How much Life Insurance do you have?

[Mikey P]

I have a appointment tomorrow afternoon to see if my 1 million is really enough.

 

[Kevin B]

I got a million. In North Idaho, this is plenty for my wife. She would have to liquidate the business, but she would be debt free for quite a while.

 

[TimP]

500 k here. Plenty for us like I said a few hundred K left over....house paid vehicles paid all debts paid for in business. She could sell them and have probably another 50-60 k out of the business.

 

[XTREME1]

$5 million. I have to give a good reason to off me. There isn't much price difference between 2 mill and 5 mil

 

[Greenie]

Quickest way to build family wealth, people die all the time young and by accidents, a couple million dollar policies scattered among the family can potentially change a lot for future generations.

If you get them young enough, you can have a "key man" policy for your business, and a nice write off with a whole exit strategy if you bite it and leave your wife with the pieces, this was a good policy when I had my hi-rise window cleaning partnership, we had a half mill on each partner for the sole purpose of purchasing the others share and the family was free and clear, and the living partner had no complications with ownership and family drama.

you'll never miss the monthly payments.

 

[Ricky Thurman]

$450K for me. I'm too young to be very damn much in debt. That would pay off our house, all business debt., both cars, student loans, no credit card debt. Should leave the wife and baby with a good 200K left over before they liquidate the business.

200K aint too bad for a night's work in central Texas.

 

[danpauselius]

I clicked the 1 Million mark because there was no option for $500K - $999K. I recently upped mine to a half Million.

 

[Art Kelley]

My wife's face is her life insurance policy.

 

[vincent]

750k

 

[steve frasier]

I can tell you right now that your 1 million isn't enough

not unless you have other policies that pay off the house, etc

I would be concerned about disability insurance also since you are the only one working

 

[Craig Lindquist]

My corpse is currently valued at $500,000.00 if your name is Katey.

I sleep with one eye open.

 

[rhyde]

whats the point i wont be around to spend it :roll:


I'm at 500K i agree with Steve it's not really enough then again i have a deep fear of kicking the bucket an my wife sip'in margaritas with he 20year old boy toy in the Caribbean :shock:



what do you guys pay for your insurance i think ours is around 100 or so a month

 

[J Scott W]

I clicked the 1 Million mark because there was no option for $500K - $999K. I recently upped mine to a half Million.

Dan $500K = 1/2 million. So, if you recently boosted your insurance to 1/2 million, you could have checked the $500K box.

I have $300K. I checked $500K because that was the closest choice.

Scott Warrington

 

[The Magician]

Do you really think some salesmen is going to tell you that you have enough ins. LOL...He's going to up you to 2m. what you paying now?

 

[Jim Williams]

Next question. Whole life or term?

All the financial gurus seem to think whole life is crap.

BTW No life insurance here yet, but enough paid for assets to where the wife could sell them and put the money in a mutual fund, live off 4% a year, and never run out of money.

 

[Rex Tyus]

Next question. Whole life or term?

All the financial gurus seem to think whole life is crap.

There is no right or wrong answer. It depends on you situation and fiscal discipline. Talk to your accountant not your insurance agent or stock broker.

BTW No life insurance here yet, but enough paid for assets to where the wife could sell them and put the money in a mutual fund, live off 4% a year, and never run out of money.

Don't forget life insurance benefits are tax free. Capitol gains are not. Your wife would be the exception if she actually put the money from all assets in a mutual fund to live off of. When people are grieving a significant loss they don't always make the best choices.

 

[Out of Character - 0]

I have nobody to care about. Although I may get a mill to be buried with.

 

[The Magician]

Jim Williams: here's a big tip for you. check into Janus twenty mutual fund. You will be impressed by how much it is paying now and the last year.

 

[Jim Williams]

Thanks Jimmy, I'll check it out. Right now I'm with Vanguard, but wouldn't be that hard to switch.

 

[Numero Uno]

Can not post that much right now...

The missus asked me to warm up the wood chipper tonight...

Oh, there she is now carrying an axe up the stairs...

Must want to get a xmas tree ahead of the rush...

Fine women...Even when I mention wont the wood chipper wake the neighbors...

She said that no problem she bought them all tickets for the movie Beowulf, tonite...

Got to go,help the Missus...

 

[Kevin Hamer]

Next question. Whole life or term?

All the financial gurus seem to think whole life is crap.

My financial adviser told me whole life is good if you can contribute large amounts of money, if not really not very good.

20yr 800,000 term policy $400 a year. Have a 200,000 policy for my wife at $198 yr.