Some people think I am crazy for having $2,500,000 of life insurance. I think you are insane not to.
You see, I want my wife to remember me when I die. I know that leaving $2,500,000 is the answer. 🙂 I am just kidding, but what better way can you say I love you than make sure your family never has to worry about paying the bills after you die.
Over the next 40 years, I will make at least $4,000,000 in income. Probably higher.
I think living off a minimum $100,000 year is a comfortable life. That means I need to have $2,500,000. Let me show you some math based on earning 4%.
$2,500,000 for 20 years – $15,000 month
$2,500,000 for 30 years – $11,800 month
$2,500,000 for 40 years – $10,300 month
$2,500,000 for 50 years – $9.500 month
You see $2,500,000 isn’t even that much money. After doing this calculation, I probably should have even more. 🙂
I certainly don’t want to rely on the government to take care of my family. They don’t have any money anyways, have you seen the national debt.
Life Insurance is tax-free baby! That means the $2,500,000 is going into my wife’s pocket, not Uncle Sams.
Guys, even after buying this policy your wife still wants you around. My wife doesn’t want me to do anything dangerous. My response is always the same, “If I die you will be $2,500,000 richer, what are you worried about?”. Then she gets mad at me.
Although we don’t have any children yet, we are planning on starting a family soon. I think the best time to buy life insurance is before you have a family. What happens if I die while she is pregnant?
Life Insurance is cheap! There is no good reason to wait.
Many people I speak with want just enough life insurance. Let me ask you a question, do you want just enough money?
Heck no, and your spouse doesn’t want just enough money either. So stop being cheap and buy a little extra coverage so your family can thrive.
My wife is successful. She makes 6 figures and is one of the smartest people I know. But when she has children, she doesn’t want to work, and I am okay with that. I am more concerned about the things she can’t control. What if she becomes disabled? Nothing in life is guaranteed, and even though I know she could work, I don’t want her to need to work.
There is also no guarantee that she will remarry. So don’t just hope someone is going to provide for her.
I want her biggest problem to be what she does with the extra money. Maybe she can donate the extra money to charities. That would be awesome and something I would be proud of!
I am not afraid to die. I know that my family will be taken care of.
If you want to know how much $2,500,000 costs you can compare rates here.