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Old 09-05-2012, 08:58 AM   #21
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EvrClrx311's Avatar
Join Date: Feb 2012
Posts: 630
IMO, no need for insurance unless you have kids. Once kids are in the picture, I'd recommend looking at term instead of whole... but I suppose that is a personal preference. Just understand that someone selling something always has their own interests involved - we'd like to think they would always put ours above theirs, but that usually isn't the case. Check commissions and ask what they are making by selling you whatever product they are recommending.

Our thought process for going with Term was that since we are planning to be financially secure by our late 40's early 50's... what point does life insurance serve beyond that? So we've covered the years that our kids are at home (approx 20) to protect against disaster; paying off the house for the surviving spouse... if we both went, then grandparents would have a very nice sum of money to put kids through college and get them off to a great start.

7 years later... and our 401K is already 1/3rd of our term policy, so looks like we're well on our way to not needing the insurance anymore.

BTW... $500,000 term coverage at your age is probably in the $15-20 per month range. My advice, is to invest the difference in a college fund for your kids.
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Old 09-09-2012, 07:51 PM   #22
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CMH in CO's Avatar
Join Date: Mar 2011
Posts: 38
Good advice from Someguy. Make sure you know what you are getting into by taking on being a landlord. What is the rental market like in your area? How far is the rental from your own house for when you have to go handle a problem? Make sure you list all your expenses including things like estimates of utility bills between renters and advertising. Who will be your backup when you go on vacation, etc........

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