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Started By
Message
re: How much life insurance do you have?
Posted on 8/20/26 at 7:39 am to NBR_Exile
Posted on 8/20/26 at 7:39 am to NBR_Exile
quote:
Unfortunately I was one of the 2% that collected on my wife's term policy.
I am sorry to hear that.
That is awful.
Was it illness?
Or an accident?
I have about 2M through my employer.
$500k term that I own and another $250k permanent that is already paid up.
I have heard nightmares about chronic illness (heart disease or cancer) where the individual gets too sick to work and loses the work coverage before passing.
This post was edited on 8/20/26 at 7:40 am
1
Posted on 8/20/26 at 7:47 am to meansonny
quote:
I am sorry to hear that.
That is awful.
Was it illness?
Or an accident?
It was an illness that progressed over several years so it wasn't sudden. She had "retired" years before her death so no employer insurance to draw on. My employer did have a benefit for spousal deaths. Wasn't much, maybe 2-5k. That was six years ago, lost some of the details since then.
Posted on 8/20/26 at 7:47 am to Ford Frenzy
One of our policies is through my childhood friend and CFP - he will know when I die and would engage my wife
Other is through the Knights of Columbus who several of my friends are brother knights
If both wife and me die i know my daughters would be contacted almost immediately by friends for financial support
Other is through the Knights of Columbus who several of my friends are brother knights
If both wife and me die i know my daughters would be contacted almost immediately by friends for financial support
Posted on 8/20/26 at 8:12 am to GREENHEAD22
$1M on wife term
$3M on me term, laddered policy mix of 20 and 30 year terms
Also have some through work that I don’t really value into the decision making.
$5M umbrella
$3M on me term, laddered policy mix of 20 and 30 year terms
Also have some through work that I don’t really value into the decision making.
$5M umbrella
Posted on 8/20/26 at 8:14 am to PerryWinkleBlue
quote:
You have kids?
Just one. I’m not wealthy by any means, but she’ll have a place to live, education taken care of and a little extra. I’m more concerned about the emotional aspects of parting one day.
Posted on 8/20/26 at 8:26 am to PeteRose
amount depends on your kids. i did 1m.
make sure you buy before turning 40 30 year term, at that point if you are saving appropriately , you wont need any after that.
make sure you buy before turning 40 30 year term, at that point if you are saving appropriately , you wont need any after that.
Posted on 8/20/26 at 8:35 am to FMtTXtiger
We cancelled our major policies last month. so now,wife probably has 25k through her work. I think I have a policy for 25 or 50. kids are married or can provide themselves. house can be paid off from cash accounts. no debt otherwise.
Posted on 8/20/26 at 8:53 am to GREENHEAD22
my work provides 5x my salary. We have no debt other than a bit left on a mortgage. With the payout, my wife would be able to stay in the house working part time for benefits with no issues.
Posted on 8/20/26 at 9:02 am to GREENHEAD22
None, but am retired with a solid asset sheet. I never held the amounts you mention and focused on funneling extra money into investments. I carried a 20-year level term policy that expired at age 58 and have not had any since.
I put more focus on building wealth with the probability that I would not die young.
I put more focus on building wealth with the probability that I would not die young.
Posted on 8/20/26 at 9:12 am to GREENHEAD22
My wife works and usually earns about as much as me. She'd be fine with our combined savings if I kicked the bucket anytime soon. But I still have term life insurance in an amount twice our mortgage and other debt. The term runs out when I will likely retire and I'll likely drop it at that point.
Posted on 8/20/26 at 9:46 am to vistajay
I have 2.5 mil laddered: 1.5 until I'm 55, 750k until I'm 60, and 250k until I'm 70. My wife has 1.5 I think until she is 55. Those are basically 30, 20, and 15 year plans.
Here's what I'd say to anyone young with a family. Just get something. $100k is better than nothing. Too many people focus on getting "enough" for their wife and kids to be comfortable, and the reality is that's not easy for young people to afford. $250k is like $18/ month when you are 25. That's a lot of money compared to $0 for a young wife with a kid. Sure they won't live forever on that, but it will go a hell of long way and is affordable.
Here's what I'd say to anyone young with a family. Just get something. $100k is better than nothing. Too many people focus on getting "enough" for their wife and kids to be comfortable, and the reality is that's not easy for young people to afford. $250k is like $18/ month when you are 25. That's a lot of money compared to $0 for a young wife with a kid. Sure they won't live forever on that, but it will go a hell of long way and is affordable.
This post was edited on 8/20/26 at 10:01 am
Posted on 8/20/26 at 10:07 am to meansonny
quote:
I am saying to itemize what the 10 times pays for. Have a specific purpose for the funds in mind. That is how you determine if you are short or not.
I don't disagree with this, but like I said my major issue is that its not easily affordable to do this for many people when they are young. Yada yada priorities I know.
But all I'm suggesting, is get something first. Prioritize more or the "right" amount later.
Posted on 8/20/26 at 10:18 am to PeteRose
You want your wife and kids to have to deal with grief and loss at the home they know or you want them to deal with it while selling the house and a car and trying to find new Lower cost place to live and manage strict budgeting after paying $20k to put you in the ground and all monthly bills still show up every month?
It’s not about emotional issues; it’s about not destroying your family’s steady life they’re accustomed to living
It’s not about emotional issues; it’s about not destroying your family’s steady life they’re accustomed to living
Posted on 8/20/26 at 10:34 am to PerryWinkleBlue
quote:All depends on particular situation. If someone has a healthy portfolio and are financially set, insurance may not be necessary. Many over insure out of fear and as someone said, never collect. It is something that should be addressed on an annual basis to determine whether needed or not. Once my children were grown, mortgage paid and began retirement, I saw no more need to pay for insurance.
You want your wife and kids to have to deal with grief and loss at the home they know or you want them to deal with it while selling the house and a car and trying to find new Lower cost place to live and manage strict budgeting after paying $20k to put you in the ground and all monthly bills still show up every month?
It’s not about emotional issues; it’s about not destroying your family’s steady life they’re accustomed to living
Posted on 8/20/26 at 11:36 am to PerryWinkleBlue
quote:
You want your wife and kids to have to deal with grief and loss at the home they know or you want them to deal with it while selling the house and a car and trying to find new Lower cost place to live and manage strict budgeting after paying $20k to put you in the ground and all monthly bills still show up every month?
Maybe you’re concerning about these things about your life. But my life is different. You're worrying about a 20k funeral when I told my wife I wanted cremation. I’ve already wrote a list instructions on what needs to do and it’s in a safe deposit box.
Posted on 8/20/26 at 11:36 am to NOSHAU
This.
Ideally, the need for life insurance shrinks as the portfolio grows and debt shrinks.
Ideally, the need for life insurance shrinks as the number of household dependents shrink.
Life insurance isn't the only way to pay final medical expenses and funeral/burial/ crematory expenses.
I do have permanent coverage as my wife's social security payment will get cut when I die. I havent retired yet, but I do have a pension that I intend to draw on my life only. The permanent coverage will assist in offsetting that loss of monthly income.
Ideally, the need for life insurance shrinks as the portfolio grows and debt shrinks.
Ideally, the need for life insurance shrinks as the number of household dependents shrink.
Life insurance isn't the only way to pay final medical expenses and funeral/burial/ crematory expenses.
I do have permanent coverage as my wife's social security payment will get cut when I die. I havent retired yet, but I do have a pension that I intend to draw on my life only. The permanent coverage will assist in offsetting that loss of monthly income.
Posted on 8/20/26 at 11:53 am to GREENHEAD22
Zero.
Posted on 8/20/26 at 12:42 pm to GREENHEAD22
$2.3MM can’t make it on that, then she was never gonna make it.
Posted on 8/20/26 at 2:16 pm to DiamondDog
I have like $250k and the wife has $100k. we got rid of the large policies on me once the kids graduated college and became fully self-sufficient.
Posted on 8/20/26 at 3:08 pm to masoncj
pays to have rich parents!
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