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Life Insurance?

V

V00DOO

Diamond Member
My wife and I are in our early 30 with one kid. We are considering buying Life Insurance which each of us will pay $230 per month for the next 15 years with New York Life Insurance. Is this a good idea? Anyone has any knowledge of life insurance?
 
I buy term and invest the difference..

I pay $45 a month for $400k on me, $100k on my wife, & $20 on my son

I live by the rule...the older you get, the less debt you will have and the less insurance you will need.
By the time my term prices skyrocket. I should not need life insurance. My networth should be
more than enough to cover my family if I were to die.

my $.02
 
Originally posted by: JetsFanatic
I buy term and invest the difference..

I pay $45 a month for $400k on me, $100k on my wife, & $20 on my son

I live by the rule...the older you get, the less debt you will have and the less insurance you will need.
By the time my term prices skyrocket. I should not need life insurance. My networth should be
more than enough to cover my family if I were to die.

my $.02
Click to expand...

He is correct. This is the best way to go. IMO

 
Originally posted by: V00DOO
Wow, $45 a month for $400k. Mine is $230 per month for $250K.
Click to expand...

term
whole
or
universal?

age?
smoker?
overweight?
high stress job?
and a bunch of other things

They take all of these in to consideration
 
Originally posted by: V00DOO
Wow, $45 a month for $400k. Mine is $230 per month for $250K.
Click to expand...


You are buying a whole life policy which has a cash value. But you will be much better off buying term and investing the difference. Some agents will try their best to sell the whole life to cash in on their commision. Of course this is a personal decision. Do some research and decide which way is the best for you. Good luck
 
I just bought a $500K term and I pay $31 a month. I think it's guaranteed 30 years, or it could be 20. I'm 30yrs old, nonsmoker, average weight, 6'1" no family history of illnesses.
 
NY Life = $$$$$$

Look at return of premium term life. If you don't die during the term, you get everything you paid in back, tax free. It's a good deal.

We've been selling Cincinnati Life's return of premium term. Some of the lowest rates I've ever seen and I believe they are rated A++.
 
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