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How much term-life insurance should I get?

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  • #16
    You might want to ladder 2 or 3 policies as your needs will decline as you accumulate assets.

    I agree with others that your college education estimate is off by at least tenfold.

    How I would approach the question: A FIRE-Minded Approach to Life Insurance

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    • #17
      Originally posted by TXDoc21 View Post

      3 million seems like a ridiculous number for college education even with graduate school. Let’s say they did 4 years of undergrad and 4 years of med school and all private. Let’s say it was 100K per year x 8 years = 800K. If it was 120K per year x8 years = 960K. I just made up random numbers so do your own calculations.

      I’d say if you had 500K for education that would be more than generous. If you died tomorrow and the 500k was invested. It becomes 1 million in 9 years with 8% rate of return.
      thank you.I may have done my calculation not correctly. I see that I have totally did it wrong. Thank you for the explanation!

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      • #18
        Originally posted by PhysicianOnFIRE View Post
        You might want to ladder 2 or 3 policies as your needs will decline as you accumulate assets.

        I agree with others that your college education estimate is off by at least tenfold.

        How I would approach the question: A FIRE-Minded Approach to Life Insurance
        Thank you so much. The article is very helpful!

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