New baby and we both need insurance

[Carbtree]

We have a new baby and we both need to be insured. Is it possible to purchase a life insurance policy without spending lots of money?

[jpg7n16]

Yes. Get a 20-30yr term policy for 10-12x your income.

[MonkeyMama]

Depends on how you define "lots of money."

Term insurance is generally very reasonable. We pay $500 per YEAR for $1 million coverage.

A shorter term and lower dollar amount will cost less. Just don't go too short - policies increase with age and as medical conditions develop. The younger you are, the cheaper insurance will be.

[JoshuaHeckathorn]

I agree...go the term route and don't let any salesperson talk you into using insurance as an investment vehicle.

I have a new baby on the way too, and I just received a quote for a 30-yr term policy for $1M in coverage that will cost $80/month. I have a father that passed away from cancer in his early 50s, so I'm considered higher-risk too. Good luck!

[JohnSaveOn]

These are great points! Do not let a broker talk you into paying for whole life insurance. For most people, it is far too expensive, and term life insurance policies will give you comparable coverage, at fractions of the cost. I agree with MonkeyMama, you are better off going longer than you need rather than shorter, as your rates will be higher when you extend your term.

[savana]

One should stick to term policy as they dont have to pay much and they can easily afford the premiums. I have seen any companies, suggesting for whole life insurance due to many things that are included and premiums that are maximum but, it is better to choose term policy insurance.

[mikebanker]

find a job that will help you with insurance..otherwise..it's expensive!

[TraderSmits69]

Agree, term is the cheapest and best way to go.