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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.
No, you are better off saving that money and investing it.