Hi all,
Thank you for your advice in advance!
This is my first post and I have been reading other people's post for the purpose of learning about FIRE.
I am looking into buying life insurance to protect my love ones, because I have $390,000 total in mortgages and my love one's dont make enough to get by without my income.
Little info about me:
25 years old.
yearly income $55k
I have a 20 year term life insurance for $750k coverage, about $440 a year.
I am looking into whole life insurance because i have been reading on it.
I have been offered a NY whole life insurance for $250k coverage, and payment of $350 per month. They said I only need to pay for 15 years and i will no longer need to pay anymore?
so I will be investing about 63K for the next 15 years.
Is that something I should consider? Buying it later would be more expensive and would I ever need whole life?
Thank you for your advice in advance!
This is my first post and I have been reading other people's post for the purpose of learning about FIRE.
I am looking into buying life insurance to protect my love ones, because I have $390,000 total in mortgages and my love one's dont make enough to get by without my income.
Little info about me:
25 years old.
yearly income $55k
I have a 20 year term life insurance for $750k coverage, about $440 a year.
I am looking into whole life insurance because i have been reading on it.
I have been offered a NY whole life insurance for $250k coverage, and payment of $350 per month. They said I only need to pay for 15 years and i will no longer need to pay anymore?
so I will be investing about 63K for the next 15 years.
Is that something I should consider? Buying it later would be more expensive and would I ever need whole life?