re: Need some help on life insurance

I would try to link up your life policy with your property and casualty coverage(home and auto)to take advantage of built in discounts. Most companies who do this will keep the two separate meaning if you go shopping later for the p&c due to rate increases, you will not have to sacrifice the time you have built up on your life policy such as the two year contestability period however it should tap into discounts for the p&c and vice versa.

I would also look to get more coverage than $100,000. If your boss walked into your office tomorrow and said to you "I will write you a check immediately for $100,000 EXCEPT you can never work another day in your life to make another dollar in wages" would you take that deal? Pretty much nobody would at your age. That is basically what you are settling for at $100,000 of coverage. You don't want that. Get more and get locked in as you will never get cheaper rates from how it sounds from how you described your situation...

He is not banking very much on a term policy, so no need to worry. Overall, You Need more coverage. At least 10x your current expenses.

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Who does he work for?

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He works for a smaller, private firm and they search through all of the major providers from what I understand of it. I may have to link my life insurance policy to my auto policy to maximize the best rate. I am still trying to shop around.

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I would set it at 10 years salary.

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Is that what most people do? I only went to $500k. That gives my wife enough to pay her Med School loans, the house, and bury me.

Sounds high. I'm paying less for a lot more, and I'm old.

IMO, figure out your debt, and double it. If you don't owe anything, look at what a decent size house goes for in your area and get one for a bit over that.

You don't want to short change your loved ones, at the same time having them hit the lottery cause you croaked will cause more problems than you can imagine.

Get your family out of debt should you not be there, that's good enough.

Just tell her that her insurance policy is the first man she can entrap after you croak.