I would like to find out how much life insurance I should have.
I currently have a 100,000 policy plus 3 times my salary. My current yearly salary is $90,000 gross.
Do you have children under 18?
Do you have a spouse?
Do you have a mortgage - and if so, is it set with death benefits?
Is your funeral / cemetery plot paid for?
I have 1 child under 18. He is almost 17 but has special needs and I am not sure when or if he will emancipate.
I do not have a spouse. I have an ex husband.
I have a mortage and it is not set with death benefits. My mortgage is approx 190,000.
No, no funeral expenses paid.
There are a couple of things I would do. First, would speak with your mortgage lender to see if there is a 'payoff' policy available for your home....that is to say, if you were to pass on, your home would be paid for, and that would be something that could be sold and used to help support your son. The biggest thing you need to plan for is the financial stability of your son. If you can get the mortgage insurance added, then I would think your son will be able to hire inhome care and live fairly comfortably, as long as you have provisions in place with a good financial administrator to invest your death benefits conservatively. If your ex-spouse is also planning to assist with your son's expenses, he should be fine........death insurance is in place to help cover funeral expenses and support minor children as well as settle any outstanding debts your estate may have. I would definitely suggest talking with a financial adviser as they are invaluable when it comes to how you want things handled.
Please let me know if I can help further.
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Thank you for your answer.
I called my home mortage company and life insurance is way too expensive. It's $120.22/month.
I am trying to decide whether or not I am going to dissolve my $100,000 whole life insurance policy. I would have to pay aprox $2,000 in taxes so my net would be approx 17,000. I have some major debt I need to take care of so that my credit score will improve. Also, I would save $70/month that I am currently paying.
I think it is a good idea to sit down with a financial advisor who can look at all aspects of my current situation.
How do I find a person like this? I don't want someone who has ulterior motives to sell my insurance or investment products.
A good financial adviser doesn't charge an arm and a leg. They get a very tiny percentage of your investments....something like 1/2 of 1%.....there are all kinds of investment companies.....I would utilize one of the more well-known, such as Dean Witter, Vanguard, or speak with the manager of your bank. They can often point you in the direction of a good advisor that is local.