that's not with via your job?

how'd you decide how much coverage to get?

all depends on your age and health and what your budget is.

now that I got some bills out the way.

went with fairly minimal term.. it's about up too which means money gone for naught and need a whole new policy now.

made you do it with the house payment.

new policy = higher rates huh?

>new policy = higher rates huh?
although Shimmy quit smoking years ago after we signed up so might get a cheaper rate.

it'll definitely be more expensive if we don't go term and want to see a guaranteed return on what we put in.

probably should have gotten a 25 or 30 year term though instead of 20, since my youngest will only be starting college when the current term expires. but he wasn't around when we got the policy.

so I'm thinking of a 15 yr.

One thing I noticed was some of them ask if you smoke.... weed

Wtf

I shrugged when dude tried to pitch it to me when we were pregnant with our first kid. But 2 friends have died since then in car accidents. Gotta get back on it.


Thanks

Some good info down below

if it's to cover a mortgage, you might want to buy a 30 year, 20 year, and 10 year term policy each at ~1/3 of the mortgage amount

if it's to cover college for a kid, try to guess how much college will cost x years in the future and buy a term policy for approx. that amount with a term length that would last until your kid is ~22

if it's not to cover a specific expense, then you probably want to think about it in terms of how many years of salary you want to provide to a spouse

if you want to use life insurance as an investment vehicle or to generate retirement income, then you might want universal life (likely either indexed UL or if you have high risk tolerance, variable UL) - then think about how much money you want to invest and get as little face amount as allowed by the tax code for that level of premium. this will minimize death benefits, but maximize how much your money can grow

if you're super wealthy (assuming that means none of us posting here) and trying to get around estate taxes and such, you'll want to buy a joint life policy


if i was buying a term policy, i personally wouldn't want deal with a financial advisor/agent - the policy is really not that complicated and you can research and buy online

but if you get into the more complicated products and/or you have significant wealth, you probably have little choice.

>if it's to cover a mortgage, you might want to buy a 30 year,
>20 year, and 10 year term policy each at ~1/3 of the mortgage
>amount.

hopefully, my house will be done in 15.


>
>if it's to cover college for a kid, try to guess how much
>college will cost x years in the future and buy a term policy
>for approx. that amount with a term length that would last
>until your kid is ~22

I'm leaning more towards this scenario. my kids are 14 and 9 as of next week. so this would also fit with the 15 yr deal.
>
>if it's not to cover a specific expense, then you probably
>want to think about it in terms of how many years of salary
>you want to provide to a spouse

not familiar with this option. need more info on this one.
>
>if you want to use life insurance as an investment vehicle or
>to generate retirement income, then you might want universal
>life (likely either indexed UL or if you have high risk
>tolerance, variable UL) - then think about how much money you
>want to invest and get as little face amount as allowed by the
>tax code for that level of premium. this will minimize death
>benefits, but maximize how much your money can grow
>
>if you're super wealthy (assuming that means none of us
>posting here) and trying to get around estate taxes and such,
>you'll want to buy a joint life policy

n/a lol.
>
>
>if i was buying a term policy, i personally wouldn't want deal
>with a financial advisor/agent - the policy is really not that
>complicated and you can research and buy online

right now, its looking like my home/car insurer is the move. they can do 15 yr, $80 a month, for 750k. guess it makes sense to look at other companies too.

I need to check if my current insurer will discount my other services if I do this with them.

good info. preciate it.

but i'm not not a financial advisor, so don't hold me to it lol

use something like policygenius to compare term rates with the one you got from your home/auto insurer. make sure to use fake contact info if they ask cause i know some of these sites harass you with spam after they provide you with the comparisons. you may also want to use info that's slightly off when you're just browsing (e.g. birth date 10 days off, zip code of the next town over...) because those sites are definitely storing a lot of data

found a few that were $15 or so less than Amica.

so i went with the coverage that would pay off the mortgage

i've since sold the house but the policy is super cheap cuz i have it through being an NYU alum

d

____________

Dallas Cavericks LETS GO!!

250k through Fidelity...plus 140k that just came automatically through my job. I didn't really put any real science into the amounts...just figured 650K would more than take care of the paying off the house, paying for college and allowing my wife to pretty much debt free until she retires.

>250k through Fidelity...plus 140k that just came
>automatically through my job. I didn't really put any real
>science into the amounts...just figured 650K would more than
>take care of the paying off the house, paying for college and
>allowing my wife to pretty much debt free until she retires.
>


#SGLI

.

Pay off the house + Wife's student loans + money for Morehouse tuition whatever it is in 2037.

My dad didn’t even have enough to cover his funeral.

I keep thinking about if I outlive this term life...

but that’s a good thing right? LOL.

it does make you think about not being around.

another part of adulting that sucks.

but I'm in pretty good health, cept for this high cholesterol.

good part, I'll get a discount on my auto insurance once I get this going.

$150K through the gig ($50K of it is free/on the company)
2 separate polices worth about $1.5 mil.

If I go:

Wife will be able to pay off the house and all debt, bank some money for life expenses (though she makes her own $$), put some away for college for the kids and still have a nice chunk of a savings nest egg. I'll have the same if she goes.

My sister will get a nice little $30K to help her a little going forward.

My ex will get about $400K for our kids together which would cover child support and inflation until the kids are in college and a decent chunk of $$$ for college expenses. This was built into our decree. She has similar coverage as well.

All of my kids will be grown when the term policies end but I made sure to get convertible policies as well.