Life Insurance Thread

GoldenCinderblock's picture
Rank: Human | 15,147

What do you guys do about life insurance? What's your philosophy on the matter? I have a bunch of loans and I'm having a kid, so I want to get life insurance because leaving my wife with all this shit is scary and I'll probably never do better on a physical than now. My objective isn't to make my family rich or whatever if I die, but to pay off all my assets. Which will still make them pretty well-off. If they can't take it from there, then fuck 'em. Looking to discuss all things life insurance. If anyone has resources to recommend to become workably knowledgeable in this field, please do, because I'm pretty lost.

-Term vs. Whole Life vs. Universal Life vs. Index Life vs. Return on Premium?
-Is it possible to increase coverage as debts increase with age?
-Any fun strategies blending different types of policies?
-Using policygenius vs. a broker?
-Has anyone figured out the whole "be your own bank with life insurance" a la Nelson Nash thing? I've read two books on it now and am still confused.
-I'm looking at a 20-year $3M term policy for $85/month. That's long enough for my kid to become an adult and by then, I'll hopefully be financially stable enough with enough equity all over and income streams that whatever debt I have won't matter much. My real concern is honestly like the next 3-5 years. This is a very risky period. Highly-leveraged, young dumb and retarded, young companies, young wife, young kid. Very scary. At the rate I'm going, if I kick the bucket in even 10 years, everyone will be fine. Right now, if I disappeared, it's bankruptcy for my wife and my mom if they're not quick on their feet.

Price seems to really jump at the 30-year mark. Guessing because mortgages? And it triples from 40 to whole. 20 seems like a good value and makes sense.

Looking forward to a productively morbid conversation, friendos.