[Hailey]

Looking for any and all advice regarding Life Insurance. What type of policy should I be looking at getting? Husband and I are 29 and active & healthy.

We’re looking for coverage that provides financial security while keeping premiums affordable. Should we consider term life, whole life, or another option?

We’d love to hear recommendations based on long-term benefits, flexibility, and cost-effectiveness.

Any insights or personal experiences would be greatly appreciated!

[Shawn]

You usually get life insurance when you have an insurable need. Would one of you be at a financial disadvantage if the other died?

Do you have kids? If you both work and don’t have kids you might not need any.

You could make an argument for a policy to cover funeral expenses although most FIRE community enthusiasts probably have that covered.

If you think you might have kids you could justify buying a policy now to ensure insurability later. Many people have some kind of insurance through their job.

That can be helpful in certain situations but people often leave their job due to illness or injury and then die, in which case that policy won’t pay out.

A policy you purchase and pay for is generally better.

[Robyn]

A term life insurance policy for ten to fifteen times your current annual salary is typically recommended if you have children or the surviving spouse needs that money to live.

[Scott]

Term life. If you have dependents 10x on each of your salaries. If you don’t have dependents, only the amount each of you would need to cover bills and carry on in life should something happen.

So maybe none at all depending on your situation.

[Tristan]

Term if needed (needed generally means if you passed your financial contributions being lost would be a burden.

IE you have a home that you need dual income to cover, kids that would need financial support to whomever would be their guardian etc.)….

If someone tries to sell you on why a permanent policy is better, just run

[Tom]

The most cost effective life insurance is Term Life. Determine the window of need, mortgage, children and their education, surviving spouse’s needs, etc.

Example: When we built our home in 2000 we had a 15 year mortgage at 6.8%. We purchased 10 year term life on each other.

Nothing bad happened and we paid off the house in 4.5 years, but we keep the insurance active for the full 10 years.

At the end of the 10 year term we had saved enough that we could safely let our contracts expire.

From then on we have been self insured.

[Neka]

40 year term life with Legal & General America.
They are the only 40 year policy in the USA as of right now

[Author]

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