It will probably cost what an extra $30/month and people are arguing over whether its worth it?

Waste of money. Take those payments and invest them. You’ll actually have the money in case of emergency and it won’t disappear when you get older into the pocket of the insurance company.

Maybe do $500k 20 year policy and $500k 10 year policy

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would suggest adding a second policy for 30 years for 1M. 15 years is not enough.

My thoughts are that we would be able to self insure in 15 years

Don’t assume. Add $1m for 30 year min. Will you plan to have more kids? We have insurance until our kids are like 28 and 26 to get them through school.

Good lord. By the time I was 26 I was making around to $200k at a law firm and even more by 28. Unless there are special needs this is a waste. Let me guess, you sell insurance?

Let me guess, you are a nepo baby? Or White privileged person? Around the world, 26 years old are not making 200K.

Anonymous wrote:

Anonymous wrote:We were in your shoes 25 years ago. If you don't want your spouse and child(ren's) life to turn upside-down/have to change if you pass, you need enough insurance to cover the full mortgage until it's paid off, and college for all children.

DP here. We were also in the same shoes 30 yrs ago.

My DH and I actually got multiple term life policies for different time periods (5, 10, 15, 20, 25 yrs) and basically DH calculated for several million dollars. He wanted the following - full mortgage for the house, college for the kids, money for medical school/grad school for both of them, medical insurance and disability coverage for family if needed, new cars for both kids when they go to college, their big fat weddings, my retirement so that I never have to work in life (I am a SAHM), and to sustain our current UMC lifestyle which included cleaning ladies, tutors, current standard of living, travel abroad etc.

He also calculated when he would need to drop these insurances as we built our equity, savings, years in service, pension earned and insurance from work, when some costs would end etc. The only thing that we did not include in our calculations was social security, medicare, medicaid and inheritance.

Because these were term life policies, they were very affordable. And it provided a HUGE sense of security in the vulnerable years of having young kids and a SAHM at home.

Over the years, these policies ended. Now we only have some long term disability, life insurance and other minor policies left. Kids are out of college, working, married, forever home only a couple years from being paid off at a low mortgage rate, pension and investments on track, still some years left to retire etc.

My advice is always be super well-insured and have coverage. Having a small baby at home is an extremely vulnerable time, but even until the kids are properly settled in life (college, post-undergrad professional/grad school, several years of work, marriage), you still need to be providing support if possible. Having term life insurance allows you to be able to afford really great coverage and peace of mind.

Oh, I did not read other posts before posting.

If my DH would have passed away, I would have become an extremely rich widow. But, he would often lament that knowing my character, I would forever be wrapped in grief of losing him and not enjoy the huge amount of money he would be leaving behind from the policies.

My DH always wanted me to be very well looked after, and he wanted our children to be extremely well looked after too - after he was gone. I cannot imagine how other spouses live in a marriage or become parents together - when they are so vindictive and worry that protecting their family by having a great insurance coverage is funding a merry widow lifestyle for their spouse? Yuck! If you think that your spouse and children will have the capacity to be very happy after your death then there is some serious dysfunction in your family.

My dad, my granddad - all of them are still looking after us, after their death. This is called creating generational wealth and making sure that your descendents are extremely well looked after.

Anonymous wrote:We were in your shoes 25 years ago. If you don't want your spouse and child(ren's) life to turn upside-down/have to change if you pass, you need enough insurance to cover the full mortgage until it's paid off, and college for all children.

DP here. We were also in the same shoes 30 yrs ago.

My DH and I actually got multiple term life policies for different time periods (5, 10, 15, 20, 25 yrs) and basically DH calculated for several million dollars. He wanted the following - full mortgage for the house, college for the kids, money for medical school/grad school for both of them, medical insurance and disability coverage for family if needed, new cars for both kids when they go to college, their big fat weddings, my retirement so that I never have to work in life (I am a SAHM), and to sustain our current UMC lifestyle which included cleaning ladies, tutors, current standard of living, travel abroad etc.

He also calculated when he would need to drop these insurances as we built our equity, savings, years in service, pension earned and insurance from work, when some costs would end etc. The only thing that we did not include in our calculations was social security, medicare, medicaid and inheritance.

Because these were term life policies, they were very affordable. And it provided a HUGE sense of security in the vulnerable years of having young kids and a SAHM at home.

Over the years, these policies ended. Now we only have some long term disability, life insurance and other minor policies left. Kids are out of college, working, married, forever home only a couple years from being paid off at a low mortgage rate, pension and investments on track, still some years left to retire etc.

My advice is always be super well-insured and have coverage. Having a small baby at home is an extremely vulnerable time, but even until the kids are properly settled in life (college, post-undergrad professional/grad school, several years of work, marriage), you still need to be providing support if possible. Having term life insurance allows you to be able to afford really great coverage and peace of mind.

Anonymous wrote:Okay so anybody who makes $200k at age 26 should not ever need life insurance. Got it!!! Please tell us more since you are a genius and so rich.

I think they were saying they didn't need to rely on daddy's 3 million dollar life insurance when they were 26 freaking years old.

Okay so anybody who makes $200k at age 26 should not ever need life insurance. Got it!!! Please tell us more since you are a genius and so rich.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would suggest adding a second policy for 30 years for 1M. 15 years is not enough.

My thoughts are that we would be able to self insure in 15 years

Don’t assume. Add $1m for 30 year min. Will you plan to have more kids? We have insurance until our kids are like 28 and 26 to get them through school.

Good lord. By the time I was 26 I was making around to $200k at a law firm and even more by 28. Unless there are special needs this is a waste. Let me guess, you sell insurance?

Anonymous wrote:

Anonymous wrote:I would suggest adding a second policy for 30 years for 1M. 15 years is not enough.

My thoughts are that we would be able to self insure in 15 years

Don’t assume. Add $1m for 30 year min. Will you plan to have more kids? We have insurance until our kids are like 28 and 26 to get them through school.

Unless you have a massive mortgage - like over $2 million - I would not do this. Your family will be in great financial shape even if you died tomorrow and your assets will continue to grow.

Anonymous wrote:

Anonymous wrote:She would have over 1mil if you die, so she would be more than fine.

She will also likely find another partner after you're gone. Sounds harsh, but it's true.

I guess the question is, do you want her to be fine. Or do you want her to be a multi millionaire due to your death.

Your bitterness toward women is showing. I know two widows and having financial stability due to life insurance made all the difference in raising their children to be happy and healthy adults. The last thing on their minds was getting remarried.

Must be tough to raise a kid on less than 2.5 million. She might actually have to get a part time job eventually