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I Need Your Help Please, Purchasing Life & Disability Insurance

October 2nd, 2017 at 10:17 am

Hi all 👋🏾

I am considering purchasing term life insurance and wanted your input on the best option for me.

I have no kids and currently do not own a home. I have a ton of debt, close to 100k, over half of this is student loans. I've purchased a plot for me to buried next to my dad so we are good there. I've told my family no funeral, just a grave side ceremony. Funerals are too expensive. I'm 43. I was considering a term life of 30 years, at 50k. I figured, I'm paying down debt did not need anything over that. For the year, Zander quoted me about $250. My current employer offer basic life but that's just 1x your annual salary.

Can you all weigh in? I truly value your opinions.

Oops, what are your thoughts on LTD? 2 years, 3 years? I'm currently at $48,000 annually.

Posted in Miscellaneous | 5 Comments »

5 Responses to “I Need Your Help Please, Purchasing Life & Disability Insurance ”

  1. Carol Says:
    October 2nd, 2017 at 11:37 am 1506944242
    1506944242

    I am not sure you need life insurance with no kids, or maybe just a little to take care of burial etc. But disability insurance might be very smart.

  2. crazyliblady Says:
    October 2nd, 2017 at 03:22 pm 1506957724
    1506957724

    My question would be if you did not have health insurance and died, what would happen to your debt? Are other funds in addition to your work life plan (maybe retirement) available that could pay that off in the event of your death?

  3. AnotherReader Says:
    October 2nd, 2017 at 09:00 pm 1506978043
    1506978043

    In your shoes, I would skip any extra life insurance. If you die, whatever is in your estate would go to the creditors. They would be out of luck on any shortage. The one times your salary life insurance would cover your burial.

    Disability insurance is entirely different. Having something beyond Social Security Disability in the event you are disabled is especially important if you do not have other assets to tap.

  4. LivingAlmostLarge Says:
    October 3rd, 2017 at 12:14 am 1506989686
    1506989686

    Skip it for now. And you probably don't need 30 years either way.

  5. Amber Says:
    October 3rd, 2017 at 01:06 am 1506992789
    1506992789

    Thanks everyone, I'll be purchasing the LTD, 2 years and paying every quarter. I really appreciate your help, you have no idea

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