Did I spend too much on Term Life Insurance? I recently bought a policy for $650K term life policy from Pacific Life for $4272.33 / year (356/mo.). I think the general rule is 10X annual salary?
I have been denied term life insurance previously because of not great health. I'm not in terrible health (no chronic incapacities) but overweight BMI = Obese 36, High Blood Pressure, Cholesterol High (both normal / controlled through medication), and Sleep Apnea. I bought it because I was glad, I was offered and know I am in not great health and wanted to have more insurance coverage for my wife and child despite it being fairly expensive. I was thinking hopefully that if I improve my health, I could reapply in a year or so and improve the costs.
Background for context:
Current Life Insurance on Me: 162K thru Work, Group AAA Policy 200k = 362K
Family info:
Wife, 42 years old. (Stays at home), 2-year-old daughter
My Age: 49 years old
Annual Salary = 92k/yr (One Income currently)
Monthly Expenses: We are slightly operating in the red but often with gift, surprises, extra we break even.
Financial Info:
Net worth: 302K
Spending / Short Term Goals Accounts: 26K
Emergency Savings: 61K
Retirement Savings (TDF): Approx. - 215K with monthly contributions of 10% of salary
I have been denied term life insurance previously because of not great health. I'm not in terrible health (no chronic incapacities) but overweight BMI = Obese 36, High Blood Pressure, Cholesterol High (both normal / controlled through medication), and Sleep Apnea. I bought it because I was glad, I was offered and know I am in not great health and wanted to have more insurance coverage for my wife and child despite it being fairly expensive. I was thinking hopefully that if I improve my health, I could reapply in a year or so and improve the costs.
Background for context:
Current Life Insurance on Me: 162K thru Work, Group AAA Policy 200k = 362K
Family info:
Wife, 42 years old. (Stays at home), 2-year-old daughter
My Age: 49 years old
Annual Salary = 92k/yr (One Income currently)
Monthly Expenses: We are slightly operating in the red but often with gift, surprises, extra we break even.
Financial Info:
Net worth: 302K
Spending / Short Term Goals Accounts: 26K
Emergency Savings: 61K
Retirement Savings (TDF): Approx. - 215K with monthly contributions of 10% of salary
Statistics: Posted by mew — Fri May 08, 2026 12:07 pm — Replies 0 — Views 3
