Insure your life to protect your legacy

One of the hardest things to do when your young is to think about when and if you will die. Let face it death is undefeated.

On the path to financial independence we are always looking for ways to optimize spending and make purposeful purchases.  It can be difficult to make a purchase that may provide peace of mind for you and security for your family in the future.

I'm currently in the process of getting Term Life insurance for myself and my wife.  My work provides life insurance one times my annual salary as well as optional additional term life.  This is pretty typical for most large W2 companies.  On my path to FI I still need security for my family until I reach my number to FI. Once I reach FI it will act as life insurance for my family.

Honestly the life insurance stuff is confusing and so many different ways to go.  I'm not going to go into Term vs Whole life.  Usually most people say go Term and Whole life is not worth it and board line a scam.  Their are sites that compare allot of different companies.  This is a great place to start, but if you know some people in the insurance game just ask them questions on what they recommend.  I decided to go with a 15 year with about 10 times my annual salary. This is around the usual recommendations most sites and people tend to go with.  This works for the FI community once you start your path, because it can cover the path to FI as well as give a buffer.

The last thing to think about its a Will.  If you are trying to protect your family encase of your untimely demise you want to make sure everything you have goes to the right place and is used the way you intended.  It is important it goes where you want and the state doesn't get to decide.

A Will is a very difficult thing to do.  Trying to figure out all the different ways you could get hurt or die and all the different situations that follow. 

Best of luck on these grownup decisions.