Life Insurance

[LivingAlmostLarge]

Who do you have your life insurance with? How did you find them? What do you pay for how much and how long? Where should I start shopping for life insurance and how much do I need?

I am a student my DH makes the bulk of the income. He gets 2.5x from work and LTD.

[zetta]

Dh gets something like 1.5x salary as a benefit from work.

We're both engineers, and so are eligible for a professional organization called IEEE. I got a few quotes from major insurance names and esurance.com, and IEEE had by far the best rates.

We each have a $500k policy, and pay about $150 total every six months. Also have to pay the IEEE membership of $180 per year. DH didn't want to take insurance out on me until I told him it was really to protect DS in case both of us were in a car accident at the same time.

[Joan.of.the.Arch]

We no longer have life insurance. (Child grown, future income secure) When we had it, it was through a professional organization. His profession is statistically long lived so insurance through the professional group was a good deal. Insurance was available for the both of us that way.

[atomicrc11]

Zetta, what is the term of your policy and when did you buy it? It really means nothing without that information. Also, your health will be a big factor. This year term rates actually are increasing for the first time in a long time. Your premium of about $480 (including the IEEE membership which I assume is required) would be great for a 30 year term but horrible for a 10 year term.

I have a policy that is a 20 year term for $750k for $500/year. I am in best rate class due to good health. You will also want to make sure you can renew at the end of your term without a new health exam, as your health may have drastically changed by then.

[MonkeyMama]

We bought our insurance from an insurance broker friend in our 20s. IT was a far better deal than whatever we had prior (through professional association).

30-year-term (because so young). We pay $500/year for $1 mil coverage, between the 2 of us. (Cheap cost because age and health at the time). Not sure if it was the best deal then, but certainly couldn't find anything better now that we are in our 30s, today.

BEcause we get good rates from my professional association, and it's simple, I have added a little more insurance (renews annually - term) the last couple of years. I will probably drop it once dh returns to work or we are further ahead financially. I'd only consider it as a supplement, since it is not a long-term policy. We pay maybe $100 per year for another $200k there.

LAL - to add to what zetta said - I don't think my dh really needs to be insured $500k - for me. I'd probably be okay with no insurance on him. BUT, our children's guardians have 2 kids and live in a small 2-bedroom home in a HCOLA. They would need the $500k to upgrade to a decent sized home, etc. if they had to care for our kids too. No life insurance agent brought up this angle - but you really do need to consider the needs of your kids if something happens to both of you. We insured a little extra considering this unique situation for us.

[LivingAlmostLarge]

My DH's professional insurance is $192/year for 1 million for him or me. It is auto-renewing unless he stops being a member in which case, we have 31 days to convert to a set rate.

[maryannsms]

I consider buying a life insurance with a whole policy this will allow me to have a cash value. This insurance will cover you for the rest of your life and it will have a higher premium than term insurance. The good thing is, though, if you get into a financial crisis situation you can use your policies cash value to help get you out of it by cashing it in. This will also provide your family with a higher payout in order to help them live comfortably after you pass.

[LivingAlmostLarge]

Why would you pay more for insurance cash value? I've never heard anything positive about it.

[tripods68]

I pay $657 a year for 20 year level Term $500K. I got that through online select quotes. DW pays about $530 a year for same amount through her work.

[Like2Plan]

Who do you have your life insurance with? How did you find them? What do you pay for how much and how long? Where should I start shopping for life insurance and how much do I need?

I am a student my DH makes the bulk of the income. He gets 2.5x from work and LTD.

LAL,
You need ins so that your spouse/child do not have to make immediate monetary life style adjustments due to your unexpected passing....

What does that mean? If one spouse died unexpectedly, would you have to sell your house and move immediately because you couldn't cover the expense of the house? Would the surviving spouse have enough to cover childcare? et'c.

I have group ins with my employer and also an outside individual policy I found through my union. DH has group ins through his employer and an individual policy through his credit union.

[Goldy1]

WE have one child. We have 250 K. Mortgage is almost paid off. It would be enough for me to go some years without working full time. No, I wouldn't be set for life but it would be cushion. (heaven forbid) I am so happy we got some though.
I just got the insurance after I had the child.
ING was the best rate for us over the few I checked.