So might be time to consider to stop using it… If you die tomorrow that’s dozens of years of income that your spouse and child miss out on.Įdit: also you will be paying much higher rates due to your tobacco usage. The financial loss isn’t just funeral and burial either. The reason we buy life insurance is so that our dependents do not see ANY financial loss if we pass away. Ask yourself and family the tough financial questions. “If you die tomorrow how long will your spouse need your income to maintain the same standard of living and not see a financial loss?” Add that amount to your income replacement. Your son is 8 so they’ll likely be financially dependent on you for the next 12-15 years. As for the face amount, take your income and multiply it by however long your financial obligations call for. You’ll lock in the best price over the longest time period of time. Buy the longest term length (usually that’s 30 yrs). Your situation definitely calls for term. Term is by and large the same product everywhere.Ĭhoosing the term and face amount can be difficult so I would definitely suggest talking with a broker so they can assess your complete financial needs. They tend to steer you towards Brighthouse for coverage.
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