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Recently just had our 1st child: Next up, Life insurance! Help please!
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garywi
Posted 2/3/2014 09:23 (#3658955 - in reply to #3658617)
Subject: RE: Recently just had our 1st child: Next up, Life insurance! Help please!


franksville wi		I think you need to give more info like does your wife work, do you work off farm, or what you plan to do in future. If you are the only income you need a larger policy on you as your wife will have a lot to deal with when you die. If she does not work I think you still need a policy on her because hiring someone to watch your kids is going to cost money. If she has off farm income you will need to replace her income to make sure you don't bleed the farm dry. Are you planning on more kids? If you are then figure them in. You may want a 20 year term that gets you through your kids growing up and a longer one for farm debt. If you and your brother farm together the insurance policy he has on you pays your half of the farm debt but what about the extra assets you already own in equipment? I think you need to set up an estate plan not just buy insurance.
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