- 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
4
Posted on 2/19/13 at 3:14 pm to MaesterMullen
With one kid, I'd get enough to pay off the house, the kid's in state college tuition/room/board, and 10x salary on top of that (unless you make over 100K, then I would cap the 10x salary number at 1 million). I'd do a thirty year term policy.
Basically enough for your wife/kid to live comfortable if you die, but not enough for her to kill you over it.
Basically enough for your wife/kid to live comfortable if you die, but not enough for her to kill you over it.
Posted on 2/19/13 at 3:16 pm to MaesterMullen
How much does your wife make? Will she be getting annual raises? If she makes decent money (50k or so) and her career is stable then I'd say $500,000 term over 30 years and obviously whatever your employer offers. Mine offers 1.5 x's my salary at no charge so I essentially have $600,000. My wife makes more than I do so it's more than enough.
Note - I am no insurance expert, I was just doing all this a year or so ago so it's still fresh
Note - I am no insurance expert, I was just doing all this a year or so ago so it's still fresh
This post was edited on 2/19/13 at 3:17 pm
Posted on 2/19/13 at 4:45 pm to MaesterMullen
You should have LI on you, your wife, and your child. Depends on how much you can afford but a combination of permanent and term for you and your wife would be the best thing you could do. Sure you can do a 30 year term policy and be covered for dirt cheap, but then you either have no coverage or you're paying an extremely high premium every year after your level term period is over. Funerals are getting more and more expensive and probating can cost up to 3% of your estate (at least in FL). For your child you can get a plan for as little as $2 a month that guarantees his insurability for the future.
Posted on 2/19/13 at 9:02 pm to MaesterMullen
quote:
I'm 28 and my son is 2
No plans to have more kids, but it's always possible I suppose
You're right in the sweet spot for a 30-year term - I would shoot for about 10x your projected average salary over the next 30 years, and if that's $1 million and you can afford it, so be it.
I assume you have no group available where you work? Anyway, same rule goes for your wife, although you can go as low as about 8x her projected average for 30 year term - that gives you the most protection at the least cost (except group insurance.)
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News