I'm a 35 year-old male that's first year out from residency making 400k. Spouse (30 year old female) earns 100k. Two kids (age 3 years and 3 months). Which option would you recommend from the ones listed below? Would you recommend a different plan? Am I overpaying?
Wife (30 yo F):
– $1mil 30 years: $493 annual/ $42 monthly
Mine (35 yo M):
A) $3 mil 30 years: $2,220 annual/ $191 monthly
B) $1 mil 30 years: $790 annual/ $68 monthly
C) $2 mil 20 years + $1 mil 30 years: $1,512 annual/ $126 monthly
Posted by Surgicalsal
1 Comment
Not enough info for anyone to tell you. The rates seem fine, but if you haven’t talked with a broker then you’re doing yourself a disservice.
You need to factor in what you want it to cover if it ever needs to be filed. Mortgage? Daycare? College? Retirement? Trust for kids?
Realistically for someone with your earning potential in the future you probably need a mix of term and whole life.
Talk to a broker and have them go over financial needs sheets with you to help determine your actual needs to protect your family in case the worst thing that could happen to one of you, does happen.