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re: Can someone give me Life Insurance Advice?
Posted on 2/20/13 at 5:37 pm to GoCrazyAuburn
Posted on 2/20/13 at 5:37 pm to GoCrazyAuburn
Need to bump this because I just want to make sure I'm doing this the right way.
I said earlier in the thread that I have 30 year term: $1mil for wife, $500k for me, long term disability for $80 a month. Is this too much? What can I do to make this work better for me in the long run? I heard someone else say they can make their policy work for them like savings account.
I said earlier in the thread that I have 30 year term: $1mil for wife, $500k for me, long term disability for $80 a month. Is this too much? What can I do to make this work better for me in the long run? I heard someone else say they can make their policy work for them like savings account.
This post was edited on 2/20/13 at 5:38 pm
1
Posted on 2/20/13 at 6:00 pm to AUtigerNOLA
If you are paying $80 a month for all that, you probably aren't paying too much.
I honest cant say if you have too much or little insurance, because I don't know your situation, but it doesn't sound like it. I don't have a problem with term 30 policies, as far as term is concerned. For some people it is the best option, others it isn't.
Is there a specific reason you have double on your wife? (Not to get too personal)
Regardless, if you are asking if having $1M of insurance on her is too much, I don't think so, and you won't think so if anything happens to her.
The guy talking about the savings account was talking about the return of premium term policies. I'm not a big fan of these, as they have some funky wording in their contracts, but that is a much longer conversation to be had. The other option to have it work for you is to do a permanent policy, properly structured one, do that you own it and it becomes an asset and you dont rent it anymore. Again, that is a hard thing to have a fair conversation about on here.
I honest cant say if you have too much or little insurance, because I don't know your situation, but it doesn't sound like it. I don't have a problem with term 30 policies, as far as term is concerned. For some people it is the best option, others it isn't.
Is there a specific reason you have double on your wife? (Not to get too personal)
Regardless, if you are asking if having $1M of insurance on her is too much, I don't think so, and you won't think so if anything happens to her.
The guy talking about the savings account was talking about the return of premium term policies. I'm not a big fan of these, as they have some funky wording in their contracts, but that is a much longer conversation to be had. The other option to have it work for you is to do a permanent policy, properly structured one, do that you own it and it becomes an asset and you dont rent it anymore. Again, that is a hard thing to have a fair conversation about on here.
This post was edited on 2/20/13 at 6:05 pm
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