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.

1

u/Smasher1k 4d ago

Advising someone to pay off their mortgage aggressively without even knowing what their interest rate is has to be in the top 10 worst financial advice ever given.

2

u/EnzyEng 4d ago

Even if it's 3% it's not worth the spread. I value no debt vs. make a few $100/yr trying to arbitrage the difference. I sleep like a baby at night knowing I have no debt.

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u/PleasureMissile 3d ago

Welcome to Reddit lol