boknows wrote:I'm 31, wife is 31, have a 9mo child, and we're all healthy. I'm working full-time, and my wife is working 60%, but we have roughly the same earning potential these days (assuming her full-time salary).
Both of our employers offer the standard 2xSalary Employee Term Life Insurance, and 2xSalary Spouse Life Insurance. During the prime of our earning times, we're looking to get a supplemental life insurance to ensure that either of us would be ok in the event of one of us departing suddenly during our "accumulation phase" of saving.
My employer offers a Group Universal Life insurance, but honestly I have no idea how to evaluate whether or not it's good. I've read a few threads on BH about the various types and have heard it said that "there is no situation where a healthy individual should get GUL, and should opt for other choices." Is this a widely held belief? How do I protect our human capital?
Group Universal Life is roughly equivalent in cost to group pure term, and sometimes it is lower in cost. GULs offer a sidefund (within the policy) where you can pay extra to accumulate cash deferred savings. If you just go with the basic GUL coverage, you have in effect, bought term insurance. My employer paid all the premium for my basic GUL and I paid for extra coverage. Total cost was less than comparable individual term. So, check prices to determine what is best in your case.
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