In article <1154779543.291844.59370[at]h48g2000cwc.googlegroups.com> , "woessner[at]gmail.com" <woessner[at]gmail.com> wrote:

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For me, I want the kids to take care of themselves as soon as possible. I
would opt for a 10-year level term policy. That provides coverage until the
16 yo is 26. Of course, you could stop renewing the policy once he/she hits
21.

"Piggy" <pigglywiggly711[at]yahoo.com> wrote in message
news:1154739019.232496.206580[at]i3g2000cwc.googlegroups.com...
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of Term vs. Permanent Life Insurance. Having been in the Life Insurance
industry for the past 43 years, I have generally opted for Permanent Life
Insurance, for MOST people, because "generally speaking" the NEED
for life insurance continues, whereas Term Insurance,(by the very nature
of its name), had a TERMINATION point.

However in your case, you DID provide a quantity of information as to
your "probable" needs. Based on the ages of the children, the youngest
being 16, and the fact that you are working for the government, there
appears
to be a rather short period of NEED.

It would appear that a Fifteen or Twenty Year Term policy would serve you
well.
It will provide $$$$ for the rearing of the last child (the other two should
be on their
own within a few years) PLUS an amount to help out your GRANDCHILDREN.
The amount required does not really entail a formulae, but rather a
GUESTIMATE
on what YOU think they might need in the event of your death.

Cal Lester CLU

Piggy wrote:
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I have a pretty cut-and-dry view on life insurance. In my opinion,
life insurance is for insuring your life. It is not for retirement
planning or any other kind of investing. There are other, better
vehicles for retirement planning.

Therefore, I only advise people to look for term life insurance. Term
life insurance is cheap and it does exactly what you need it to do:
take care of your dependents in case of your untimely death. So the
next question to ask is: How much insurance do I need?

In that respect, everyone's situation is different. If you're looking
for total income replacement, you can model it with a pretty simple
formula:

I = S * (1 - exp(-r * t)) / (1 - exp(-r))

where I is the amount of insurance you need, S is your current salary,
r is the real (after-inflation) rate of return and t is how long you
plan to continue working in years.

In your case, you said your salary is $50K and you're 42. If you plan
on working until your full retirement age (67), you've got 25 years to
go. As for the rate of return, 6.5% is a good starting point. That's
10% return and 3.5% inflation. Let's see what we get!

I = 50000 * (1 - exp(-.065 * 25)) / (1 - exp(-.065))
= 638054.9

One last word of advice: Be sure you SHOP AROUND for term life
insurance. Rates vary pretty wildly from place to place and you can
save a bundle by spending a little time shopping around. Also, if
you're a USAA member, be sure to get a quote from them. Their rates
are extremely competitive.

--Bill

greetings

i am a 42-year-old healthy mother of 3 (16, 22 and 25) with 2
grandchildren (actually 1 7-yrs old and one is on the way). i have a
govt job and gross approx 50K. i rent an apt but am planning to buy my
first house within the year. no major debts. i really want to get a
life insurance policy to ensure the security of my children and my
domestic partner but am very unsure about what i should be looking for,
what would best suit me at this stage in my life, etc. any feedback
would be greatly appreciated!