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SAP Readiness Check available in pilot phase provides a comprehensive overview of specific parameters throughout various topics:
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https://blogs.sap.com/2022/06/30/sap-readiness-check-for-sap-successfactors-solutions-now-in-pilot-phase/
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TERM!!! Get a term 20yr policy. Whatever return you might get from a whole life policy will be less than just taking the premium difference and investing it in VOO. The expenses on a life insurance policy are 100x the expenses on an index fund ETF.
Coach
+1 Term until both of them are through college.
In reality, it also depends on how fast you accumulate wealth and any free insurance you may have through work.
You may need less time. In a few years as a partner you will have accumulated enough funds to self insure via stocks. I went up to 55 when my kids were young, similar insurance amounts.
But around 50, the insurance became somewhat irrelevant/redundant compared to overall wealth. Don’t forget to max out 529s.
In most cases self insurance is cheaper if you can do it. Unless your risk profile is higher than average. Any insurance takes a cut one way or the other.
TERM - don’t fall for any other nonsense.
TERM. I will go till age 55. Post that it won’t matter.
Term until the age (conservative age) when you expect to reach sufficient NW to sustain your family in your absence.
Almost identical age / family situation. I got a 20 year, $3M term policy for ~$60 / month. Worth the peace of mind.
P5: I was 37/38 when I got the policy. Happy to DM if helpful
Thanks all. Seems like there’s consensus.
I’m a recent Partner, only <$1M accumulated NW and - this is a little irrational - the recent DCA plane crash (I fly a fair bit, and into that particular airport) reminded me about topping up the standard life insurance I get from my firm.
Asl vibes lol
Term is the right answer until your net worth reaches the federal estate transfer limit so over 10M.
So much hate for insurance here. If you haven’t already, at least look at a IUL product. Will provide the death benefit you want but also creates a tax-exempt income stream when you retire borrowing against the cash balance. This can have a massive impact to your cash flow on retirement, you can also cash out early if you want to pay taxes on the growth, so there is little downside and a bunch of benefits. I look at this, deferred income, pension, real estate, and personal investments + 401k as a solid retirement strategy, especially when I can use the deferred income in the first 10 years to delay drawing on 401k and life insurance for that period. Term is fine, but it is disposable and a sunk cost if not needed. IUL at least puts that towards your future assuming the worst doesn’t happen.
Any recommendation of providers?