Discussion in 'Members' Lounge' started by Bob Vila, Aug 17, 2011.
Just curious to know what everyone carries for life insurance:
none. i'm not married, i have no family, no debt, nothing to provide for in the end.
from a professional perspective, we in the industry recommend 10 years of income and/or enough to pay off the amount of family debt.
Good to know. I'm starting to consider stuff like this now that I'm married.
My parents bought me a whole life 10k policy on me which has accrued up to 12,xxx now when i was like 5 and they are still paying for it as its like 100 bucks a year. I have no kids or spouse, and thus have no reason to carry any more. if i die, whatever isn't mine can settle to the state/bank that owns it/etc.
If i was in your position with a wife and small child, I'd be looking for short term (5 year) policies in the 500k range, not whole life
I'm worth more dead lol.
I have a term policy for 1 mill which should pay off my house, cars, etc so my wife can start a new life if anything happened to me. I also have money going to my sisters and nephew.
I normally change policies every few years or so or add a new one since they are 30 years.
i have a 10K policy...
Funny, my wife and I were just talking about policies for both of us. I only have what work gives us currently which is 2x my salary. Not nearly enough.
Yeah, i'd take whatever work offers (usually 1or2x salary) as the 'whole life' plan, as that is effectively what they are investing in to you with-- that you won't die while you work there.
And you should have a term policy on your own that pays big. Its pretty cheap when you're young to have term life.
State farm offers term life insurance that works as a saving account. Little over $100 for both of us. If we stop paying they keep the money if you stay with them for 10 years and cancel you get something like 50% back 15 years 75% and if you do the full 20 years you get 100% of your money back. Payout that we are doing is $300k
Through my company I have 2x my salary plus like 20k.
The city i work for pays for mine up to 250k which is enough to pay off my house so i just leave it there. Between that and my retirement accounts she'll be just fine
I just got a $250k whole life policy, but I pay around $150/mo. I think it's good to have once I settle down and get a family. Plus, after the first few years it acts as a savings account with a decent ROI.
If I recall correctly, I have a 175k policy which is something like 27 a month.
None right now, will have something before I get married. My estate is worth something.
I have $500k through work and then an additional whole life through the same plan for 3x my salary. I also have a $1MM 10yr Term through HIG. Vice versa for my spouse, except her initial Whole life is half @$250k. I also carry a $100k for her on my policy and $15k for my son. She does the same for me on her policies.
Needless to say, my son and wife will be taken care of in the event of any bucket kicking.
We both make rather decent salaries so I wanted to make sure their level of living is level if one of should go prematurely. Not to mention setting up trusts for my son so he won't have to worry about college expenses in the future.
Life insurance you say? Hmmm, yeah, I should probably get on that. I think I just have a 2x salary policy from my work...
none here.. my fiance has something, not sure what.. her grandma got it for all the grand-kids when they were younger
1x my salary from work. i could do 3x for 2.40 a month extra ...will switch if me and my girl ever buy a house together
Have you looked into disability insurance? Incase you get hurt and can't work? I used to have one that covered me for 10x salary for a permanent disability and I think it paid bills incase of a short term disability
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