Comments on: How Much Term Life Insurance Do You Need to Buy?

By: Financialbondage

Financialbondage — Wed, 03 Feb 2010 22:22:44 +0000

Dave Ramsey recommends 10 times your income. 20 times seems extreme, but if you can afford it having more sure cant hurt.

By: Mistakes to Avoid in Financial Planning and Insurance for Boomers

Mistakes to Avoid in Financial Planning and Insurance for Boomers — Mon, 11 Jan 2010 10:52:18 +0000

[...] producing capital is needed to produce $600,000 annually for a family. For most people this is life insurance that is needed if they don’t have other large amounts of income producing assets. They should not be overly [...]

By: What you need to know about your Medicare and Medicaid Benefits « InvestorGuide

Thu, 03 Dec 2009 14:02:04 +0000

[...] what investments will give your beneficiaries the best tax benefits and make sure that you have enough Life Insurance to pay for your burial [...]

By: » Do You Need Term Life Insurance? | PT Money

» Do You Need Term Life Insurance? | PT Money — Wed, 18 Nov 2009 20:16:15 +0000

[...] with any investment, it is best to take into account all factors that surround it (including how much life insurance do you need?) to ensure that you will receive adequate coverage for the [...]

By: annabelt @ Ebusiness Technology

annabelt @ Ebusiness Technology — Wed, 07 Oct 2009 22:11:20 +0000

Very clear and informative post thanks – I’ve bookmarked this because I’ll be looking for life insurance again soon and this can help me plan what our requirements should be. We had it when we were homeowners, but the policy was sold twice to different companies. Then we moved abroad and it was difficult to contact the new company and confirm the details of the policy (eg, would it cover us overseas). It was expensive too, so we cancelled it – I still wonder if that was a mistake but we’ll make a start with a new one soon.
annabelt @ Ebusiness Technology´s last blog ..Back to your Desks, Peasants!

By: Economy and Your Finances Carnival 27th September

Economy and Your Finances Carnival 27th September — Sun, 27 Sep 2009 08:03:38 +0000

[...] Rose presents How Much Term Life Insurance Do You Need to Buy? posted at Jeff [...]

By: Miranda

Miranda — Tue, 15 Sep 2009 19:02:37 +0000

I think KC makes a great point: Just because you don’t have an income, doesn’t mean that what you do isn’t valuable. All of the things that KC does would cost a substantial amount for someone else to do, and that should be considered when thinking about life insurance coverage for a stay at home spouse.

Anyway, in my case, we have a larger policy on me, since I am the primary breadwinner, and I stay at home. My husband is still in school, so his policy is just enough to pay off the mortgage and the student loans, plus the car loan. When he’s done, we’ll probably increase his coverage.
Miranda´s last blog ..France Aims to Change GDP Calculations

By: KC

KC — Mon, 14 Sep 2009 19:44:46 +0000

My husband and I started thinking about life insurance when we bought our first house (age 27). In fact we had to get some to get a loan. Then we increased it when he finished residency and started a medical practice (hey you get used to a certain income and you don’t want to go back to your old ways! – age 32) We upped it again when we bought a bigger home and I stopped working permanently (age 36). We’ll up it again if we ever start having a family. Life insurance is cheap when you shop around.

Coincidentally we have it on me. Right now we have a small policy since I don’t work, but I wouldn’t want my husband saddled with any money issues should he take time off from work if something happened to me. If we have kids we’ll probably get a million dollar policy for me. Someone’s got to clean, cook, chauffeur, cut the grass and do everything else I do now. Not to mention that I may need to go back to work at some point to help finance college – we’d want that money replaced. So don’t just insure the bread winner – insure ALL the work done in your house. And insurance on women is even cheaper than on men. A quarter million dollar policy for a healthy 35 year old woman is about $10 a month.

By: Jeff Rose

Jeff Rose — Mon, 14 Sep 2009 19:19:14 +0000

@ Craig

If you are single and no dependents, then for the most part you shouldn’t think about it. My focus would be maxing out that Roth IRA. If you know that one day you will have kids and a family, you could look into now because it would be a whole lot cheaper. And if something happened between now and then that could affect whether you could get insured. In my own example, I didn’t get any life insurance until after I got married.

By: Craig

Craig — Mon, 14 Sep 2009 18:31:19 +0000

When do you usually begin getting life insurance? At 24 I have not once even thought about it.