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This is a weird question with 0 context. In that light, buy a 30 year $50 million policy. I’ll DM you my details so you and I’d like to be the beneficiary.
More seriously, who’s the money for and what will they need it for? Do they have other means for income generation now or in the future?
Mentor
I would determine how much people rely on you financially for (house, college, debt, etc.)
Then determine how long you will have those obligations (for example if your child is 2, you will have college expenses in 16-20 years).
After that shop around. The AICPA LPT plan is great if you are a cpa.
Do you have people that are supported by your income? If yes, buy term, if no, don’t buy term. Don’t know anything about you so can’t say how many years or what it will cost
Yes i have a family to be supported. Dm you
If you have a family and do not currently have enough in savings to replace your income until your children (if you have them) are through school then yes, you should absolutely buy term insurance. If you are a member of AICPA you can buy a term policy through them that is in place until you’re 80 I think? But the premiums do go up every 5 years or so. It is very cheap, and you get a portion of your premiums back each spring as well, usually about 30-45%, so it’s even cheaper overall.
You can also get spousal coverage for reduced rates through AICPA. This benefit alone is worth the AICPA dues IMO since the insurance is so cheap. Firm pays my dues now but prior firms did not and it was still worth it.
They also have LTD insurance as well. The insurance offerings are the best benefits from AICPA imo
I just move to private so no longer a member of aicpa but i am a cpa. Still get good deal?
Yes, absolutely. Definitely shop around to see where else you can buy term and compare to AICPA rates. The nice thing with AICPA is it’s not tied to your employer. You can usually get term insurance through your employer for a discount as well but if you leave your insurance terminates as well and you have to find another provider.
For peace of mind and low cost, the AICPA term is very much worth it for me.
You should think about getting an IUL policy, its a good policy that coves both your life insurance and your retirement
They should actually not think about that.