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Old 06-23-2016, 12:10 PM   #21
Thinks s/he gets paid by the post
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Originally Posted by COcheesehead View Post
If you look at this type of insurance as part of your bond/cash allocation in your portfolio, it starts to make more and more sense especially if you are in a high tax bracket. In the market melt down of 2008/2009, those tax deferred 4% returns inside the policy were looking pretty sweet. These funds also cannot be accessed in a lawsuit either. Think of it as your super safe money.
I pulled up my last statement CV is closer to $300K now - I may cash it in when I retire - who knows...

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Old 06-23-2016, 12:25 PM   #22
Thinks s/he gets paid by the post
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Think of it in terms of "if something happened to you today", what would your family need and for how long. You could always do 1 million (plus) for 20 years now and as the years roll by reassess your need and add more….or not. I included the plus because your children are so very young and a million is not what it used to be.

Also if you think about it, the more insurance you have, the fewer years you might need it. Meaning if you went as high as 1.5 million, 20 years might be enough rather than going for 1 million for 25 years. At 25 years I am assuming your oldest will be almost 28 years of age. I am not sure covering for that age is necessary.

I too think disability insurance is needed at this stage.

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Old 06-23-2016, 03:00 PM   #23
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My 2 cents, don't discount that if your wife were to pass away, you'd necessarily just seamlessly continue on as the breadwinner. I only had 200k on my wife, and she died unexpectedly at 46 years old, leaving me with 11 and 16 year old daughters.

That 200k allowed me to payoff the house, and with survivor benefits from SS, chuck working for a few years. That was priceless, as getting my girls through that timeframe would have been near impossible had I been trying to work full time.

I only wished I'd had a few hundred grand more! It's cheap in the grand scheme of things.

- John

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