Thread: Life insurance.
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Old 05-08-2021, 05:33 AM
  #3  
tnkrdrvr
Occasional box hauler
 
Joined APC: Jan 2018
Posts: 1,636
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Originally Posted by feltf4 View Post
Want to hear thoughts on life insurance.

Currently don’t have any. Married. kid. Low 30’s. I know there are plenty of arguments for getting it vs not. I’m leaning toward NOT getting a policy. We currently have plenty of financial cushion. Live simply. If I take a long dirt nap, I believe my family be able to get on with out a $1-2 million policy.
You and your wife need to sit down and talk about what your life should look like with both of you alive versus one of you dead. How would one of you passing affect where you would live, your child’s educational options, and a host of other things? Than figure out how much help each of you would require if you were suddenly a single parent to fulfill your parental responsibilities. You will find that you will need term life insurance policies on each of you. As a pilot, your best option may be through your company/union. Your spouse’s options may vary. Finally, look at who would inherit responsibility for raising your child if both of you pass and how much financial help they might need. It’s a wickedly complex and emotional problem to solve. Unless you are truly financially well off, it is unlikely you already have those resources sitting in an account. Talk to a financial planner who doesn’t sell products for a good plan of action and then shop around for the best products.
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