Hi, I am 39yr old and have wife and a 3 yr old kid. Got a quote from NY life insurance company and the monthly premium would be $950 for permanent and $200 for term for a coverage of $500k for each of us. Is it worth to have life insurance for all of us ? If yes, which one is good, term or permanent ? Which companies offer competitive plans ?
Life insurance is for insurance. Buy term life insurance for $100 or less and invest the rest in the market
I can’t speak about your personal situation, financial or otherwise. However, my wife passed away at 29. While we both had full time jobs, the loss of her income would’ve been a struggle had the life insurance not existed. I’d recommend term, personally
Sorry for the loss ):
Term life insurance with living benefits. AIG(corebridge)/ National Life are the best with living benefit riders. After I did a lot of research I went with both companies and got a policy from each. DM me for my insurance agent details, he helped me to get a preferred plus rating even though I’m in H1.
How much cash and life benefits in permanent. Are you getting 500k cash after 10 years?
Absolutely not.
At your age, I will highly recommend to buy a Term Life insurance for 15-20 years. You must be getting some life insurance from your employer also. We bought a 15 year Term life insurance policy for 45 bucks per month via Haven Life for around 600K coverage for myself only.
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No, you are better off saving that money and investing it.