If i die right now my son and wife will receive a little over 50,000 dollars each, is that considered a good and substantial life insurance?

  • by karmacnak
  • Jul 07,2018
  • 7 answers

If i die right now my son and wife will receive a little over 50,000 dollars each, is that considered a good and substantial life insurance?


LIKE OR DISLIKE:

  

Insurance Answers (7)

Best answer

Janet 4 months ago

Not really.
That is one year's salary for each. On a $50,000 annual salary, you just barely make ends meet.
It is not even enough for your widow to get education/training that will provide for her and your son comfortably once the life insurance has run out.

Help others find the most helpful reviews
Was this review helpful to you?  

Carlos K 4 months ago

Maybe, if your son is an independent grownup.
The cost of raising a child has increased in the last year, according to a report from the Department of Agriculture. For a middle-income family to raise a child born in 2015 through the age of 17, the cost of rearing a child has hit $233,610, according to the report.

Help others find the most helpful reviews
Was this review helpful to you?  

Another Crone 4 months ago

The life insurance that one can actually afford to pay for is the right amount. Sometimes, the person insured isn't the one who passes first.

Help others find the most helpful reviews
Was this review helpful to you?  

a Guy bein a Guy 4 months ago

If you are over 60 life insurance gets very pricey.
The purpose is to replace your income not create an estate. So yes its enough.

Help others find the most helpful reviews
Was this review helpful to you?  

i + i 4 months ago

"Good"? Yes, good enough.
"Substantial"? That depends
on lifestyles and expectations.

Help others find the most helpful reviews
Was this review helpful to you?  

Unaware_Valuables 4 months ago

No. 50,000 is barely enough for one year without you. Increase it to at least 250,000 so the house and college is paid for.

Help others find the most helpful reviews
Was this review helpful to you?  

x 4 months ago

better than you
- stauy li'e while

Help others find the most helpful reviews
Was this review helpful to you?  

Post a Answer

Your comment was successfully posted!

Or use your account on Blog

Error message here!

Hide Error message here!

Forgot your password?

Or register your new account on Blog

Error message here!

Error message here!

Hide Error message here!

Lost your password? Please enter your email address. You will receive a link to create a new password.

Error message here!

Back to log-in

Close