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How much life insurance do you have?
Posted on 5/7/23 at 10:17 am
Posted on 5/7/23 at 10:17 am
A friend's husband just passed away in his 40's from a heart attack and it got me looking into mine.
I got a 325k life policy that's cheap. $335 a year but thinking I want to get another one to increase it.
I have 3 kids but I'm the only provider at the current time. I don't think 325 would be enough if I was gone. Sizeable equity in 6-7 houses that could be sold but those would only be a stop gap.
I got a 325k life policy that's cheap. $335 a year but thinking I want to get another one to increase it.
I have 3 kids but I'm the only provider at the current time. I don't think 325 would be enough if I was gone. Sizeable equity in 6-7 houses that could be sold but those would only be a stop gap.
36
Posted on 5/7/23 at 10:25 am to Billy Blanks
No kids so 1x salary free at work
Wife will inherit money
She could make 10 years off my 401k if she learns to budget
For you agreed seems like a little more wouldn't hurt
Wife will inherit money
She could make 10 years off my 401k if she learns to budget
For you agreed seems like a little more wouldn't hurt
This post was edited on 5/7/23 at 10:26 am
Posted on 5/7/23 at 10:29 am to Billy Blanks
Counting work and personal, about $1.6M.
Accidental death would add another $1M.
Wife, 4 kids.
1 in college, 1 junior HS, 1 sophomore HS, and 1 eight grader.
Accidental death would add another $1M.
Wife, 4 kids.
1 in college, 1 junior HS, 1 sophomore HS, and 1 eight grader.
Posted on 5/7/23 at 10:29 am to Billy Blanks
I have more than needed…set it up as a laddered term.
Here was my thinking…if at any point I want to lower the policy, I can reduce the value without needing to get reapproved at an older age. So, I’ve locked in coverage and can adjust in future years with relative ease.
My wife also has a sizable policy that would give some flexibility / time to sort out care givers.
With how much I discuss financial topics with my family, I needed to ensure they were more than taken care of in my passing.
ETA: I think have 1x base salary through work but I didn’t factor it into planning.
Here was my thinking…if at any point I want to lower the policy, I can reduce the value without needing to get reapproved at an older age. So, I’ve locked in coverage and can adjust in future years with relative ease.
My wife also has a sizable policy that would give some flexibility / time to sort out care givers.
With how much I discuss financial topics with my family, I needed to ensure they were more than taken care of in my passing.
ETA: I think have 1x base salary through work but I didn’t factor it into planning.
This post was edited on 5/7/23 at 10:43 am
Posted on 5/7/23 at 10:45 am to Billy Blanks
500k. But also have a pension that pays 100% survivor benefits, if died today wife would get 3000 or more a month from that for life.
Posted on 5/7/23 at 10:55 am to Billy Blanks
$2m that runs until kids are out of HS. I've been meaning to ladder another policy to cover out another 5-10 years.
Posted on 5/7/23 at 11:04 am to TorchtheFlyingTiger
36 with three kids under 7
1.0 mil 30 year term life with about 24 years left
2.5 mil monthly with adjusted rates as get older
1.0 mil 30 year term life with about 24 years left
2.5 mil monthly with adjusted rates as get older
Posted on 5/7/23 at 11:19 am to Billy Blanks
350K for .35 a week on top of the 108k my company commits. Highest I could get without actually having to see a doctor.
Posted on 5/7/23 at 11:20 am to macatak911
2 kids (12 and 8) and sole breadwinner living in a very high priced area. Turning 50 next week.
$2mm right now with 10 year left, about $2.4mm with work.
I need to buy another $500k to $1mm to ladder a little.
$2mm right now with 10 year left, about $2.4mm with work.
I need to buy another $500k to $1mm to ladder a little.
Posted on 5/7/23 at 11:26 am to thelawnwranglers
quote:
No kids so 1x salary free at work
Wife will inherit money
I have 500k through work. Our kids are just about grown and we have fairly substantial investments at this point in life. My wife would be fine if I kicked the bucket tomorrow.
This post was edited on 5/7/23 at 11:27 am
Posted on 5/7/23 at 12:26 pm to Billy Blanks
$500K.
Married no kids.
Pays off remaining mortgage and would give wife some additional retirement savings,
Didn’t want to give the wife a lot of incentive for my untimely demise!!
Married no kids.
Pays off remaining mortgage and would give wife some additional retirement savings,
Didn’t want to give the wife a lot of incentive for my untimely demise!!
Posted on 5/7/23 at 12:31 pm to Billy Blanks
25-30xs income is the max obtainable in normal circumstances, depending on your age. As one ages, the multiple decreases. Think of having insurance for income replacement with an inflation adjustment. Don't force an asset sale because of death. My $ .02.
Posted on 5/7/23 at 12:44 pm to Billy Blanks
quote:Everyone's situation is different.
How much life insurance do you have?
My approach was to carry a large term life policy when I was younger. Even with the coverage, the costs were relatively low. As our assets accumulated, we reduced coverage, and eventually eliminated it.
Works fine if you plan to accumulate assets to the point the family would be okay before term insurance costs escalate prohibitively.
Posted on 5/7/23 at 12:55 pm to Indfanfromcol
quote:
350K for .35 a week on top of the 108k my company commits. Highest I could get without actually having to see a doctor.
That's the path I'd like to have.
Posted on 5/7/23 at 1:45 pm to Billy Blanks
Wife $4m
Myself $3m
Kids $250k/piece review at 18
Monthly expense: $287
Our policies were before we turned 30 so it was nice to have this taken care of before we had kids.
Myself $3m
Kids $250k/piece review at 18
Monthly expense: $287
Our policies were before we turned 30 so it was nice to have this taken care of before we had kids.
Posted on 5/7/23 at 1:56 pm to Rendevoustavern
That’s a ton of coverage for $3500 a year.
Posted on 5/7/23 at 2:01 pm to Rendevoustavern
quote:
Wife $4m
Myself $3m
Kids $250k/piece review at 18
Monthly expense: $287
Our policies were before we turned 30 so it was nice to have this taken care of before we had kids.
term or life?
Posted on 5/7/23 at 2:01 pm to Rendevoustavern
Well done man. That is a shite ton of coverage for that amount. Almost too good to be true lol
Posted on 5/7/23 at 2:10 pm to lynxcat
It is and we know it. My wife is a rare specialist in her field. Just to cover the monthly payroll of her practice is staggering, so part of that policy is covered by the practice and reimbursed as such.
I own a business and part of my coverage would be used to cover temp replacement (on top of our D&O policy). It’s more than just a financial blanket for
family.
I own a business and part of my coverage would be used to cover temp replacement (on top of our D&O policy). It’s more than just a financial blanket for
family.
Posted on 5/7/23 at 2:44 pm to Billy Blanks
$1.1M
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