Kim Lucky Day
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Wondering your thoughts on the subject... When I was in my early 20's, I decided to start my own contracting business and took out a 15 year term life insurance policy. I chose term because it was all I could really afford at the time. After closing up shop 8 years later and getting "a real job", I renewed/upgraded that policy to a 30 year term.
I am a few years away from that term expiring. The notion of renewing a term policy is not appealing because of my age, in that after 5 years, the monthly premiums are going to begin to balloon to where this will be not only unaffordable but financially foolish. I could convert all or part of this to a cash value policy but I'd still expect to pay several hundred dollars a month for a relatively low payout.
This got me thinking that perhaps life insurance is a dying thing (pun intended). How much further ahead would I be to stick the money I'd devote to trying to play catch up into a Roth IRA or my employer 401(k)... Seems like a much wiser decision. Either way, my wife will get the dough from a retirement account or a life insurance policy...
What am I overlooking here, if anything? I know there's the whole "replacement income" thing as far as how much life insurance you should have. My wife has a very good job and I doubt she would need to rely on whatever she would get from this, except maybe to pay off any debt I might still have, which would be minor (probably a balance with my Sweetwater account lol).
No, I'm not dying or anything like that. I've just recently turned 50 and have had a run in with a (thankfully) minor case of cancer, I have borderline high blood pressure... and all of this just make one start to think that the bottom of the hill is closer than I'd like to admit.
I'd appreciate your thoughts on the matter!
I am a few years away from that term expiring. The notion of renewing a term policy is not appealing because of my age, in that after 5 years, the monthly premiums are going to begin to balloon to where this will be not only unaffordable but financially foolish. I could convert all or part of this to a cash value policy but I'd still expect to pay several hundred dollars a month for a relatively low payout.
This got me thinking that perhaps life insurance is a dying thing (pun intended). How much further ahead would I be to stick the money I'd devote to trying to play catch up into a Roth IRA or my employer 401(k)... Seems like a much wiser decision. Either way, my wife will get the dough from a retirement account or a life insurance policy...
What am I overlooking here, if anything? I know there's the whole "replacement income" thing as far as how much life insurance you should have. My wife has a very good job and I doubt she would need to rely on whatever she would get from this, except maybe to pay off any debt I might still have, which would be minor (probably a balance with my Sweetwater account lol).
No, I'm not dying or anything like that. I've just recently turned 50 and have had a run in with a (thankfully) minor case of cancer, I have borderline high blood pressure... and all of this just make one start to think that the bottom of the hill is closer than I'd like to admit.
I'd appreciate your thoughts on the matter!