Life insurance

[xenon]

What’s a responsible level to have?

I upped it a bit recently. I have a couple of term policies that’ll expire when I’m in my mid fifties.

I have enough to pay off the house, a couple of college tuitions and then enough for a modest, but comfortable living indefinitely off the proceeds of the remaining principle.

I’m guessing that’s enough, yes?

[George K]

Sounds about right. We cancelled our term policies when my retirement fund was enough to pay off debts, tuition for the kids and provide a (modest) lifestyle for Mrs. George, assuming she sold the house.

You're better off investing the premiums elsewhere.

We actually cancelled my term policy when I was about 50, iirc.

[jon-nyc]

I self-insure.

Sort of locked out of the market.

But you really need to just figure out what you want your wife’s life to be like if you die, and balance that against the cost. Does/can she work? Would she want to? Is there family money? (No need to answer just outlining considerations)

[Horace]

In other words, if your wife is hot enough, you don't really need to worry about it.

[Jolly]

@Horace said in Life insurance:

In other words, if your wife is hot enough, you don't really need to worry about it.

Weird way of putting it, but that's true...Up to a certain age...

[Jolly]

Life Insurance? Minimum 3x your yearly gross income.

[George K]

@Jolly said in Life insurance:

Life Insurance? Minimum 3x your yearly gross income.

For how long? Term or whole-life?

[Jolly]

@George-K said in Life insurance:

@Jolly said in Life insurance:

Life Insurance? Minimum 3x your yearly gross income.

For how long? Term or whole-life?

Until debt free and assets exist to allow the family to live life without worrying how the light bill gets paid. During my life, I've bought mostly term. Most of it will go away at 65, except for a small amount ( $50k) of bridge money.