When to Buy Term - Wait or Not?

[goodsammy]

Hi gurus,

I am turning 41 this August and want to buy a Term policy. Currently I am the only income-generator for the family. So it makes sense to insure just my income.

However, my wife is talking about getting a job for herself too. I am not sure how long it will take and if it will materialize or not.

What is the best thing to do in this scenario? Wait till she gets a job and insure both of us together? Or get a policy for myself now and once she gets a job, get another policy for her?

 

[STIBROKER]

Hi gurus,

I am turning 41 this August and want to buy a Term policy. Currently I am the only income-generator for the family. So it makes sense to insure just my income.

However, my wife is talking about getting a job for herself too. I am not sure how long it will take and if it will materialize or not.

What is the best thing to do in this scenario? Wait till she gets a job and insure both of us together? Or get a policy for myself now and once she gets a job, get another policy for her?

man take out policy's on you and your wife now.....they can never be taken away...

 

[WinoBlues]

Hi gurus,

I am turning 41 this August and want to buy a Term policy. Currently I am the only income-generator for the family. So it makes sense to insure just my income.

However, my wife is talking about getting a job for herself too. I am not sure how long it will take and if it will materialize or not.

What is the best thing to do in this scenario? Wait till she gets a job and insure both of us together? Or get a policy for myself now and once she gets a job, get another policy for her?

Get insured now. You can also insure her now as well

 

[Cash]

Hi gurus,

I am turning 41 this August and want to buy a Term policy. Currently I am the only income-generator for the family. So it makes sense to insure just my income.

However, my wife is talking about getting a job for herself too. I am not sure how long it will take and if it will materialize or not.

What is the best thing to do in this scenario? Wait till she gets a job and insure both of us together? Or get a policy for myself now and once she gets a job, get another policy for her?

Get insured...... like today!

When you say family and that your wife doesn't work I am assuming you have kids then. Your wife may not have a job but she does have value. That is she (hopefully) cleans the house, stocks the home, takes care of the kids, provides you with services, etc. If she were to die or be critically sick, there would need to be extra money to replace the things that she does.

Both of you need insurance...... like today.

 

[Robert Barney]

So it makes sense to insure just my income.

What do you mean "just". It's the only thing I ever worried about insuring.

Go here, enter in some numbers, and find out how much insurance it takes to insure that income:

Term4Sale - Life Insurance Calculator

Everyone else is right. The sooner you get that coverage, the better. Read this:

Term4sale.com - Go Long on Term Life Insurance

 

[hiphophealthcare]

Certainly, you should get the insurance and if later,your wife gets a job then she can also opt for it.Life Insurance is something that you need it.Don't wait for it.

 

[xrac]

Today is always better than tomorrow. My wife does not hold a paying job and has only been employed outside the home about 6 years in our 42 year marriage but we have $300k of permanent coverage on her.

 

[waterwheel]

Hi gurus,

I am turning 41 this August and want to buy a Term policy. Currently I am the only income-generator for the family. So it makes sense to insure just my income.

However, my wife is talking about getting a job for herself too. I am not sure how long it will take and if it will materialize or not.

What is the best thing to do in this scenario? Wait till she gets a job and insure both of us together? Or get a policy for myself now and once she gets a job, get another policy for her?

You're probably not going to die, but you might. That's what you buy insurance for.

You also might not become uninsurable, but you might. That's why you buy insurance now instead of later. Everyone here has tales of consumers who waited and then couldn't get insurance.

Plus, the cost of term insurance on young female nonsmokers isn't expensive. Getting her covered now instead of later won't mean you're spending a ton of money to cover that risk.

 

[Glassesdude]

Hi gurus, I am turning 41 this August and want to buy a Term policy. Currently I am the only income-generator for the family. So it makes sense to insure just my income. However, my wife is talking about getting a job for herself too. I am not sure how long it will take and if it will materialize or not. What is the best thing to do in this scenario? Wait till she gets a job and insure both of us together? Or get a policy for myself now and once she gets a job, get another policy for her?

Ask yourself this question. If god forbid something happened to your wife, would it have any impact on your finances or on your ability to work and earn income. If the answer is yes to either question, you should insure that risk. We all insure our health but often forget our life. All to often a death come with a mountain of health related expenses.

 

[Gooner]

Ask yourself this question. If god forbid something happened to your wife, would it have any impact on your finances or on your ability to work and earn income. If the answer is yes to either question, you should insure that risk. We all insure our health but often forget our life. All to often a death come with a mountain of health related expenses.

^^^^that^^^^. If I had a stay at he wife, I'd have a minimum of $500k in her, it's not like it's a lot of money...I figure that'd be at least 10-15 years of an Au Pair to take care of the kids.