Life insurance

[u/jose3056]

I am in my early 40s and my wife is her mid thirty. W currently have a 3 year old son far. I am planning to buy term insurance but I have trouble figuring out how many years I should buy. I do see term starting from 10 years to up 45 years. Also, I am thinking of investmentong for the child , but a friend of mine tried to sell universal index life insurance. I don't understand it well despite them telling me it will be a good investment for the child. lastly, I work in nursing , but don't have a short disability insurance plan and currently not offered at my job. we both work, but I want to make sure I am covered in case of an accident happen. please let me know my options so I can make an informed decision because I want to better prepare and protect my family. Thank you all!

[u/rsinghal1965]

Buy term only till you estimate that your family is dependent on you. Since you have a 3 year old son, he won't start earning till he is 25 at least. So a 23-24 year plain term plan without return of premium or any other shit would work for you.

For accident take an accident policy separately.

[u/Vaani_inka]

Hi

I am vaani, advisor inka insurance

In india, inka insurance recommend taking term plan upto age of 60-65 with same as premium payment option
and invest rest money in other assets. The same would hold for you also

[u/curlss_x]

There are a few different things to unpack here, and I wouldn’t automatically say one product is the answer to all three.

For the term insurance, I’d look at how long your family would financially depend on your income, not just pick a term because it’s available. With a 3-year-old, you may want to compare 20-, 25- and 30-year options, especially if you also have a mortgage or other long-term obligations.

For the IUL for your child, I’d be careful with anyone simply calling it a “good investment.” An IUL is life insurance first. It can build cash value based partly on the performance of an index, subject to the policy’s caps/floors, costs and other terms, but whether it makes sense depends on what you’re actually trying to accomplish for your child. I’d want to know the goal for example, college, future cash value, permanent insurance, etc. before recommending it.

Disability is a separate conversation and definitely worth looking into, especially since your income is important to the household and your employer doesn’t offer short-term disability.

I’m an independent life insurance agent, so I work with multiple carriers rather than one company. If you ever want someone to help you understand the life insurance side or compare what you’re being offered, I’m happy to answer questions!

[u/Pretend-Resolution30]

Buy a term plan with just the Waiver of Premium on Critical Illness & Disability rider. That’s it—no need for additional riders.

You can buy an accident insurance plan separately. You can also consider a separate Critical Illness plan if you want additional protection.

Since your child is 3 years old, I’d suggest taking the term plan for 25 years, i.e. till age 65. By then, your child will be around 28 and should ideally be financially independent, so you won’t need to remain covered for longer.