life insurance?

[saddlebum]

looking to buy some life insurance, not too much ,just enough that my wife could pay off the house and maybe buy her boyfriend a new truck.

how much do you guy's have? who do you buy it from? whole or term?
thanks

 

[dru]

well if you're looking to pay off house + buy truck that sounds like a fairly straightforward calculation. I have enough at this point to pay off house + wife's student loan + final expenses + baby's college fund + give her some to live off of for a bit while she adjusts to life. Definitely get term. A lot of insurance agents will sell you on the "benefits" of whole life insurance but you can do a lot better for yourself if you take the difference between what you would have spent on whole, and what you are spending on term, and invest it. The return will be way better than what you get with whole, and you will be building in some inflation protection which whole doesn't provide.

I have most of my life insurance through work plus a little extra term through Knights of Columbus. Look first for a reputable company then find the most cost effective one. You don't want a shady ins company jacking your loved ones around. As a starting point maybe places like USAA (if you're eligible), Geico, Progressive. Although I have state farm for homeowners and car, I think their life insurance policies might be a tad pricey......come to think of it I think their homeowners and car might be pricey as well but they give good service. YMMV

 

[inactive]

Term is the way to go. Life is generally a poor investment device, and the premiums too high to make it a reasonable insurance product (compared to term). The exception is for those with high incomes, whole life insurance may provide a tax advantage. I have a bit of term through my employer, though that can be unstable as the term is effectively annual (the rates, coverages may change each year as you enroll during your open enrollment period). I have the bulk through my general insurance agent in a 20 year term, combined with my home/auto/umbrella. You can find it cheaper if you shop around, online or through an independent, but the convenience factor and 1 payment for all policies urged me to pay a nominal amount more to keep them "bundled."

Total, I have about 10 times my income. It would roughly pay for our student loans (our only debts), college for each of my two children, and then have about that same amount left over. YMMV.

...maybe buy her boyfriend a new truck.

That made me LAWL.