Life Insurance

[Bootay]

Reading Fidelity info that says you should have ~10x your salary in life insurance. Seems like that's a LOT - my company max is something like 6x your income, which I have (it's SO cheap through the company).

Anyone doing company insurance and external? Someone mentioned that it is good to get private life insurance as well just to make it easier to keep it if you leave your company...if you leave at 45, you might have to do all kinds of medical checks to get your own life insurance. Anyone know if that's true or have opinions on it being a good idea?

 

[Alleycat]

10X your salary is a little steep but that could depend on how many dependants you have and, of course, their ages. More than three and if they are less then teenagers then you will need more.
I dropped my amount of insurance after my sons were on their own and now I only carrry enough to put me in the ground and maybe pay any bills after my death.

I always carried my insurance with my employer but I also had a small policy of my own. You may want to consider having a term insurance policy until the kids are grown and/or you retire.

 

[meatpile]

What's a salary?

Mark - I'm going to up mine to $1.5 million. I got $750k before the twins, mainly b/c of my mortgage. At that point, with 1 kid, Janelle could pay the house, have a few hundred, and also get a job b/c just one kid. Now, the $1.5 million should cover things for a non working wife and 3 kids who are all under 5, but barely.

Which is nuts. She'd still likely move.

I think I'm going to get it 15 year, b/c after 15 years the need drops dramatically. I may not have any at all after that, as I hope my assets would be sufficient, and the cost of the insurance will be super high.

FWIW, college should be already covered, as should retirement. But the next 15-20 years will be a bitch of alot of expenses.

 

[Bootay]

I figured my woman would sell and move to Slovakia regardless, so $100k would put her in a palace. I should cancel my insurance.

 

[meatpile]

I figured my woman would sell and move to Slovakia regardless, so $100k would put her in a palace. I should cancel my insurance.

lol. You're right.

 

[QueenCityHillbilly]

I actually have 12x my salary, but I don't make a lot of money.