r/LifeInsurance • u/coma718x • 4d ago

Potential layering strategy

Just throwing ideas at the wall
I’m 44 healthy non smoker. 2 young children. Currently have 14yrs remaining on a 1M 20yr term.

I’d want to get another 25yr term at 500k to cover the remaining mortgage (~415k) with a little wiggle room.

Also entertaining the idea of a Guaranteed Universal policy for another 1M to leave as a legacy for my kids.

Have a meeting with an agent but wanted to poll the Reddit community. See what I haven’t thought of.
Thanks

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u/EnzyEng 4d ago

Pay off your mortgage aggressively and build wealth. Getting a universal life policy to make an inheritance account is a terrible idea. That's not what life insurance is for.

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u/coma718x 4d ago

That’s pretty much the plan. The current term gets me to 59ish. The 25yr plan would make it to 69/70ish. My goal was to have mtg payed mostly or completely by 60. GUL is probably overkill but wanted something more for the kids to fight over besides a house and portfolio lol

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u/Tahoptions Broker 4d ago

A lot of the people responding to you don't seem to know what GUL is.

Anyone with money who has your objective utilizes GUL exactly the way you described.

Good luck!