Comments on: Why I Purchased a 2.5 Million Dollar Term Life Policy

By: Ismail Ward

Ismail Ward — Wed, 30 Dec 2020 00:14:09 +0000

In reply to Jeff Rose. I am interested in a 2.5 million dollar insurance policy. With life and accident death included. I am 39 Male and healthy

By: Jeff Rose

Jeff Rose — Tue, 29 May 2018 17:22:14 +0000

In reply to Scott. Hi Scott - The only advantage I can see is in flexibility. You may decide you don't need that much coverage in the future, and cancel one or two of the policies. You might also find the renewal premium on one policy is better than the other two, and decide to keep that policy. But otherwise it won't be cost effective. Life insurance rates fall on a cost-per-thousand basis, so a single $3 million policy will be less expensive than three $1 million policies. And single policy can easily be split three ways, if that's what you're going for.

By: Scott

Scott — Sun, 20 May 2018 16:47:41 +0000

I am married with 2 children (16 and 21) I am considering $3 mil term life insurance. Is there any advantage to having 3 separate $1mil policies (1 for each member of my family)?

By: Jeff Rose

Jeff Rose — Thu, 10 Aug 2017 18:45:02 +0000

In reply to BG. Hi BG - You're in a tough place, especially since your husband's death is so recent. I think it would help you to sit down with an accountant to consider your options. Everything has to be crunched - any potential income sources (Social Security for your kids) - your monthly expenses, and any options that you may have or want to investigate. That has to be done in a face to face meeting with someone who you will have an ongoing relationship with.

By: BG

BG — Wed, 02 Aug 2017 20:34:57 +0000

So, the worst happened to us. Two weeks ago my husband, at age 42, passed away from a year long battle with cancer. We did have insurance, but not enough. He had a 250 policy, and I am a stay-at-home mom of 4 kids age 3-13. So what do you do from here? Our mortgage is paid, so that is not a concern. I just need to make this money last as long as possible.

By: Jeff Rose

Jeff Rose — Sun, 11 Sep 2016 22:01:19 +0000

In reply to Action Economics. Haven't come across that problem! For most people, its the opposite, they don't have enough. You can apply for as much as you want, and see where they might cut it off.

By: Action Economics

Action Economics — Tue, 06 Sep 2016 22:06:41 +0000

I’ve got $500,000 now and am looking at getting a $250K policy, but I might get a larger one. Any ideas as to what multiple of income they will stop giving you life insurance for?

By: Brittney @ Life On A Discount

Brittney @ Life On A Discount — Mon, 08 Feb 2016 03:38:40 +0000

Interesting post. We are in our late 20’s and both have $500,000 30 year term life insurance policies. I actually make twice as much as my husband, but we have agreed that the policies are what we need at this point in our lives. We are planning on having a child in the next few years and I will add an additional $250,000 policy then. Our plan is more for the money to pay off our mortgage ($200,000), funeral expenses and our car ($10,000), otherwise we have no other debt. It is not necessarily to replace income. We have built up a very healthy emergency fund and have a decent amount in retirement savings. So, it’s a plan we are comfortable with for the time being.

By: Rene'

Rene' — Thu, 14 Jan 2016 00:54:22 +0000

My mother is wanting to purchase life Insuarance and had cancer but has been cancer free for only about 6 months.. She would like to leave my brother and I and her grandson money when she passes away. She does not smoke.What life insurance company’s are available to her in this situation?

By: Bhargav

Bhargav — Thu, 13 Aug 2015 23:28:01 +0000

Hello, I am interested in Life insurance, I am 29, single and recently laid off. I have high student loans, and consumer debt. I am also head of the household as my parents are disabled. What would be my best option to get a life insurance and how much should I take?