{ "media_type": "text", "post_content": "24M with a young kid. Would anyone recommend buying life insurance? Any thoughts/opinions?", "post_id": "5f0a8f711c790800216f77ce", "reply_count": 30, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

24M with a young kid. Would anyone recommend buying life insurance? Any thoughts/opinions?

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I took out a $1M policy when my friends husband died at 30 unexpectedly. It was eye opening in a very tragic way to watch her left behind with so many things to handle and care for alone. I have two small kids and the coverage through work just wasn’t enough to make me feel properly covered for a lifetime of missed earnings. I pay $66 a month on a 30 year term policy and it gives me good piece of mind on top of my coverage at work. I’m told the AICPA offers a good discount on term policies. The last thing a family needs to fear for when dealing with death is financial stress. My husband and I also got a will and a living trust in place on the chance we were to both pass away. I feel better knowing I’ve done all I can to ease the process should it happen with minor children.

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The provider is Penn Mutal. I was in their top tier health rating and 33 when I took the policy out.

I'm on 500K policy for 20 year term. This was done for the purposes of supporting my mom just in case. I don't have a family yet but I'm not going to change this policy. By the time I'm 40, I'm expecting my net worth to be over 500K so this + 500K + should be sufficient to support a my family. By the age of 50, this policy would go away entirely, but I would be a millionaire by then, approaching 2 million at least. I'm saving at least 40K a year and expect to be able to save this minimum.

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With 24 million saved, you don’t necessarily need life insurance assuming your debts are paid off

likefunny

Very funny lol

Yesss do it. At your age, it’s very affordable. However if you’re at KPMG, they provide 50k free of charge. While your job isn’t a high risk, you would hate leaving here and they have nothing. It’s a safety precaution that may cost you $100/year. Also make a will. It sucks but with COVID and the basic risks of life, you should have these in place for your child.

likesmart

I also used for estate planning as well as for 2 real estate transactions. Definitely worth the cost of the premiums in years when you know you’ll need some legal work

I would definitely get term life insurance - I think that’s a solid move for most parents, assuming they’re not too cash strapped or course

likehelpful

Only do term, not whole (unless you have a fortune and have exhausted all other options to pass on inheritance). There are a few great threads on the broader bowl about term life insurance - would recommend reading through!

likehelpful

You owe it to your kids to get it

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Get some term insurance for at lease a couple million in coverage. It will cost pennies at your age. You are irreplaceable in your child’s life, but at least your child would be financially covered in the event you aren’t there.

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Assuming you already get it through work, no. Only an insurance salesperson would want you to have more insurance.

My brothers sells it. Dm?

Np

Which sites or firms offer the best rates?

Get the insurance

The first thing you should do when you have a kid is get life insurance. Don't rely on work insurance.

I pay about $100 a month for 20 year $2m term

Buying my whole life policies through NW mutual was one of the best decisions I every made. At your age, I would do whole life. Not term. Build it as an investment.

Lol - hate to break it to you but the only people who benefit from whole life are the brokers and policy writers, it’s barely more than a scam at best. Do you work at NWM?

likefunny

Absolutely. Buy as much term life insurance now as you can afford, but minimally $1m.

You have a family to protect. Get term life insurance. Dont get whole life, it's a scam.

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