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re: How much life insurance do you have?
Posted on 5/7/23 at 2:46 pm to Billy Blanks
Posted on 5/7/23 at 2:46 pm to Billy Blanks
Wife and I each have $1M 30 year policy, mine is $80/month and hers is $60/month. I certainly feel we are overpaying considering we got these at 30 years old for myself and 27 years for her.
0
Posted on 5/7/23 at 4:27 pm to Billy Blanks
Through work: 2.3M
On my own: 650k
On my own: 650k
Posted on 5/7/23 at 4:36 pm to Billy Blanks
Term
Posted on 5/7/23 at 4:50 pm to Billy Blanks
I have $1,075,000 between all my policies but I should have more. It’ll do, but technically I should have closer to $1.3 to $1.5 million. I’m uninsurable now though so my wife will have to be stuck with a measly million.
Posted on 5/7/23 at 5:21 pm to Rendevoustavern
quote:
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.
Good for you man. Long time banker and I can’t tell you how many people never think about shite like this for their businesses.
Posted on 5/7/23 at 5:59 pm to Billy Blanks
Zero, no kids, my wife would get all my retirement and taxable accounts and vice versa. She would be in high cotton for 30+ years easy as she is not a big spender.
Posted on 5/8/23 at 8:11 am to Billy Blanks
None. I started a 20-year level term at age 38, and let it expire at 58. By 58, I had enough assets that I didn't need life insurance.
Posted on 5/8/23 at 9:03 am to Billy Blanks
Minimum 5X your salary if you have young children. Do whatever you have to do to ensure a similar lifestyle that your kids are living. Take that stress out of the equation as they will be going through a lot.
I had about two million when I had my career. Then life changed for the better due to a business, and I increased it to $13 million.
The proper amount depends on the lifestyle your kids or wife are living right now, and ensuring it until they can be on their own. Figure that out and you will know.
I had about two million when I had my career. Then life changed for the better due to a business, and I increased it to $13 million.
The proper amount depends on the lifestyle your kids or wife are living right now, and ensuring it until they can be on their own. Figure that out and you will know.
Posted on 5/8/23 at 10:52 am to Billy Blanks
$1.35M through work
$1.5M through USAA with 22 years left.
I have a 3 year old and one year old.
If I die my current job will pay my wife 50% of my salary for the next 10 years and pay each of my kids $1K a month until they are 19 or 23 if they are a full time college student.
I have been thinking very hard about getting another policy. Around maybe another $1M so my wife will have the option of potentially not working if she doesn't want to.
$1.5M through USAA with 22 years left.
I have a 3 year old and one year old.
If I die my current job will pay my wife 50% of my salary for the next 10 years and pay each of my kids $1K a month until they are 19 or 23 if they are a full time college student.
I have been thinking very hard about getting another policy. Around maybe another $1M so my wife will have the option of potentially not working if she doesn't want to.
Posted on 5/8/23 at 11:26 am to Billy Blanks
My parents both have policies with my dads work and privately bought of probably around 1.5 M or so total . They’re all I have so between this, their house and retirement accounts I will be set
Then they have a $250,000 on me… which when they told me about it I was kind of shocked .
Is that something parents do ??… I’m in my 30’s .. I guess if I go.. they want all their money back spent raising me
Then they have a $250,000 on me… which when they told me about it I was kind of shocked .
Is that something parents do ??… I’m in my 30’s .. I guess if I go.. they want all their money back spent raising me
This post was edited on 5/8/23 at 11:31 am
Posted on 5/8/23 at 11:59 am to Billy Blanks
11X my annual salary
Posted on 5/8/23 at 12:03 pm to Billy Blanks
Me: $1 million, 30 year term.
Wife: $500k, 30 year term.
Two young kids.
Wife: $500k, 30 year term.
Two young kids.
Posted on 5/8/23 at 12:09 pm to Lawyered
They are locking in your health for life insurance.
If you have money to spend, it isn't a bad gesture to get life insurance on kids.
I don't think it should be on the list of top 50 priorities (unless the family has a history of genetic issues)
If you have money to spend, it isn't a bad gesture to get life insurance on kids.
I don't think it should be on the list of top 50 priorities (unless the family has a history of genetic issues)
Posted on 5/8/23 at 12:17 pm to Billy Blanks
Term life, 1 mil for wife and I and will last until retired which is the main time frame of coverage needed as we will be set financially.
Posted on 5/8/23 at 2:45 pm to Billy Blanks
wife and I each have 3m.
she also has 500k through work i think
i have like a 50k through work.
she also has 500k through work i think
i have like a 50k through work.
Posted on 5/8/23 at 3:53 pm to Billy Blanks
$1 million on my wife
$1.5 million on me
$1.5 million on me
Posted on 5/8/23 at 6:23 pm to evil cockroach
$3 million on myself
$500k on my wife
$500k on each of my children.
$500k on my wife
$500k on each of my children.
Posted on 5/8/23 at 7:25 pm to Billy Blanks
I’d recommend buying as much as you think you need or can afford in term life and do it at as young of an age as you can. You mentioned your friend dying in his 40’s, if you are late 30’s to late 40’s, I’d suggest getting 30 year term if you can qualify and if not, get as long as you can.
You can always drop it if you had to but you can’t always buy it later because medical conditions can change and prevent you from being able to qualify for it.
You can always drop it if you had to but you can’t always buy it later because medical conditions can change and prevent you from being able to qualify for it.
Posted on 5/8/23 at 9:26 pm to Billy Blanks
Married and no kids. Wife has 500K through work and I have 250 K through work and 200 separate for which I pay $340 per year. (Another 250K goes to my company as a key man provision)
10 years or less from retirement and with a paid for house and healthy retirement accounts we would both be set if the other passes. Insurance will lapse by the time we are retired but it will not be necessarry by then.
10 years or less from retirement and with a paid for house and healthy retirement accounts we would both be set if the other passes. Insurance will lapse by the time we are retired but it will not be necessarry by then.
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