Need advice on life insurance

[SMKR]

Wife has been bugging me to get more life insurance than the employer offers, looking for advice on this topic. Male, 37, married, 4 kids, mortgage, dog, etc. What type of life insurance should I look into? Where do I start when looking for the proper life insurance? Thanks

[Jewrrick]

IB4 "She's going to kill you"

[GhostTX]

Term

Amount it up to you, but I got enough to pay off the house, put the kids through college and keep the wife from working for a few years. The work's life insurance is bonus.

[fordracing19]

I just went with a policy from Select Quote. We are doing return of premium. I know it isn't the best option for most people but I'm not paying the premium and will get the premiums back after 30 years. We got $250k on me and $100k on her.

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[Sgt Beavis]

I recommend Term Insurance. It insures you to a specific age (say 65 or 70) and then quits. It is typically cheaper than other life insurance because it has no investment mechanism.

I've got $500K on my wife through USAA for $25 a month. The policies on me are older, paying out 1Million.. cost me $90 a month I think. I bought that a long time ago so prices are probably different.

Other insurance types usually have an investment vehicle with them that pays out upon retirement or when you reach 100 years of age. I don't think there is any life insurance that goes beyond 100 years. The problem with these is that they are typically more expensive than term insurance and the rate of return is pretty small. In many cases the rate of return is lower than the rate of inflation.

[slow99]

Wife has been bugging me to get more life insurance than the employer offers, looking for advice on this topic. Male, 37, married, 4 kids, mortgage, dog, etc. What type of life insurance should I look into? Where do I start when looking for the proper life insurance? Thanks

Can you pay extra to increase the coverage that your work provides? That's what I do, few dollars a pay period.

[Chili]

I recommend Term Insurance. It insures you to a specific age (say 65 or 70) and then quits. It is typically cheaper than other life insurance because it has no investment mechanism...

Same advice given to me by a good friend that sold insurance products for quite a few years. He always suggested you get term life, take the difference between the term and whole life costs, invest that separately and you will likely do much better in the long run.

Can you pay extra to increase the coverage that your work provides? That's what I do, few dollars a pay period.

That's what I do as well. We can buy up to $500k. I also have the max on Lea and the kids ($200k is the max on her, $10k is the max on kids). The best part is no medical screening and acceptance is guaranteed.

[Ruffdaddy]

Term isnt bad if you want low rates.

I have a 10 year, 500K term policy for $14/mo. I will go much longer on the second or third term update. I also have $200K through my employer.

Im 29, and i dont remember the exact term, but basically in the lowest risk bracket with respect to health and fitness. I have a friend who is overweight and yses tobacco who pays $90/mo. Also, they will probably do blood tests before issuing coverage.

[IHaveAMustang]

I pay like $4.80 a month for 2x my salary plus $50,000 lump sum on top. It's through work and they go prudential. More than enough to pay off the house and keep her sitting pretty for a year or two. Wife has a graphic design degree so she could find work pretty easily.

[Gaber]

I'm worth more dead than alive. Term here. Had whole for a long time, built some cash value to it. Whole is definitely more expensive than term.

[juiceweezl]

Term

Amount it up to you, but I got enough to pay off the house, put the kids through college and keep the wife from working for a few years. The work's life insurance is bonus.

/Thread

My wife and I had a few VUL of varying amounts, nothing over $100K each until our second son was born. We basically had enough to pay off the house and leave money for college for the first. That's when we decided to just go term. We did a million dollar policy for 30 years in case we ended up with another child. That's enough to get the house paid for, school, and several years without working for one of us if it pays out. I have more through work and the VUL's are just paying themselves out now at a reduced rate (no money out of pocket again ever). I'm worth close to 1.5 and she's about 1.15. I hope we never have to use it though.