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Life insurance


IBTG81

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Don't have enough information to answer that. But I will ask you this. If you or your wife die and the mortgage is paid off, then what? How will the survivor pay the other bills that required two incomes?

 

Thats what I want the life insurance for.

 

Not to mention by paying off the mortgage you lost your biggest tax deduction. If you're concerned about your son getting $2mill if you both die, my question is: why don't you have a trust?

 

My understanding is that if both my wife & I die and my son is the beneficiary, he will receive the life insurance amount, tax-free.

 

The objective would be if something happened to either my wife or I, the house would be paid off, there would be $1 mil to cover everything else. Should I be the one to die, it would double due to my company's insurance policy. If we both died, and we each were covered for $1 mil, there would be $2 mil for my son.

 

So, what type of policy would be best for me?

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My understanding is that if both my wife & I die and my son is the beneficiary, he will receive the life insurance amount, tax-free.

 

That is true. If you don't want him getting that much at once (he's a child, irresposible adult, whatever) that's why you have a trust. You have one don't you? If not, get one.

 

So, what type of policy would be best for me?

 

Once again, not enough information. But a combination of term and permanent is a good plan.

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I thought that you realized by now the "rules" of TSW dictate that, should you mention wife/fiance/girlfriend in a thread, you are required to post pictures of her so that we all can make wonderfully sexist comments about her looks and bra size. :lol:  :)  :angry:  :lol:  <_<

817929[/snapback]

 

She'd kill me if I post pictures, but...

 

5'7", 125lbs, long brown hair, 34 C.

 

Happy? :P

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I still think there's a possibility you're making all this up.

 

Has anyone actually seen Ed's fiancee?

817949[/snapback]

 

I really have no idea why she's with me. I landed one definately out of my league. <_<

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