Question: My wife and I are expecting our first child. The lady we bought our auto insurance from is suggesting a whole life policy for $100,000. Is that enough coverage? Too much? Is this the right kind of policy?
Answer: A $100,000 policy should be fine, as long as you don’t plan on staying dead for long. Otherwise, you may want to reconsider.
Do some “back of the envelope” math. Suppose you now earn $40,000 in your job. Whether your wife works or not, I assume your $40,000 is pretty important to your family’s income.
Not many people know that the president of the largest association of business and industry in Louisiana grew up in a union household. My dad was a member of the firefighters’ branch of the AFL-CIO for over 30 years.
He grew up poor, was very blue collar, was a darned good firefighter (retired as assistant chief), and felt for years that the ordinary working man deserved the representation that came from affiliation with a union. I remember gatherings in my home in my early years where my dad and my uncles who belonged to private-sector unions extolled the power of organized labor and its special place in the fabric of a rising middle class.