4 ms·
I'm 24, and I recently bought $2 million of life insurance for $80 a month that's good for the next 10 years. I figure that's a pretty good deal. If I die young
by cm2012 11y ago
I'm 24, and I recently bought $2 million of life insurance for $80 a month that's good for the next 10 years. I figure that's a pretty good deal. If I die young, I want my wife to not have to worry about money.
- ben010783 11y agoI don't think that's a good fit for a person in your situation. It's so unlikely that you'll die in that period. I don't know about if you have kids, a house, or your work situations, but I would consider lowering the the payout and investing the rest in a retirement account. If you dropped it down to $500,000, your wife would still be fine for years after you died. If that freed up $40 that you could invest every month, it would result in over $50,000 that you would have at retirement.
- cm2012 11y agoI want her to be set for life though in case of a freak accident - $500k will run out eventually.
- rajivm 11y agoYea, but a freak accident is unlikely to occur before 34. It is likely the decade after would be more concerning where she might have to support kids, etc. in addition to herself.
- alexandre_m 11y agoThat's a clever way for keeping your wife for the next 10 years.