With the recent passing of my fiancee’s mother…and her subsequent life insurance policy squabble (we are not involved in it thankfully), I’ve been thinking….
do I need to buy life insurance?
With a wife now in the picture, and the 105K or so I still owe my mother, I think it’s worth looking into to. If something were to happen to me, I need to make sure that my debt to my mother is paid, and my wife is taken care of.
So yeah, I think it’s time to look at a term life insurance policy.
how much life insurance do I need?
That’s an interesting question. I’m 26 now, were something to happen to me, my fiancee could take care of herself, she has a college degree, but I’d like her to have a nice cushion, plus I’m sure we will have kids in the next 10 years or so.
I think a million dollar policy is about right for our needs. That would insure my mother is taken care of, as well as my fiancee/future wife.
How much will it cost?
That’s what I’m getting quotes for right now. I’m getting quotes for both a million and 1.5 million dollar policies with a 30-year term.
What I’m really hoping is that in the next 5 years I’ll have enough saved up, that we’d have our own “insurance policy” called a huge savings account fund. But, since that’s not a guarantee, and I’m not the risk-taker I used to be, insurance it is.
From the free quotes I could get, a million dollar 30-year term policy is going to run me around $650/year or about $54/month. Not too bad. I’m in good health, not overweight, don’t smoke, and no major family heath issues.
How much life insurance do you have? (I’m going to look into disability insurance next)