The Accumulator
Registered User
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- 4
Age: 32
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: EUR 82,000
Annual gross income of spouse: EUR 31,500
Monthly take-home pay: EUR 9,450
Type of employment: Private sector in Gulf country
In general, we are: Saving
Rough estimate of value of home: Not applicable
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: EUR 20,000 emergency fund in cash
Do you have a pension scheme? No
Do you own any investment or other property? EUR 104,000 investment portfolio; 75% stocks (indexes), 25% short-term government and corporate bonds, following Boglehead philosophy.
Ages of children: New born; only child, will not have any more children
Life insurance:
Obviously things are going well and we have budgeted to save EUR 70,000 this calendar year.
Our question related to the 30-year term policy...namely, do we really need this? We are already insured by our employers.
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: EUR 82,000
Annual gross income of spouse: EUR 31,500
Monthly take-home pay: EUR 9,450
Type of employment: Private sector in Gulf country
In general, we are: Saving
Rough estimate of value of home: Not applicable
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: EUR 20,000 emergency fund in cash
Do you have a pension scheme? No
Do you own any investment or other property? EUR 104,000 investment portfolio; 75% stocks (indexes), 25% short-term government and corporate bonds, following Boglehead philosophy.
Ages of children: New born; only child, will not have any more children
Life insurance:
- Two years into a 30-year term policy covering each spouse to EUR 200,000 for first death and full and partial disability. Monthly premium is 62 euros. Not inflation-linked.
- Husband is insured by employer for annual salary*4 (EUR 328,000). Husband's employer also insures wife for EUR 40,000.
- Wife's employer insures her for EUR 50,000
Our question related to the 30-year term policy...namely, do we really need this? We are already insured by our employers.