[USER]

I am 30 with 2 toddlers, I have 100k permanent life insurance (75k- $33/mo ; 25k-$12.5/mo), and they stay with me lifetime. I’m considering dropping one of them (which?) and sign up term life insurance for either 20 years or 30 years or maybe one each to be able to cover our mortgage (145k remaining) and child education expenses.

I don’t have any debt, at least ATM, other than a shared mortgage with my husband.

I guess I’m not sure what the permanent life amount is for other than covering funeral expenses?

And I guess obviously for other debts I might have in the future. I know the rate will only continue to go up as I get older.

Anyway, I’m wondering if 100k for $45/mo is a reasonable amount? Any thoughts?

Thank you!!

[Callie]

You are underinsured imo already. $45 a month for $100k seems high to me unless you have some sort of health condition.

[Mitchell]

Don’t drop your whole life until you have term coverage. Just tell the truth on all Health Questions. Shop around too! SelectQuote is a great option. I have w term plans through them.

[Ken]

Drop all the permanent insurance and get Term only. You should be protecting your income for as long as your children are financially dependent or have other big financial obligations.

If you are healthy you’ll be able to get much more coverage at that cost. Make sure you get fully underwritten, especially if you have no medical problems.

[Jay Vargas]

Check out Ethos. Process is relatively easy and no medical exam required. I just got a new policy for 30 year term couple weeks ago.

[Author]

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