- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Wife's Variable Appreciable Life Ins- What to do???
Posted on 1/31/16 at 5:49 pm
Posted on 1/31/16 at 5:49 pm
My wife's parents bought her a variable appreciable life insurance policy through Prudential prior to us getting married. Her parents paid the policy for a couple years after marriage, but for the last three years I haven't paid towards it.
We are both in our early 30's with a toddler, and my wife is a stay at home mom.
Through my work I have the following life insurance:
Company Paid Life Ins- 2X my salary
Basic AD&D- 2X my salary
No Supplemental life insurance
Dependent Life Insurance- $20K for Spouse and $5K for child (costs $5/month)
Also, if I die while working (traveling salesman), my wife would get a $1M life insurance payment from my employer.
Her Prudential Variable Appreciable Life Insurance Policy has a insurance amount of $82K, with a cash value of $16K.
What should I do with her policy? I was thinking of cashing out and putting that towards a term life policy (is that even possible)? I was also thinking of getting a term life policy for myself.
Are these good decisions? Any input is appreciated!!
We are both in our early 30's with a toddler, and my wife is a stay at home mom.
Through my work I have the following life insurance:
Company Paid Life Ins- 2X my salary
Basic AD&D- 2X my salary
No Supplemental life insurance
Dependent Life Insurance- $20K for Spouse and $5K for child (costs $5/month)
Also, if I die while working (traveling salesman), my wife would get a $1M life insurance payment from my employer.
Her Prudential Variable Appreciable Life Insurance Policy has a insurance amount of $82K, with a cash value of $16K.
What should I do with her policy? I was thinking of cashing out and putting that towards a term life policy (is that even possible)? I was also thinking of getting a term life policy for myself.
Are these good decisions? Any input is appreciated!!
3
Posted on 1/31/16 at 6:21 pm to Tear It Up
$82,000 death benefit. $16,000 cash value.
Pretty young so the cost of insurance in that policy can't be that much. Variable Life policies tend to have expensive cost thou.
You probably won't have to pay another dime into it as it appears it has enough cash value to support itself. Pru is a pretty solid company.
Don't count AD&D life insurance. Have between 5x to 10x income as life insurance. You can do a needs analysis but the figure will (usually) total between 5x to 10x income.
Set it and forget it the variable life policy. Go get term and find some dollars to save each month.
Posted on 1/31/16 at 6:27 pm to Tear It Up
quote:
Through my work I have the following life insurance:
Company Paid Life Ins- 2X my salary
Basic AD&D- 2X my salary
Provides zero helpful information
Posted on 1/31/16 at 6:36 pm to Mr.Perfect
quote:
Provides zero helpful information
Company Paid Life Ins- $240K
Basic AD&D- $240K
Posted on 1/31/16 at 6:41 pm to Tear It Up
How much is your premium? Kind of important.
Posted on 1/31/16 at 6:55 pm to PlanoPrivateer
Annual Premium: $290
Posted on 1/31/16 at 7:46 pm to Tear It Up
Premium on variable is $290/year??
That's incredible.
If that's the case, let the cash value pay the premiums forever.
That's incredible.
If that's the case, let the cash value pay the premiums forever.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News