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Life Insurance


chrys7
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I don't think its morbid, never hurts to take every precaution to make sure that, in the event the grim reaper arrives, that your family is left on solid ground and financial sound. I am only 25 and just engaged and I have been considering the same thing. I would call around to some of the more respected companies and explore your options such as the Hartford, MetLife, State Farm, etc. Just make sure its a policy tailored for you.

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Term-Life Insurance. Read Me! And Me!

 

its the cheapest, and no complicated "interest savings" attached to it. just simple life insurance. you could also look into Accidental Death & Dismemberment insurance as well but not as necessary since term-life covers accidents.

 

my company provides term-life, and AD&D. if i die of natural causes, my beneficiaries just get the life insurance portion, if i die in an accident, they get both, and if i die in an accident while at work or travelling to/from work, they double both.

Edited by 2010TexasEdition
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my company provides term-life, and AD&D. if i die of natural causes, my beneficiaries just get the life insurance portion, if i die in an accident, they get both, and if i die in an accident while at work or travelling to/from work, they double both.

 

Dang, that's a pretty healthy employer sponsored policy.

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Dang, that's a pretty healthy employer sponsored policy.

 

yep we're really glad they do that! they cover 2.5 times my salary on the term, 2 times on the AD&D. i've been thinking of upping it to 5 times my salary after we close on our house so it'll cover the mortgage and leave a lot extra for years to come.

 

we also get our PPO, dental, and vision plan free through my wife's employer :willy:

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Stick with term life insurance and shop around. Give a lot of thought to how much. $100,000 doesn't really go that far, etc. Your needs will change. Example: you take a 20 year term. At 60, your kids are (likely/hopefully) out on their own, you don't need as big of a house, what you do have might be paid off, etc. and you won't need as much then.

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Like the rest, I got mine early...because it fit my needs.

 

Others have provided good info, but that works for them and that may not fit your needs. Contact some respectable companies and get all your options, there are too many factors on what would work best for your family. Term works better for some, some prefer whole life...and some don't feel they need any. It's up to YOU.

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How much life insurance depends on a lot of situations and how you want to respond to them.

 

Payoff the house

Payoff the car(s)

Send kids (how many) to college (state or private, and how many years away)

Provide a retirement fund for your wife

 

or

 

Just replace your income (and future raises) let the wife remarry and they can worry about the rest

 

Term is very inexpensive when you are younger and increases in price as you age.

 

Whole life is more expensive now and the premium remains the same and it creates dividends that can buy more insurance or possibly reduce the premium later.

 

Universal Life is term with an investment part that is usually priced between the two.

 

 

With how much, a good place to start is 10-15 times your income. If you want to cover more you need more insurance, if you want to cover your income for 10 years only you need less.

 

Insurance agents work on commission so factor that in to their offers. Also they may ask what do you want to spend on life insurance for your self each month (like a car dealer) If they do this after you both deciding how much you coverage you need, he is trying to find out how much you can afford to cover. Does it have to be all term or can if be some whole or universal also.

 

Asks lots of questions. Prices do vary. But price is not the only thing to consider.

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While life insurance is certainly a good idea you should also consider disability insurance. At your age you are more likely to become disabled (in general) than to die. Disability insurance should not be over looked. It's not morbid at all. Taking this into consideration is the responsible thing to do.

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While life insurance is certainly a good idea you should also consider disability insurance. At your age you are more likely to become disabled (in general) than to die. Disability insurance should not be over looked. It's not morbid at all. Taking this into consideration is the responsible thing to do.

 

40 may not be old enough for it, especially if you work at a high risk job, but getting it before your 65 would be smart!

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