Let's talk life insurance

Mt wife and I are 47 and we just up our $500K policies we have had for years to $3M each for around $7K/yr combined total. I thought $7K/yr was pretty reasonable. We just finished up a family business buy-out so the time to up it was right. This is a 15 year term thru Banner William that has a conversion policy.
 
Digging this up from old.

Is life insurance even needed if you have no debt and kids are doing fine? Is there a terminal illness insurance out there?
 
Terminal Illness can be added as a Rider to an existing policy, some already have that feature.
If the house is paid off, there is no debt and the kids are good...there is no benefit to insurance IMHO

Final expense insurance is nice, if you don't have your exit plan already hashed out and paid for.
I'm not a believer of dumping your final expenses on loved ones.
 
My oldest just had this talk with me a couple weeks ago about life insurance, business' and my property when I burn in some day.

Since I fly a lot, I have a additional rider to cover me as long as I do not enter Trumps airspace and get shot down by a F22.

Got it back in my 30's when it was cheap and pretty much still is since I have been paying for so long.

She was pleasantly surprised I have things pretty much laid out on paper.
 
i am 100% income maker, my wife has a $250k policy on her as i have a special needs son at 31 living with us and if my wife passed i would need some outside help.
i have a $1 million term policy for me which probably ends in the next 5 years of so. house balance is less than the policy, no debts and the other 5 children are all able to carry on just fine without us. so, when term policy ends for both of us, we will not renew
 
RiverDave said:
On social media I am always seeing these videos that you can take a life insurance policy and get the benefits up front for investment purposes.. I have never really looked into it but I see the videos enough that there has to be something there.. anyone have any experience with that?

RD
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One of the worst investments out there- except for the agent pushing that crap. Term life insurance to replace your income for Stacy and the kids. By time your policy is up, house should be paid for with a nice nest egg with kids being out of the house- no reason to re-up after that.
 
Seeing these responses I want to add one thing, I am 58 yrs old and all kids are thru college and on their own. Only debt we have is a morgage at 2.6% interest. When I got our policy, I have a 9-month-old kid, the main point to purchase was for my wife and kids in case something happened. Honestly, now we wouldn't need it, we are pretty good, but still going to ride it out for the next 70 years. As well, if I went away, she would sell buggy, moho, tralier, MC and have a little cash from that as well, she will be fine ;)
 
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Cookie said:
Seeing these responses I want to add one thing, I am 58 yrs old and all kids are thru college and on their own. Only debt we have is a morgage at 2.6% interest. When I got our policy, I have a 9-month-old kid, the main point to purchase was for my wife and kids in case something happened. Honestly, now we wouldn't need it, we are pretty good, but still going to ride it out for the next 70 years. As well, if I went away, she would sell buggy, moho, tralier, MC and have a little cash from that as well, she will be fine ;)
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My exact thoughts, if you are in a position of zero debt and assets that can be liquidated is there a need for an insurance policy? My opinion is no.

the bigger concern in my mind would be healthcare if you needed to go into a home and not be a burden on the family to wipe your ass for you.
 
Wife and I are are 47 yo. I have had many more health problems than her. We just cashed out our Lincoln Whole Life Policies that had $500K coverage (had for 15 years) and went to Banner 15 year term $3M each. We were paying around $4.5K/yr combined, we now pay around $7K/yr combined.
 
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