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re: How much life insurance do you have?
Posted on 5/9/23 at 6:51 am to Billy Blanks
Posted on 5/9/23 at 6:51 am to Billy Blanks
Around $750k. I have two teenage boys and that should be enough to pay off the house and get them through school. Wife would probably have to get a job but she should do that anyway. 
0
Posted on 5/9/23 at 9:18 am to Billy Blanks
My kids are grown, it's just me now and I have no debt, so the 1x-salary policy at work is all I need.
If you have 3 kids and are THE provider, you need $1MM or more depending on y'alls budget.
If you have 3 kids and are THE provider, you need $1MM or more depending on y'alls budget.
Posted on 5/9/23 at 9:27 am to Billy Blanks
Married, house, no kids. $1M 30 year term that started in my early to mid 30s and will run to my early to mid 60s.
Posted on 5/9/23 at 10:54 am to Billy Blanks
250k and 1x work salary. Everything is paid off and no kids so no need for more than that.
Posted on 5/9/23 at 12:28 pm to Billy Blanks
2 million, 20 year term privately
350k through work
I'll probably add another in the next 5 years that should get me to retirement age. By that time, if I die my wife should be able to live off of retirement investments.
350k through work
I'll probably add another in the next 5 years that should get me to retirement age. By that time, if I die my wife should be able to live off of retirement investments.
Posted on 5/9/23 at 12:56 pm to Billy Blanks
quote:
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.
my opinion of course, but I don’t think that’s nearly enough. The real estate assets are great, but a three child household losing their primary income needs more than $325. You don’t want your wife to have to look to offload real estate while burying you.
We have three young kids, both wife and I work and each have $2,000,000. I wish we had $3,000,000 and may look to increase it. My thinking is if one of us dies, the household is likely losing both incomes at least for a while.
Posted on 5/9/23 at 1:03 pm to MrLSU
I'm kind of confused why a parent would insure a child. A child costs money and doesn't create income. It feels morbid, but as a cost issue your finances would improve on thr death of a child over time, so the insurance doesn't make sense to me. It's completely different than if I die and my policy is used to take care of my kids.
I've read that perhaps a better rate for the kid when they become an adult, but I doubt that's hugely beneficial considering all other factors.
I've read that perhaps a better rate for the kid when they become an adult, but I doubt that's hugely beneficial considering all other factors.
This post was edited on 5/9/23 at 1:07 pm
Posted on 5/9/23 at 1:13 pm to Teddy Ruxpin
quote:
I've read that perhaps a better rate for the kid when they become an adult, but I doubt that's hugely beneficial considering all other factors.
Lots of people are uninsurable.
Lots of people are expensive to insure.
Once you've checked off your top 50 financial goals, guaranteeing the insurability of your kids is not a bad thing.
My brother smokes, has had DUIs, and is underweight.
A policy when he was a kid would have significant value now that he has children of his own (he has coverage, but some carriers have declined him).
I agree. There should be little to no priority on it.
I don't have life insurance on my kids (other than the $25,000 provided by my employer for about $20/yr). I don't quite max out my HSA per year. I haven't hit that priority level financially speaking to do that for my children.
This post was edited on 5/9/23 at 1:35 pm
Posted on 5/9/23 at 1:25 pm to Teddy Ruxpin
quote:
I'm kind of confused why a parent would insure a child. A child costs money and doesn't create income. It feels morbid, but as a cost issue your finances would improve on thr death of a child over time, so the insurance doesn't make sense to me. It's completely different than if I die and my policy is used to take care of my kids.
I've read that perhaps a better rate for the kid when they become an adult, but I doubt that's hugely beneficial considering all other factors.
I have a 25k policy on my daughter, at age 26 she can convert it to a 100k policy without having to pass any sort of health screening. So in the event that something occurs before then and she's uninsurable, at least she has this 100k policy.
Posted on 5/10/23 at 9:17 am to Epic Cajun
Any recs on current best places to compare offers?
I definitely need to up what we have, and I don't think the rates thru USAA are the best I've seen.
I have enough to pay off all debt, but they'd be stuck on a teacher's income after that.
I definitely need to up what we have, and I don't think the rates thru USAA are the best I've seen.
I have enough to pay off all debt, but they'd be stuck on a teacher's income after that.
Posted on 5/10/23 at 4:52 pm to concrete_tiger
Zero. Been retired and debt free for years. See no need for life insurance anymore. Am considered self insured.
Posted on 5/11/23 at 12:09 pm to Billy Blanks
1 kid and 1 million
Posted on 5/11/23 at 12:33 pm to Billy Blanks
1.5 million on a 30 year term.
Posted on 5/11/23 at 1:21 pm to Billy Blanks
2 million on a 20 year term. It’s cheap. Wife has 1 million on a 20 year term.
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