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Any advice on getting a life insurance policy after I just had a new baby? Combined make about $4-500k/yr with my SO. Appreciate any perspectives on what/how much to get!

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Only to please get ASAP. Had a friend pass when child was a couple months old, and they hadn't got around to it yet. Made things even more difficult for the spouse.

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Second this, don’t wait

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What companies did you guys get your insurance from? Is it time for me to actually call back that rep from Northwestern Mutual?

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Both of you parents should probably get term life insurance. If you have a mortgage each get a policy for the outstanding amount of mortgage, plus a little more. Don't get anything more than 30 years. Don't get whole life. Life insurance, like other insurance, is a safety net. Most people will never use it, but if you need it, you need it badly. Don't go overboard with the amount (as in 9x your current annual salary, which is bs). Shop around (policy genius, health IQ) for quotes. Go with reputable issuer with the lowest premium.

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Laddered term policies - 15, 20-25 years, should be for both of you. May be a somewhat antiquated way of doing it, but lowest cost way that I’m aware of: 15 yrs - highest benefit amount (should set up for living expenses per current lifestyle, cover college and some buffer to factor inflation) 20 or 25 yrs - lower benefit amount (covers the other spouse, some coverage for kids cost college, etc. You can also do a 30 year term but that seems excessive to me. If you’ve made it past the 20, you’ll likely have enough put away to not need a term payout.

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At Accenture there is an option to “buy up” to 9x your salary - maybe you have something similar?

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Rule of thumb is 9x your income so there is enough to invest and replace your income should you pass early. Do it asap, I had a friend/co-worker who passed with young kids - no insurance.

I got mine through my car/home insurance provider (state farm). It's not the cheapest, but I know I'll be doing business with them for the rest of my life, and because I got it early it's locked in. Which works well, because about a year after my first kid (and 8mo after I got the policy) I had a major health issue that would make me uninsurable if I tried getting a new policy with a new employer

Seek out a life insurance broker, they will shop the best rate for you and they get paid a commission from the insurance company (not from you). Their rates are the same as if you went straight to the company. Also DO NOT buy supplemental insurance from your employer. If you lose your job you lose insurance. If you change jobs who is to say the new company will offer a similar benefit? Also most supplemental insurance through employers require evidence of insurability. If you change your job 10 years from now and are deemed a higher risk due to some new health issue your rate will skyrocket. Don't put all your eggs in one basket, do not be dependent on your company for life insurance. The rest of your life already depends on them 🙃

Following. What kind of small print do we need to look out for? I’m worried that I’ll pay these premiums, I die, and the insurer turns around and denies payment based on some technicality. Or the insurer is insolvent.

Going through a broker will help parse that out they will walk you through who is a good company vs ones to avoid. Companies have ratings regarding their stability. A company that's been around 100 years is better rated that some fintech startup trying to disrupt the life insurance market. I went with Pacific Life, my wife has Northwestern mutual NyLife is also well regarded. Then again everyone thought AIG was solid and look what happened in 2008.

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What multiple of income and what "income" did you guys use? Base salary or salary and bonus? What multiple? If I do salary and bonus (leaving out equity comp) and then multiply by 9X or 10-12X like Dave Ramsey says, the number is pretty big and monthly payments are pretty high. And this is not meant to be a weird flex, really know nothing and several people I know have asked me about it.

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