Do I Need Life Insurance
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 7 May 2019
⏱️ 7 minutes
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Summary
So often you'll hear me recommend basic term life insurance. It's almost always the right call when there's a need for basic, cheap insurance. But what happens when the term is about to end? Do you still need the coverage? Should you renew? That's the discussion with Greg from Minnesota.
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Call of the Week. We're presented by Marcus by |
| 0:07.8 | Goldman Sachs. If you want to get on the air with us, you have a question, it could |
| 0:11.5 | be about retirement, it could be about paying off student loan debt maybe it's a refi question |
| 0:16.4 | send us an email all you have to do ask Jill at Jill on money.com will get you on the air. You know, we may not respond immediately, but we're going to get you. |
| 0:27.6 | Okay? So this is Greg from Minnesota who has contacted us with I think really good questions so |
| 0:35.3 | Greg welcome to the program what can we do for you well thanks for having me |
| 0:40.5 | Joe I've got a situation where I'm 58 my wife is a 49 we don't have any month to month |
| 0:50.0 | that our house is paid for and we currently have between 1.5 and 1.75 million in |
| 0:58.8 | savings and retirement accounts. Great. I've got two kids, one is in college first year and one is a |
| 1:07.8 | junior in high school. We've got 529 accounts for both of them that will pay for roughly half to two-thirds of their undergraduate tuition and I currently have two-year term life insurance policies. |
| 1:25.9 | One for me, one for my wife, those are in the amount of 500,000. |
| 1:30.6 | They will expire in November of 2020. |
| 1:36.8 | Okay. |
| 1:37.1 | And my question is, should I let those policies expire? |
| 1:41.1 | Should I renew them on an annual basis, or should I get a new policy for say maybe |
| 1:47.8 | a 10-year term? |
| 1:48.8 | Okay, let's go through a couple of other things. |
| 1:51.8 | You guys both work? work yes do you get insurance |
| 1:54.7 | through work m nominal insurance my wife gets a nominal insurance policy it's |
| 2:00.4 | probably I think of 50,000 and is there any way that you could buy more |
| 2:06.5 | insurance through work just out of curiosity? Good question I I don't know the answer to that. |
| 2:13.2 | But I'll have to investigate. |
... |
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