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Rick L | Life insurance is 750,000 enough for 3 kids ? |
is 750,000 enough to get three kids from age 1,3,5 through high school and college or do i need lots more |
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Chris C
|
It really depends what assets you currently have that will offset some of the need and what kind of living standard is expected. From my experiences, it ussually averages out to roughly $250,000 need for someone with no assets per child, so $750,000 should be enough based on that assumption.
You should contact a lisensed insruance broker and they can go through a needs analysis with you to find a more accurate amount suited to your personal situation. Most brokers services are free, so you might as well use them right? |
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Good♥Gyrl
 |
It seems like a lot and might do; however, no one here can answer that question and provide that type of advice without the benefit of knowing all of your individual data.
Life insurance depends on many things:
What do you want it to do for you? Cover a certain debt, put kids through college, pay off a mortgage? Etc ...
What type do you want?
What are your current debts/liabilities?
What assets do you have that could be used to self-insure?
Do you have a mortgage? If so, do you want all or some of it paid?
Does the spouse work? If so, will you incur additional child care costs in the event of your death? For how long? At how much, estimated?
Do you want that money to provide for college? For how long? Where ... in state or out? Public or private school?
See what I mean? It's best to talk to an agent who can prepare a comprehensive quote and plan for your situation.
Good luck. |
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The Curious Sir Jonathan
 |
i'd say it's okay.
Maybe not college, depending on where they go.
i'd say it'd help them, but probably not pay their entire tuition
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mbrcatz
 |
I think that's fine. Keep in mind, they'd also get social security survivor benefits, too. |
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SusieQ
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Depends on how well you want them to live. $750,000 will provide about $75,000/year for 15 years. |
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makg
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It depends on your expenses -- for example, how much of that would you need to pay the mortgage and other expenses between now and then? It also depends on what you have saved now -- do you have college savings plans already in place? Are you the primary breadwinner for the family?
One resource for doing this calculation is here: www.vilkri.com/lifeinsur_intro.php (which is in beta testing, so you can use it for free for now). That will give you some idea of how much life insurance you might need.
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Insurance Pickle.com
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If you make $30,000 a year it's more than enough, but if you make $500,000 per year (then it's not even close.
You can use the tool on my site to get quotes. IT requires no personal information to use and quotes ~150 different companies at carrier direct rates (the only way you can get them). Click on life and then term life quotes. |
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Tony Manero
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Insurance is a replacement for the salary your death deprives your family. So the amount of insurance depends on your salary. I would say aim for 3-5 times your salary. |
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Kay
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Provided that your wife does not work or have skills to work if something should happen to you, consider higher amount. Simple calculation as follows:
750K x say 5% interest = $37,500 per year = $3,125 per month. This is not enough so your family has to dip into the principal in order just to live. You know your current family expenditures. Any shortfall from this amount would come out of the 750K principal. You can figure out the rest. |
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Rory Borealis
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You generally need 10 times your annual salary in term life insurance. Never buy cash value life insurance but level premium term. Want more info, e mail me. I am not a life insurance guy but a retired estate planner |
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Tangela
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absolutly not. more like 3 million and up. we have a 1. 5 million policy for just 1 kid. they predict college alone will cost 250K per kid by the time your kids are that age. |
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