Future FIL is telling me we (fiance and I) need to get life insurance for her. He is saying that "we can convert to a permanent whole life plan" and she would be rated up if she tried to buy insurance. I don't know what plan she is on now, I wasn't aware she was on any--if she is, FFIL has been paying for it, or else it is through her old employer--I know she wasn't paying for that one, I think it was just a benefit (that is now gone)
Her new employer doesn't have one, since she is just temporary for now. She'll probably be permanent by December.
The plan that FFIL is talking about is $144,400 payout, for $1,850 a year. I don't know the fees or any of the terms.
Now, why would we do this? I'm 25, she's 26. I have no debt, she has student loans that will be paid off in between 6 and 24 months depending on how we decide to allocate our 401k/IRA/outside investments. No kids, but are planning on them in 2-4 years. She has a 401k valued at 1/4 of the student loans; I have about 1/3-1/2 in liquid savings of the student loans, and my retirement accounts are worth about 1.5x the student loans.
Does anyone think this could possibly be a good idea? I don't see where it makes sense for us, but I know nothing about life insurance.