1mil 20 year term life policy for $33/m 34 y/0 male

[rlb]

Seems like a pretty good deal to me. I make 50k have a spouse and 1 year olds. By the time it expires house will be mostly paid off and kids will have paid for college. I make 50k a year right now no debt outside 28y 175000 mortgage. Wife makes 75k. My career will top out around 60k annually and I max a Roth IRA outside of my pension. 1 mio almost seems like overkill but at that price I thought that in the event something happens I'll feel good about the number being left behind. Thoughts?

 

[kilmanagh]

@rlb 1 million is perfect. It's not over kill at all. Think of it this way. If you die tomorrow, your wife won't have to change her lifestyle for next 20 years since you have exactly 20 years of your income insured. This means your kids won't have to change their lifestyle either. I wish more people your age and your income level had a 7 figure policy because they NEED it. Life insurance is meant to be an income replacement. Physically you won't be there, but financially you will be and your family will thank you.

 

[yhoccotruyensaigon]

@rlb Is this just a quote or what’s approved?

Hard to argue with that much coverage for so cheap, but final pricing will depend on underwriting review. This coverage gets you covered past when the kids are adults and can take care of themselves, think about blending in a small permanent policy for lifelong coverage or even a portion of this as a 30 year term to take you to close to normal retirement age.