Posted: 8/8/2007 11:55:01 AM EDT
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I'm 36, married, no kids, little savings, and mortgage and student loan debts. I would like to make sure if something happens to me, my wife can pay everything off and live comfortably. I'm not interested in insurance as an investment. What's best? Also, I'm in good health, but I don't want someone crawling up my ass with a microscope either. Any advice? |
| Term will be your cheapest choice. Regardless for any life insurance you will have a questionnaire, height/ weight measurement, BP, and blood drawn for the usual suspects and HIV test. There is no away around these. You should be able to get decent term for 300-500 annually for about 150-300K of coverage. Universal or whole life where you build cash value and you can borrow and take out the benefits at a certain age is a better deal but you have to fund it more. As far as student loan debts, fuck em, they cant collect them from your wife so dont worry about them. |
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Do you have plans to have children in the future? Does your wife work? Will your debt load increase in the future? Term is pretty cheap these days. It can also be banded - $250K might cost less than $220K, for instance. Figure out how much you think you need and buy 20 or 30 year term if you can afford that much. If you can afford whole life, you can use it for retirement purposes to maximize your retirement plan (you don't have to choose the surviving spouse option when you retire because you have enough death benefit to protect surviving spouse). Wouldn't hurt to talk to an agent. Maybe your home and auto agent sells life insurance, too. |