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Life Insurance - Dual Income Household

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  • Life Insurance - Dual Income Household

    Dear WCI community,

    My wife and I were thinking about purchasing life insurance. We are in our early 30s and healthy. We hope to have children in the next 1-2 years. She and I are both in high income specialties (and plan to work until retirement) and were wondering if purchasing life insurance makes sense in this setting.

    For example, if one of us dies then the other spouse will still make more than enough for the family. If both of us die then our children will be in financial trouble - so maybe only one of us should buy life insurance? Am I thinking about this correctly? Am I being penny wise pound foolish?


  • #2
    Yeah, with a kid, at least one of you will need it. Only question would be if one dies, would the other have to cut back on work? Any other increase in expenses or loss of productivity that would arise? Lots of options and you'll have to figure out what you want/need. It's cheap stuff so always overestimate. You can always cancel later or ladder policies.


    • #3
      What are your goals with the life insurance? even with both working, I’m a fan of each person having some life insurance so you both have skin in the game too.

      as said, you can cancel anytime and/or ladder policies.


      • #4
        It is cheap to buy, assuming you are both in great health $1 million of death benefit with a 30 year rate lock is typically under $60 per month and 20 year contracts are under $35.
        Scott Nelson-Archer, CLU, ChFC
        281-770-8080 Direct / [email protected]