I may get roasted for this....
...also this is for my Canadian boys ( Americans might be able to get it but I don’t know )
I have a 20 year whole life policy.
A whole life policy is a drastically more expensive policy which after its 20 year mark doesn't expire but actually turns into an investment.
Because I signed up at a younger age my premium was smaller compared to my husband who's was about $1000 more per year.
I pay $5500 / year which gives me a $500,000 death benefit if I die but also gives me a "forced investment" after that 20 year mark. All in all, if I don't take any more out after that 20 year mark and leave it for another 10 years ( so 30 years + my age when I started 28 = 58 ) It will be just over 1 million dollars ( oh how compound interest helps this )
If you have the funds to be able to do this I HIGHLY recommend it.
Again, its WHOLE LIFE insurance, not TERM LIFE insurance. On a side note I also have a $750,000 term life policy which I pay $250 / year.
Life insurance?
Discussion in 'Ask An Owner Operator' started by TruckerPete1990, Nov 26, 2020.
Page 2 of 2
-
-
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
-
If you calculate out the rate of return on your money, whole life is somewhere in the 1 or 2% per year range. You can make that much putting your money in a CD at the local bank. Or get an average of more than 10% just buying a Total Stock Market Index fund at Vanguard. -
I use New York Life.
-
-
I have cremation cost saved up for the wife and I. Other than that I just wing it and hope I die on someone else's dime.
With this being said I only have a house and medical payments. So i don't I don't need to leave much.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
Page 2 of 2