We are expecting a baby soon. Yesterday I started thinking about what happens if I die. My wife woke up this morning asking the same question. It was odd that we were thinking about the same thing around the same time. My wife doesn't make much money and we don't have a lot of money that would support her and our baby for many years. I have some life insurance through work, but not much that would last for too long. Anyone has similar concern and feeling? Any thing I can do, other than a larger life insurance, that provides a better financial support for my family?
TC or gtfo
Meet with a trust and estate lawyer. Set up guardians just in case. Buy life insurance. Earn money. Save. Get a financial planner who scares you just enough into saving and planning.
This!
Ass
Buy a term insurance
Why would you die ? Get life insurance. Find a financial planner
We all have this feeling at some points in life. Being worried about having appropriate funds to take care of those we love is a 95% of people problem. A systemic one where everybody is on his or her own. I'm sorry you feel this way. The only way to avoid this feeling is to accept that life is unpredictable and try to semi-supress the feeling all the while preparing for unwanted surprises and appreciating every second of life as it comes.
Buy a 20 year life term insurance of at least a million. Should be around $300-500 per year based on your age.
Get term life insurance outside work. It’s a must have ! Take it for both of you and trust me, that assurance is worth way more than the premium you will pay.
Get a larger life insurance and teach her how to invest that money. If you want, move to Google. If you die while working there, I think one of the benefits is that all your RSUs vest immediately and your wife can get paid base for up to 10 years.
You can buy life insurance
Buy term life, don't be a whole life sucker. 20yrs term should be good enough.