How much do you pay for life insurance and ages?

[Goldy1]

Me and dh just signed with AAA life insurance. Our coverage starts on MArch 1. They are charing about $26 for me monthly(33 y/o non smoker preferred) and about $46 a month for my husband(preferred non smoker 38 y/o)(seems a bit pricey to me)
This coverage is for 250K 30 year term each.

We also applied with ing life insurance. I am going to hear any day now if we get approved for them. The rates were cheaper for same coverage. I signed with AAA as my back up in case ing denies us. I plan to cancel my AAA coverage and sign with ING if I get approved.

[jIM_Ohio]

that does appear expensive

**edit** I was in a hurry when I typed above... we pay $60/mo combined (probably $58) for 500k on me and 500k on wife (ages 36-34).

Find an agent (not an agency, but an agent) which can shop for best rates.

[tripods68]

Mine cost $657 a year (pay lump) @ age 40 $500K coverage.
DH $650K (6 times her salary MAX) under group coverage through work $15per pay period.

[noppenbd]

For me, $750K, 25 yr level term policy, obtained at age 31 (preferred best non-tobacco rating), costs $562 a year. I pay $.75 a year per $1000 of coverage (compared to $2.21 for your husband's policy with AAA).

For my wife, $400K, 25 yr level term, obtained at age 30 (PBNT), costs $268 a year. That's $.67 a year per $1K (compared to $1.25 for your policy with AAA).

Granted the 30-yr vs 25-yr will cost more, and you are both older, but it does seem like you can get a better deal if you shop around. I would not take it lightly because you could theoretically have the policy for 30 years, and those premiums add up fast.

[MonkeyMama]

We pay $500/year for $ 1mil (2 policies, $500k/each).

30 year term - we are 31/32 but we locked in the rate in our 20s. Not through employer or anything.

I also pay in the ballpark of $100/year for an additional $200k on my spouse. Through my professional association - term - renews annually. I don't expect we will renew this in our 40s when rates rise though. Just is a nice cheap supplement while my spouse does not work. (Yes, these rates rise annually but they rise astronomically once you hit 40!)

I've been curious what others pay too. I keep hearing rates have gone down, but that doesn't seem to compensate for how cheap we got these policies in our 20s.

I got an advertisement from AAA life insurance recently and it was considerably more than we pay.

[Goldy1]

jim I think before you said you have 20 year term. If we buy that, it will go down less. Yes, I won't need it NEAR as much after 20 yrs, BUT I won't get it cheaper after 20 years and that's more likely when it would pay out (knock on wood)

[Goldy1]

ps
the insurance goes up with each year in age too!
I will post my ing rates when I Get thier answer.

[noppenbd]

Originally Posted by Goldy1

jim I think before you said you have 20 year term. If we buy that, it will go down less. Yes, I won't need it NEAR as much after 20 yrs, BUT I won't get it cheaper after 20 years and that's more likely when it would pay out (knock on wood)

You should not buy life insurance based on when you think it will pay out. You should buy it based on when you will need it to replace lost income. The insurance companies have worked out the odds of you dying and they are going to make money on average. Which means every life insurance policy loses money for the insured, on average. So you should buy the shortest policy which fits your situation. Meaning at the end of the term period you should plan to be "self-insured".

[JinCO]

We pay $32 for me for a 20 year term (32 years old - super prefered non-smoking), and $36 for my wife (32 years old - prefered non-smoking through state farm. We signed up for the policy about 6-months ago. I forgot to mention they are each $500K policies.

[Goldy1]

wow jinco, I think your rate is good. I got some paperwork from state farm, but didn't apply there(just appled for aaa and ing) the state farm's tenative quotes were a lot higher than my AAA rates.

WE both got pref non smoker, not super. My dh has a totally clean medical record(no meds or dx's) However, he got kicked out of super merely b/c his FATHER had heart diease onset before 55(which was due a lot ot lifestyle ie smoking and diet) but they still held it against him! They aksed me a boatload of family history questions.
I disclosed everything honestly, but I suppose not all people would.

This decision was hard for me. I had a lvery ong ongoing conversation here about whether to go with term or return of premium and everyone recomended term.

[Goldy1]

looked at my rates here and 20 yr appears to cost about 40% less than 30 year term.

[isthisused]

Originally Posted by Goldy1

Me and dh just signed with AAA life insurance. Our coverage starts on MArch 1. They are charing about $26 for me monthly(33 y/o non smoker preferred) and about $46 a month for my husband(preferred non smoker 38 y/o)(seems a bit pricey to me)
This coverage is for 250K 30 year term each.

We also applied with ing life insurance. I am going to hear any day now if we get approved for them. The rates were cheaper for same coverage. I signed with AAA as my back up in case ing denies us. I plan to cancel my AAA coverage and sign with ING if I get approved.

I went through selectquote and got $500,000 15 year level term for a couple dollars more than your husband. I am 40years old. I am curious why you would get such a long term with such little coverage.

I should ad that I got that with diabetes and heart disease on both parents and my own history of drug and alcohol abuse.

[creditcardfree]

I would probably consider term insurance. Do you have kids? In twenty years they will be mostly self sufficient and you may have more savings to fall back on at that point.

I pay $295 for $250K. I bought this 8 years ago.

[Goldy1]

I know 250K isn't relatively " a lot" of insurance but we are not in the high income bracket and our house is almost paid off now in our 30's. I also don't live high on the hog, and I don't want to pay for a lot of insurance, just want something sufficient to be enough to make a difference.
I have one child on the way which I plan to be my last so really I could get by with a 20 yr term I suppose. I just feel secure with a 30 yr policy b/c after a few years as we age insurance will go up monthly.

[Ima saver]

I will be truthful. I have never had life insurance and neither has my husband, except for a short time. we are taking the money and saving it to self insure ourselves.

[Goldy1]

For years we were buying life insurance thru ING group thru my dh's employer. It was 100K on him and a mere 50K rider for myself. WE were paying about $10 a week for that. We had no idea it was cheaper to get it on our own than thru group if we applied(we could have gotten it in our 20's or his early 30's)

[coreys]

Originally Posted by Goldy1

Me and dh just signed with AAA life insurance. Our coverage starts on MArch 1. They are charing about $26 for me monthly(33 y/o non smoker preferred) and about $46 a month for my husband(preferred non smoker 38 y/o)(seems a bit pricey to me)
This coverage is for 250K 30 year term each.

We also applied with ing life insurance. I am going to hear any day now if we get approved for them. The rates were cheaper for same coverage. I signed with AAA as my back up in case ing denies us. I plan to cancel my AAA coverage and sign with ING if I get approved.

Hi Goldy1, First off, congrats on making the decision to get your own policy outside of work. It is truly amazing how much more you can overpay for these things (especially if you are in good health like yourself). I don't know if I am going to get in trouble for doing this--but I am independent life insurance agent so I took the liberty of running a quick quote for you.

For yourself--30 year $250,000 $21.22/mo through Banner Life (A+ company)
For your husband, 30 year $250,000 $31.50/mo through West Coast Life (A+ rating as well).

Both rates are for the preferred underwriting class. Let me know if I can be of any further assistance. Good luck!

-Corey
The Term Life Shop