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-   -   Life Insurance (https://www.askmehelpdesk.com/showthread.php?t=753778)

  • Jun 14, 2013, 09:27 PM
    tsila1777
    Life Insurance
    My husband and I, ages 61 and 57, are trying to decide how much life insurance we should purchase. He thinks $10,000. I was thinking more like $30,000. We have 4 children and 5 grandchildren, I would like to be able to leave some for them after expenses. What is considered a reasonable amount? All opinions welcomed.
  • Jun 15, 2013, 02:00 AM
    tickle
    If you want to leave something for them 'after expenses', say funeral expenses, l0 or even 30 thousand is not going to do much good. There won't be much left after funeral expenses if you go with a lavish plan.
  • Jun 15, 2013, 02:17 AM
    joypulv
    Have you looked into costs yet? Life insurance is something you start when young.
    I think you are a little late. Premiums will be high at your ages, and there will be exclusions (riders) based on your medical histories.
    Also couples don't buy insurance, individuals do. Start your own savings accounts (separate) for a funeral fund, and his can be just for his funeral and yours can be for more). Earn interest, don't pay some company a fee to take your money!
  • Jun 15, 2013, 03:56 AM
    tickle
    After 65 a small policy to cover funeral expenses so your kids won't have to be burdened is about all you can hope to do. Ten thousand at a monthly cost of $80 or so is pretty good to ensure this. Of course l0,000 won't cover a lavish deal but if you are looking at cremation, no viewing and a small gathering after which they call 'a celebration of life'.

    This is a down to earth decision you have to make. That's what I did. My son knows what I want to do.

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