re: Advice on life insurance whole/term, company,

quote:

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I've thought about a term just to cover the mortgage plus some. We got a late start on career, family and housing. She has own career and could easily make the payments if needed but wants to stop working full time in about 5 yrs (60-ish)

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You can ladder your insurance, there's no one size fits all approach.

ALL DAD"s should buy a term policy ASAP if only for 15 years and $150,000 or $250,000. DON'T WAIT. Protect your kids now. I'm not in insurance, I'm saying I waited to "do it perfectly" for many many years. Which is dumb. Do something, a small amount now.

You can ladder as life grows on you. Get a cheap policy now. In 3 years when you can afford it, add $1mil 10 year or 20 year policy. Then ladder some more in.

I currently have a 25 year for $250k, a 10 year for 1 mil, and a 15 year for 1.25 mil. I'm not rich, I could afford more but I'd rather put it into fun or savings. As I save more and as my kids get older and need less, it drops off and I have less insurance because I need less.

I'm not saying its the best way, it works for me. But don't be the guy that their kid needs a Go Fund Me to pay for the funeral because you waited. a 10 year $250k policy is really cheap.

These insurance threads show you really fast who doesn't have money.

Anyone with the funds knows that Whole Life opens up a new world. For example, I can borrow $100K against my policy at a fixed 4%, while the money continues to make 6% and put that somewhere making 10,20,30 (300% for my BTC bag).

But buy term because Dave Ramsey said so.

EDIT: Company recommendation - Guardian Life

When do I quit buying term?

I recently did a 30yr 1.5 mil term thru Zander.

38$/month. That gives my wife and kids money to pay off the house plus 6 years of my pay.

I told my wife she gets 3 to grieve me, and 3 to shake that arse around and find someone to pay for my kids.

My husband has two Protective Life through Woodmen of the World. Good rates despite our age and the amounts.

My term ended without me rewriting. I’m 55, work part time and we’re comfortable with our situation should I die. Kids are grown and out of college ;2 are married) and we’re financially in a great place.

Some say I’m crazy but the point of life insurance is to replace income — he’d have more than enough to hire a maid and whatever else he needed should I die. Hell if I die tomorrow he’d get a “raise” as I wouldn’t be here to shop for grandkids and redo the house lol.