Posted: 1/26/2016 12:57:46 PM EDT
[#4]
Quote History Quoted: Need to know more about your life. As for term vs whole, at your age, unless you have substantial income, I would say go with term.
As for how much, do you have a family? Do you have debt? Do you own a home and if so how much equity do you have? My father in law sells insurance, his advice to me was buy as much as I can reasonably afford. I have a wife and 5 kids, a house with very little equity, and an average debt level. I want my wife to focus on raising our kids if something should happen to me, and not feel pressured to find someone to provide for them or shove the kids in our shitty public schools while she scrapes a living. I carry $1.75mil on myself. That should keep a roof over their heads, food on the table, and get the kids well on their way through college.
My dad died with a mountain of debt and a shitty term life policy that left my 60 year old mom with a mortgage and no cushion.
If you don't have a family, I recommend you carry enough term to pay off your debts and cover funeral expenses so that your heirs(parents, siblings) don't have to foot the bill or deal with your creditors should you pass at a young age. They won't be responsible for your debts, but the creditors are damn sure going to make them feel like they are. View Quote View All Quotes View All Quotes Quote History Quoted:Quoted:
I feel that I should be getting life insurance. I have a couple of health issues (high blood pressure, lung problems from military service) and there is really no back up plan if something were to happen to me. I can go through USAA to get insurance, but most companies are offering whole life insurance and term life insurance. From what I have read, in my case (27 y/o) term life insurance would be my best bet.
Can anyone provide me with information so I don't end up playing for something I don't need.
Thanks,
Douglas
Need to know more about your life. As for term vs whole, at your age, unless you have substantial income, I would say go with term. As for how much, do you have a family? Do you have debt? Do you own a home and if so how much equity do you have? My father in law sells insurance, his advice to me was buy as much as I can reasonably afford. I have a wife and 5 kids, a house with very little equity, and an average debt level. I want my wife to focus on raising our kids if something should happen to me, and not feel pressured to find someone to provide for them or shove the kids in our shitty public schools while she scrapes a living. I carry $1.75mil on myself. That should keep a roof over their heads, food on the table, and get the kids well on their way through college. My dad died with a mountain of debt and a shitty term life policy that left my 60 year old mom with a mortgage and no cushion. If you don't have a family, I recommend you carry enough term to pay off your debts and cover funeral expenses so that your heirs(parents, siblings) don't have to foot the bill or deal with your creditors should you pass at a young age. They won't be responsible for your debts, but the creditors are damn sure going to make them feel like they are. As for my info, I am 27, married, with no children. We plan on kids sometime this year or the next. I am a junior in college and will be graduating next spring with the full intention to move back to Texas. (Where I was stationed during my service). Debt wise, our combined debt is roughly 60k, which includes vehicles, school loans, and the small (sub $500) credit card I have. We are renters so we have no home equity. The plan once children are in the mix is that my wife will be a stay at home mom if we can afford it. My field of work school allow a good salary, but I am smart enough to not bank on that happening originated off the bat. Currently, I work for the univeristy I attend, but being a student employee I do not qualify for benefits (thanks Obama (referring to max 32 hour work week))
Any other information that will be helpful just ask!
Thanks,
Douglas
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