Do you have critical illness insurance?

[Admiral Yi]

She has a job.  Term life insurance only makes sense if there are people dependent on your future earnings.

[Barrister]

She has a job.  Term life insurance only makes sense if there are people dependent on your future earnings.

How much life insurance should a person have, anyways?

I've got insurance for 5x my annual salary through work, a wife that works (but earns half my salary), and of course two small kids.  Is that enough?

[Admiral Yi]

No clue.

[Barrister]

Was throwing it to the floor since the topic had been raised.

[HVC]

enough to pay off your mortgage and a good chunk of your kids education (hard to forcast) seems like an ok number, but really i have no idea.

[Grey Fox]

She has a job.  Term life insurance only makes sense if there are people dependent on your future earnings.

Yes, his wife?

[Grey Fox]

She has a job.  Term life insurance only makes sense if there are people dependent on your future earnings.

How much life insurance should a person have, anyways?

I've got insurance for 5x my annual salary through work, a wife that works (but earns half my salary), and of course two small kids.  Is that enough?

Seems right.

I fear my family is fucked. I have 1 year salary + mortgage original loan.

[viper37]

None of that explains why Marti might do it.

maybe he feels unsecure wihtout insurance, maybe he's planning on getting treatments in France or Germany if he get AIDS, everyone has good reasons to insure themselves, or to not insure themselves.  In my case, it was justified.  In other cases, it might not be.

[viper37]

How much life insurance should a person have, anyways?

I've got insurance for 5x my annual salary through work, a wife that works (but earns half my salary), and of course two small kids.  Is that enough?

there's no fixed rate for that.

What you need to cover is:

• Any lingering debts (mortgage, credit cards, any kind of loans for cars, furnitures or others, etc) you may have.  Say, if you tend to buy 10 000$ a month with your credit card, you need to cover this for the people you leave behind.  You car may be paid before you die, but you will probably by a new one, so, you got to considere it.
  
• Taxes on all your investment and property.  I don't think any canadian province taxes your main estate, so usually, it's your secondary homes, real estate, pension fund, business investements, etc.  Usually, it's your... whatever the canadian equivalent of 401k that is taxable, unless transferred to your spouse.  And before your heir can touch it, they need to pay provincial and federal taxes on it, as if it was taxable income this year for you.  So you need some cash to pay for that.
  
• Any income tax left unpaid
  
• Funeral fees.  These ain't cheap.  It can be a real burden for your heirs.
  
• Once the basics are covered, the rest is extra: what do you want to leave for your spouse, your kids, your family, etc.  Take inflation into account. 
  
• When the amount needed is established, substract from this any life insurance you may already have.
  

[crazy canuck]

enough to pay off your mortgage and a good chunk of your kids education (hard to forcast) seems like an ok number, but really i have no idea.

Yeah that was my basic rule of thumb but as the mortgage dwindles into nothingness the life insurance I bought looks more and more like it will just send Mrs. CC on terrific vacations.  Which I suppose isnt a bad thing.

[Admiral Yi]

God knows she will deserve them.

[HVC]

enough to pay off your mortgage and a good chunk of your kids education (hard to forcast) seems like an ok number, but really i have no idea.

Yeah that was my basic rule of thumb but as the mortgage dwindles into nothingness the life insurance I bought looks more and more like it will just send Mrs. CC on terrific vacations.  Which I suppose isnt a bad thing.

be careful, eventually you'll hit teh tipping point where there's more benefit to a dead husband over a living one

[dps]

I will never buy this kind of insurance.

I am an office worker.  I basically do not require any physical labour, unlike many jobs out there.  And my job isn't customer-facing.  The chance of me not being able to work due to an illness is lower than average.  So if I buy the insurance, I will be subsidising other folks. 

At least over here, long-term disability insurance obviously takes into consideration what kind of job you have. So you would get the standard rate for office workers, not the one shared with manual laborers.

Over here, critical illness insurance usually isn't sold separately. 

It's been pointed out before in this thread, but critical illness insurance and long-term disability insurance aren't the same thing.

[Monoriu]

No, it's courage.

When you croak on that treadmill of yours. She'll be left with only savings & a mortgage she can't afford.

Courage.

Are you sure about that 

[Monoriu]

How much life insurance should a person have, anyways?

I've got insurance for 5x my annual salary through work, a wife that works (but earns half my salary), and of course two small kids.  Is that enough?

None here.  Never have, never will.  If I die, my wife will face the full financial consequences by herself.  I'll say the same even if I have a kid.