Quote:
Originally Posted by RJ_419
You mentioned "more" insurance, so I take it you have an existing policy?
For the case of taking care of your child(ren) until they're old enough to be on their own, I think you want a term policy. This is pretty much a classic case of when to go for term, in my opinion. Your critical need is ensuring a tragedy doesn't make your family lose their home/lifestyle/college funds/etc and that has a definite timeframe of ~18-20 years.
This is a can of worms, but whole life has some advantages for other situations that I don't think really apply here.
|
Yes, I have an existing life insurance policy through my company, where they payout based on my salary.