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Crispy3

Crispy3

New member
I'm looking for some advice on insurance...
I'm currently 34 and is the only one bringing in income for my family (this is not going to change).. I have a 2 yr old and another on the way.

I have about a 1M mortgage.. and as crazy as it sounds.. I have no life insurance.
I know I should probably have both short term disability and life insurance. I just don't know what to buy...

I am thinking maybe 1.5M term life now and another 1.5M 5 years from now so it's staggered. Haven't done much shopping around but I'm expecting about 70 dollars a month for the 1.5M now.

Any advice/suggestions are appreciated.
 
I have various policies, have one for 500k for 33/month. My wife has 1.7m for 113/month. I think 70 may be too low but have not shopped around. We just keep old policies that were originally offered through our work.

With a 1m mortgage I would probably get at least 2m, if not 2.5-3m. My wife and I both are professionals. And if one died the other would still make good money. Sounds like your wife is/going to be a long term house wife and will have a hell of a time maintaining your current standard of living.
 
The rule of thumb for us was enough insurance to pay off the mortgage and a little cushion... but we both work.

For your situation, I would do as qwerty suggested... enough to cover your mortgage and then more than enough so that your wife can raise the kids unemployed.

We have term... there are interesting universal life plans around but if you can invest the different yourself, you may come out ahead.

We also have short term disability insurance.
 
I have LT 60% covered by work but there is a 90 day waiting period.. and I can get ST (through aflac from work) but premium is about $100 a month for about 50%

I can't afford universal.. for term life I know I can't go lower than 3M but just wondering if I should split and stagger or just get it in one shot.
 
been checking on this site..
http://www.term4sale.com/

if you're super healthy.. you can get a $2mil policy 20 year for around $70-80/month.. bought a $1mil poilcy 20 year about 3 years ago for $35/month... remember the main issue is cholesterol.. very strict on that to get the super preferred non-smoker... i had to go on a "healthy" diet for a few weeks before my blood work.
 
ps9 said:
been checking on this site..
http://www.term4sale.com/

if you're super healthy.. you can get a $2mil policy 20 year for around $70-80/month.. bought a $1mil poilcy 20 year about 3 years ago for $35/month... remember the main issue is cholesterol.. very strict on that to get the super preferred non-smoker... i had to go on a "healthy" diet for a few weeks before my blood work.
Click to expand...


I can help with that  :D
 
Thanks but I don't think I can keep up with your regimen.  Now if your willing to donate some Homer blood for lab work....:)
 
ps9 said:
been checking on this site..
http://www.term4sale.com/

if you're super healthy.. you can get a $2mil policy 20 year for around $70-80/month.. bought a $1mil poilcy 20 year about 3 years ago for $35/month... remember the main issue is cholesterol.. very strict on that to get the super preferred non-smoker... i had to go on a "healthy" diet for a few weeks before my blood work.
Click to expand...

Select Quote is quite good.  Last quote I got for $2 milllion was about $45 a month for a ten year term life.
 
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