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Pretty sure work is giving me a bedsore...
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AICPA coverage is far cheaper than Company a sponsored. I pay 90 a month for 2.5M coverage and get a refund for half of it each spring when trust payouts are less than premiums. The number I came up with was based on having to have a full time nanny for 16 years, mortgage payoff, and college for 2 kids.
If I had kids, that would be a minimum and I'd agree. But that seems like a motive for murder. I should have added we are young.
Then it sounds like debts plus funeral costs is enough....i hope you don't have anything serious going on with your health. Good luck
Potentially yeah. Biopsy that's at some stage in the C progression with a family history that's against me. At my age, most likely just a few really rough years and a major lifestyle change but I don't want to be unprepared. Not upset about my situation at all. Just trying to fulfill my promise to take care of the wifey without making a really poor financial decision.
Assuming outstanding debts for sure includes mortgage - not much else? Insurance payouts aren't meant to be windfalls but a security blanket for those you care for
If u think ur wife will kill you for insurance you married the wrong girl. U have bigger things to worry about than life insurance.
If you want to neutralize the situation you can take out an equal life insurance policy on her.
I don't think she would but no reason to tempt her. She has life insurance through her company but that's more than enough. Not worried about me. Waiting on a diagnosis and figuring insurance will be a lot more expensive if I get the wrong one.
God bless you. I will keep you in my prayers
MA 1, definitely came off hot because it's personal to me but you should seriously consider these things. You don't need to stress about them but I see so many people wait until 50, 60, 70, 80 (new client) to start planning for succession, old age, sickness. They forget that the planning is for worst case.
Thanks everyone for the support.
I went with 250k on me and 250k on wife- would be enough to pay off mortgage with a cushion plus work life insurance for a nice vacation and party if I die, then hopefully she buys some nicer clothes and finds a doctor to take care of her. If we both die - each policy goes to our parents to cover funeral expenses and wrap up financial matters. No other major debt besides mortgage and no kids yet at this point. Once we have kids - life insurance will be increased.
We're watching elderly parents deal with end of life issues and changing our policies to include nursing home care so that the things of value we want to leave to our kids actually get to them. If I didn't have kids policy would be enough to pay off mortgage on house and rental property. With kids it's bumped up quite a bit. I did that when they were younger, but kept it where it is even though they're in college.
OP, peace and strength to you for whatever is coming down the pike. I hope it's nothing.
How about single no kids; how much should I save for nursing home and medical care huh?
Exactly. She's gainfully employed so I'm thinking 100K since it's almost the same cost as 25K just to cover funeral and miscellaneous that could come up during that process. She'd get the extra 75K just because the premium difference is $2 a month.
Moss Adams 1, nothing. If you're making fun, then get outta here because I'm serious and need to plan.
I think the Rule of thumb is 10x annual salary
Thanks. That's what I'm thinking. I was just seeing if there were any good arguments for additional coverage.
All current debts + mortgage debt + cushion for her to live the same lifestyle without your salary. In sum, probably more than you think you need. I have 6x my salary right now with no kids.