Hi All,
I currently have 2 insurance policies: $750K policy thru my employer (premium $20 taken out from my paycheck monthly) and a $250K 30 year term LI policy which I purchased approximately 10 years ago from my then financial advisor thru Genworth (formerly GE) for which I pay $320 annually.
I've been told by numerous people that I should increase my term LI, and to avoid over reliance on my company sponsored plan.
I am in my late thirties, married with 2 gradeschool aged girls (7 and 9). My wife is a sole proprietor and I have the stable job and am the primary breadwinner.
Our major debts include:
Mortgage $600k
Her student debt $180K (!)
My student debt $70K
Car 6K
HELOC 10K
Assets
We have about $200 K in equity on our home (for now)
My 401 K $215K via vanguard
Her IRA $15K
My IRA 10K
Emergency Fund - 2 months, working on this
Brokerage account. - $35K
Her business savings - $15K
I have LTD coverage thru my work
I am in relatively good health
Questions:
1) given my debts and the fact that my kids will one day go to college/grad school, how much do you think I should have total in life insurance? I was thinking about purchasing either $500-$750K in term LI and canceling my $250K policy
2) since I'm in my late 30s, how long should the term be for? My girls should be done with college in my late 50s. However, I'm not sure how much we'd be able to help them (there's probably going to be a time when we all are paying our student loans).
3) last, has anyone recently purchased LI? Any recs? Websites?
Thanks in advance.
Shopping around for Term Life Insurance
Re: Shopping around for Term Life Insurance
term4sale.com
it will give you an idea what you might qualify for
they have an independent agent get you a policy at one of those best rates
it will give you an idea what you might qualify for
they have an independent agent get you a policy at one of those best rates
Re: Shopping around for Term Life Insurance
I agree with using something like term4sale. Very easy to do apples to apples with term life.