Hello Pals
I’m considering purchasing a million dollar term life insurance policy and would love some advice. What factors should I take into account when choosing a policy? Are there specific companies you recommend or ones to avoid? Also, any tips on how to determine the right term length and coverage amount for my needs? Personal experiences with this type of insurance would be really helpful!
Thanks in advance for your help…
Smart thinking for loved ones. Consider how much your family would need financially (income, debts, goals). Choose a term length (10-30 years) to cover big expenses and pick a reputable company. Shop around and talk to an advisor for personalized help - they can ensure you get the right coverage at a good price.
You make $200,000 a year, all right? Since you are the primary provider for your three children and the breadwinner, you should acquire a policy that covers between $2 and $3 million. Your wife will receive 10 years of your salary to help with other expenses like a mortgage, college, and simply spending time with the family grieving.
Given that you don’t need a full life, it sounds like your financial counselor might be a salesperson.