7/5/16 at 1:11 pm to hungryone
quote:
Why do you feel you need life insurance on her?
Because shite happens.
quote:
But I don't get wanting insurance on a young, healthy person w/no dependents & little debt.
You can take time to grieve, you can replace the deceased spouse's income for a few years. Burials costs. So many things.
Posted on 7/5/16 at 1:18 pm to LNCHBOX
He has an argument. You don't really insure someone who is a net loss.
For example, you don't put life insurance on your kids, at least you shouldn't.
He doesn't have a mortgage or anything he would need to be "saved" by with a policy.
However, if there is a policy price difference between now and 29, I'd consider it. I've heard at 30 they can go up so I did it at 29. If I hadn't had a mortgage I probably would have done it then just for the savings.
For example, you don't put life insurance on your kids, at least you shouldn't.
He doesn't have a mortgage or anything he would need to be "saved" by with a policy.
However, if there is a policy price difference between now and 29, I'd consider it. I've heard at 30 they can go up so I did it at 29. If I hadn't had a mortgage I probably would have done it then just for the savings.
This post was edited on 7/5/16 at 1:19 pm
Posted on 7/5/16 at 1:22 pm to SCndaBR
Im going through this right now, I got $1M 20 year term for myself for $88/month last week but if my cholesterol is below 180 when the results come back it will be $66/mo. $15,000 or so layout over 20 years basically 35-55 and if I dont die, I just want something just in case. Well worth it. I went with state farm they lowered my car insurance,home insurance as well. Hopefully I get preferred status, just depends on bloodwork
This post was edited on 7/5/16 at 1:24 pm
Posted on 7/5/16 at 1:30 pm to dabigfella
quote:
when the results come back it will be $66/mo
This is what I'm paying for a 30 year term at $1M. I got it at 29,so by then I plan not to need the policy.
Guess I could have done 20. I don't know everything about everything
This post was edited on 7/5/16 at 1:31 pm
Posted on 7/5/16 at 1:35 pm to Teddy Ruxpin
yea I mean whole life was doable for like $1100/mo and $950/mo or so youre just putting into a savings account thats silly, I like to invest the money myself
Posted on 7/5/16 at 1:42 pm to Teddy Ruxpin
I think with most companies, getting in when you are younger saves you money on the premium for sure. They may, in the future, have kids and a house as well. We based ours on future events(kids) and also the mortgage. In case of the death of a spouse, they at least have financial support in the event they have a mortgage/kids down the road when the death happens.
Posted on 7/5/16 at 1:50 pm to Teddy Ruxpin
quote:
He has an argument. You don't really insure someone who is a net loss.
Exactly.
The life insurance salesmen and countless TV commercials have conditioned people to think they "need" life insurance. As I've said before on MT, being dead is cheap. It's staying alive that takes money...if OP is a planner, he should be looking at disability & income interruption insurance long before he considers life insurance. I understand that at present, his wife may have no income to replace. But as soon as she's working, get some DII in place. And make sure to carry some on yourself.
A car accident, stroke, debilitating brain injury, etc that vastly reduce a spouse's earning capacity yet increases his/her living expenses has a greater potential for financial ruin than a death.
Posted on 7/5/16 at 3:18 pm to hungryone
Sometimes it makes sense to get the policy while the spouse is still young, healthy, and good looking. Insurability can change in the blink of an eye...given the reasons you stated regarding disability, etc.
At likely under $20 per month, he's not wrecking his financial future by getting the policy.
At likely under $20 per month, he's not wrecking his financial future by getting the policy.
Posted on 7/5/16 at 4:47 pm to hungryone
Well put. I have not looked into this yet. I have DII through work on myself already. I'll have to compare the differences and cost, and determine what direction to take. Thanks for the input
Posted on 7/5/16 at 6:03 pm to iknowmorethanyou
quote:
still young
True.
quote:
healthy
Also true.
quote:
and good looking
Tha fuq that has to do with anything???
Posted on 7/5/16 at 6:12 pm to BamaCoaster
Just a little industry humor.
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