Because I love you man! And want to raise the bar for all of us dads.
I'll start with life insurance: Once my son was born I bought a $1M 20 year term policy through New York Life. That would give my wife enough to pay off the mortgage and have some left for added financial security. My plan was to buy another $1M 20 year term policy once we had a second child, but I've been slacking on that and my daughter is already 2. Finally got my medical exam done a couple weeks ago and waiting for the quotes to come back now. I'd like to say that it would be enough to pay for the kids to go to college if I don't make it that long, but who knows what that will cost in another 15+ years. Either way, I'm easily worth more dead than alive, so I need to stay on my wife's good side.
Whether someone gets life insurance from their employer or not, it's VITAL that you get your own. Your employer can always let you go and then your family is out in the cold with NO protection.
I'm sure everyone has their own experience and preferences, but I'll give you mine. I work in finance, which inevitably puts me in contact with a lot of insurance agents. Simply put, I chose one locally that I felt comfortable working with. If you don't have any specific contacts, I'd start with whoever you buy your auto or home insurance from. If they don't offer life insurance, maybe they can make a recommendation. Otherwise, you can ask friends/family for referrals.
def. want to look into this (life insurance), now that we are in the process of having kids
just dont know where to start to be completely honest
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def. want to look into this (life insurance), now that we are in the process of having kids
just dont know where to start to be completely honest
I'm sure everyone has their own experience and preferences, but I'll give you mine. I work in finance, which inevitably puts me in contact with a lot of insurance agents. Simply put, I chose one locally that I felt comfortable working with. If you don't have any specific contacts, I'd start with whoever you buy your auto or home insurance from. If they don't offer life insurance, maybe they can make a recommendation. Otherwise, you can ask friends/family for referrals.
) I'm just going to go through Statefarm since I already have policies w/ them and can bundle for a discount. Looking into Whole Life since my future earnings are uncertain.
I can't blame you for looking at whole life, but when I ran the numbers it was incredibly expensive for the level of coverage I wanted. It comes down to your reasoning for the coverage. My goal was to pay off the mortgage and provide financial security until the kids are old enough to take care of themselves. If I meet my untimely demise, my wife can go to work but her earnings potential is not what I consider enough to make it happen. This would help bridge that gap. If I outlive my term(s) then hopefully by that time the mortgage will be paid off and the kids will be on their own (or close enough) and my wife could work and meet the lower financial demands at that point in time.I'm in the process of getting insurance again myself. My wife is finally on board w/ it (she's one of those people who don't like talking about things like that out of fear of jynxing) I'm just going to go through Statefarm since I already have policies w/ them and can bundle for a discount. Looking into Whole Life since my future earnings are uncertain.
To clarify, I don't have diabetes but my dad & grandma had/have it so I'm high risk too. Since I was in pretty good shape when we got it and have never smoked, we got a really good rate. If anything, your rate might be higher but I doubt they wouldn't give you a policy unless you have a history of cancer or other life threatening situation.
[emoji]128557[/emoji][emoji]128557[/emoji][emoji]128557[/emoji]Bruh I spent $900 on uniform last year
