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The Water Cooler
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Life Insurance and death requests
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<blockquote data-quote="OSU Bowhunter" data-source="post: 2535539" data-attributes="member: 10561"><p>My wife and I both carry term policies of $500k. Mine is a 30yr and $30/month and hers is a 20yr for ~$25/month. Set both policies up a few years back when we were ~25. If something happens to her I need to be able to cover child care expenses, she stays at home full time. The idea is by the time the policies expire, the kids will be grown and gone and the house will be paid for so in essence our expenses will be very minimal. I'll probably get a new policy before they expire anyways as it is a way to leave your family with a good chunk of money without taxes. And if something happens to me, she can pay off the house and invest the rest to provide income. As far as funeral wishes, I want to be cremated. No need to spend a bunch of money on a burial plot and casket.</p></blockquote><p></p>
[QUOTE="OSU Bowhunter, post: 2535539, member: 10561"] My wife and I both carry term policies of $500k. Mine is a 30yr and $30/month and hers is a 20yr for ~$25/month. Set both policies up a few years back when we were ~25. If something happens to her I need to be able to cover child care expenses, she stays at home full time. The idea is by the time the policies expire, the kids will be grown and gone and the house will be paid for so in essence our expenses will be very minimal. I'll probably get a new policy before they expire anyways as it is a way to leave your family with a good chunk of money without taxes. And if something happens to me, she can pay off the house and invest the rest to provide income. As far as funeral wishes, I want to be cremated. No need to spend a bunch of money on a burial plot and casket. [/QUOTE]
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