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 We just purchased a 200K piece of property. My husband is 67 yrs. old & we need either mortgage insurance or t |
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tjacbp | My husband and I are thinking of purchasing additional life insurance? |
We are meeting with an agent this afternoon to see rates. Now, before we meet with him, I was wondering what is considered the right amount? I know you can purchase much more than what is necessary and we don't want to waste our money that way.
Through work we receive 1.5 times our salary, at no charge to us. We then purchased another 1.5 times our salary for each of us for an extra one dollar and something a week. That would pay off our house if something happens to one of us. We both work full time and our only debt is our house. My husband is 32 and I am 31. We have two kids and plan to have one more.
How much life insurance is recommended from someone who is not trying to sell it to us? |
 |
 
Chris C
 |
Typically about $500,000 is needed to take care of 2 young kids and getting them through school and such based on my experience ($250K per kid roughly for child care and education at a decent school, plus all the funeral costs and stuff), but thtat all depends on other assets and stuff. Again, just a rough estimate on my experiences.
IF your additional coverage was bought through a gorup plan it was bought through the it falls under the group insruance catagory and you need to understand the differences. Individual term insurance is far better and can sometimes work out cheaper (most places give you the "it only costs a cup of coffee a week" schpiel). Here are a couple links showing you the difference (group insurances through your work are structured the same as mortgage and creditor insurances):
http://www.cbc.ca/marketplace/in_denial/
http://www.asset-aid.com/bank_vs.shtml
The person you are meeting with should be able to do a needs analysis where you can go through what the possible expenses might be and decide what you want to have enough money to cover. |
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hadley2120
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There are several methods you may want to use to determine how much life insurance may be right for you.
One method is 10-15 times your annual income. That way, you could invest that money and receive an income to replace your spouse's income.
Another option would be to use a life insurance needs calculator which you can find online.
Basically, you answer some questions about your finances, and the calculator will give you an accurate figure indicating how much life insurance you and your husband should carry to protect your family.
You may want to consider 20 or 30 year guaranteed level term life insurance to protect your children, and future child until they are out of college, or on their own. There is a life insurance coverage calculator available at my website.
Also, you may want to visit Lifehappens.org to learn more about life insurance, watch videos, and review their insurance guides to better understand your life insurance needs, and options available to you.
Best of luck to you and your family. |
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regerugged
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My rule of thumb is to buy enough life insurance to give your spouse the present value of your income from now until the day you pass away. If your current wages are $50,000 per year, $400,000 might be the right amount for you. Your net take home pay, after all taxes might be $32,000. The life insurance money, paid out and invested properly will give your family that amount of net income. |
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Dont_taze_me_bro
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You need 10 times your annual salary, if you dependents. If not, what you have is sufficient. |
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src50
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Employer-sponsored insurance is fine, but you are right to obtain your own (non-employer) insurance. With a house and two kids, you need a lot more coverage than 1.5 times your annual salary. At least $500K on each of you. Level term life insurance (20 or 30 year term) is the way to go.
Don't let the agent talk you into whole life policies (more lucrative for him, but a bad investment for you). |
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raji g
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check the website www.sbilifeinsurance. then go for insurance calulator and then find out the the amount of insurance u require |
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