Should wife and I increase life insurance? Thru employer or private insurer?
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Anonymous
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Wife and I are both 40, non-smokers. My HHI is $200K; hers is $160K. Back when we had only one daughter, I had about 1M life insurance thru employer (federal gov); she had about $1M via private insurer. Now we have three daughters, and are considering raising coverage. Besides a mortgage of $650K, we have no other debt. But we do plan to send our kids to private for middle and high school (about 15-20K per kid per year)
Should something happen to any of us, the surviving spouse would probably move close to family, where job opportunities are less available, and pay is less even after adjusting for cost of living (and would probably not work full time or at least not long hours). So, how much should we raise it? And should we (should I) get the additional amount from my employer or thru a private insurance? Thanks. |
Anonymous
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Our HHI is around $250k with two kids under five. Our employer plans together are only about $750k, so we recently just purchased additional coverage through a private insurer and add private disability coverage also. We have $1M on me (plus my employer coverage of $300k) and $2M on him (plus his employer coverage of 450k).
We have about 550k of real estate debt (two homes) with about 700k equity between the two homes. We wanted the piece of mind of knowing all home debt was taken care of plus ample education funds for the two kids. |
Anonymous
| What are your savings like? |
Anonymous
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We have really similar #s.
We have insurance through a private insurance so that it is portable if we change jobs and we do not get to ta point that we have a medical event and can not get life insurance. We have term insurance b/c we have a decent retirement savings. When we did the math, we each took out 1.5M term. This amount for us would ensure that school is taken care of for 3 children (MS/HS and college) the mortgage is paid off and the spouse can take as much time off as needed including having the option of leaving the workplace. We did the math and given 200K college savings, 450K mortgage we decided 1.5M was what we needed. Depending on your current college savings and private plans (we are thinking Catholic Schools and have boys so Gonzaga is an option at 1/2 the price of StoneRidge or Visitation) you may need a little more. |
Anonymous
| What fed job pays 200k |
Anonymous
Nevermind disregard I read it wrong my bad |
Anonymous
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Not to derail but would like to ask about long term care insurance.
DH and I are late 40s. HHI $310K. 2 kids in school. 2 investment properties. excellent health but both sets of parents have history of cancer. |