13257829, this is the stuff I'm not sure of...|
Posted by tariqhu, Fri May-11-18 06:29 PM
>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
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
>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.