Life Insurance

How much life insurance are the folks with kids carrying? I think I’m woefully underinsured at only $130k. Got some quotes on a 15 year term life policy for $500k though and was pretty surprised with the monthly premiums.

My wife and I each have a $500k policy. My monthly premiums are about $65.

Notes - this is for 10-year term, I was 33 at the time, and the rates are (as you might imagine) not standard rates.

Thanks Greenie. I guess $75/month for a $500k 15 year policy isn’t that unreasonable then since I’m about to turn 47.

I got 1 mil for 20 years at 38 for 80/month and 2 years later bumped it up to 1.5 mill for about 125/month.

Why so high your premiums? You a bunch of fatties?

I have 1 mil which is laughable now since I contribute minimally to my family income…for now.

My policy is for $625k and costs around $45 per month. The cost has actually fallen over the last couple of years and some premiums have been returned as their payouts were low. I’m early 40s.

I have about $1.5M on me and $750k on my wife.

I certainly need to lose weight. I guess I should drop 20 pounds before I actually pull the trigger on anything.

I max mine through work - 1.82mln at $20 per pay period

OOC - I know you work. IIRC, your wife works, too. Are you both trying to get insured?

What’s the purpose of the insurance? Is it to take care of the spouse? Or the kids? Or both?

Why I ask - If you get a joint policy with your wife (say for $500k), then it will pay out when the first one dies. The benefit is this–you only have one policy, which is slightly easier to manage, and the premiums will be lower than having two policies. Downside - you only get $500k worth of death benefit. So if you both die at the same time, your kids (or whoever takes care of them) only gets $500k instead of $1m.

Or, if your wife doesn’t need your income, you can get a second-to-die policy. This way, your kids (or their caretaker) gets $500k after you BOTH die. But it leaves no money for the survivor, if they need it.

Just some things to think about.

My wife has $250K through work, I get 8X my annual base salary, so 600K or so, and we pay very little for either of those. I think we each also have spousal coverage for 1-2X our annual income, but I’d need to look again. We really need to get term coverage outside of our place of employment, because it’s only getting more expensive to wait and neither of us are likely staying put for the long term.

Who gets it when you die, the cats?

Wow your cats will be very well fed if you pass…


Enough with the cats already

I’m picturing nearly $2 mil going to this lady back in Mother Russia.

Image result for russian woman

Not the best idea. what happens if you get the big C which requires 5 years of treatment…you think you’ll have your job the entire time? You should check to see if you can transfer if you leave work, but I imagine you can’t which is why you have a great rate.

Are your parents dependent on you for support? If not, I am not sure if it is worth paying for that insurance.

Also, not sure if I want to give my wife a $1 million bonus in the event that something happens to me. I spend a lot of time sleeping when she is in the house. Maybe is just me…

My wife does work, but just looking for myself, as me and kids will be okay financially if the Mrs. dies. I assume she’ll remarry, so really just looking to replace my income for a couple of years. Might be a bit much to assume that my replacement will be willing to foot the college bill for my kids though, so maybe I need to be looking for $1MM. Don’t want to make my death too attractive though.

:frowning: I really liked them though