Travis Johnson
Member
- Messages
- 2,369
Serious question here for you guys in the know. How much life insurance do you think I need?
Right now the wife and I have a total payout of 640,000 a piece with 10,000 on Alyson, but that seems kind of high to me. I think my wife was talked into the policy by a good salesman who worked the "you're parents now" angle. I think we pay something like 50 bucks a month for this, and is directly taken outof Patty's check. Anyway, without getting in to too much infor, here is a bit of background.
I really can't tell if we have too much or not. We really don't have a lot of debt, but we do have the land to contend with. Since other people rely on it (farming) we really owe it to everyone concerned to keep things in place. At the same time, we have Alyson, and at 19 months, she will need care for a long time.
I was just curious because the other day Patty and I went for a ride by ourselves on snowy roads. We got to thinking aloud what would happen if we both died in a car accident. We never really got a clear answer. That was kind of scary to be honest with you.
Right now the wife and I have a total payout of 640,000 a piece with 10,000 on Alyson, but that seems kind of high to me. I think my wife was talked into the policy by a good salesman who worked the "you're parents now" angle. I think we pay something like 50 bucks a month for this, and is directly taken outof Patty's check. Anyway, without getting in to too much infor, here is a bit of background.
- We are both in our early thirties and in very good health (no vices, eat healthy, exercise, etc
- We don't have a mortgage, but do own some land (400 acres) which is a serious concern as its family land and we don't want to lose it...even if I am not around. Alyson has 4 deeded acres as of right now however...just in case something happens
- Alyson's college is taken care of (trust fund)
- Our retirement We have trust funds, and currently my salary goes into retirement,as well as some of Patty's, but most of hers goes to living expenses. We should be okay...but who knows
- If Patty and I should go together (car accident for instance) my dad would get get the money and the land
- Alyson would go to my best friend and his wife (no kids)
I really can't tell if we have too much or not. We really don't have a lot of debt, but we do have the land to contend with. Since other people rely on it (farming) we really owe it to everyone concerned to keep things in place. At the same time, we have Alyson, and at 19 months, she will need care for a long time.
I was just curious because the other day Patty and I went for a ride by ourselves on snowy roads. We got to thinking aloud what would happen if we both died in a car accident. We never really got a clear answer. That was kind of scary to be honest with you.