Looking to get life insurance for me and my husband. Just looking to get different ideas on plans and premiums. Thanks
There are a lot of choices out there. I would suggest getting "term" and make it last until the time your kids are out of college or you retire. This way, the survivors are covered for the time it takes to get everybody established in life. The sooner you do it, the better your rates will be.
Just finished doing the shopping as well. There are a lot of different options out there from Term to VOL. It all depends on the financial position you are in at this time and what you want to do with it. If you want to know what I found out, you can always PM me and we can talk about it. I just went through the pain of shopping, why make two of us.
My work provides decent life insurance but I recently upgraded with a second policy from Beneficial Life. 500k on me w/ a 300k writer on the Mrs. 20yr term (the kids will be grown and on their own) Both late 30's, decent health, non-smokers $220 per Qtr
I'm also searching and can say this - get the longest policy possible. When I was 25, I was like...40 - that's so far off. Well, now I'm there and the policies are much more expensive.
I carry a lot of insurance thru State Farm and almost fell over at their quotes - 3 times more expensive than most companies you can find at www.insure.com.. I'm going to stick witha term policy from one of the companies which specialize in life.
We have Primerica (sp?) $500k on both the wife and I. This is a stand alone policy as were self employed.
22 year - Term. (Two additional years for the 20 year rate so I took it)
$158 mo. for the both of us.
The goal here is same as posted above. We have small kids... and this policy takes us into our low 60's so I sure hope were in good enough $$$ shape by then.
Through my research (in my opinion) I have found that the best way to go would be Term.
But most agents will really push the others (Whole life, Universal Life and Variable Universal Life, Equity Index). These sound good such as "You can build cash value and borrow against it if you needed to". Great, killing to birds with one stone, NOT! Because in the first 1-3 years you earn nothing, it is all going to the Agents commission. Plus the cash value would only be about 2-4% rate of return. But inflation is 4%. And then if you borrow against it they will charge you 6-8% to borrow your own money. So now it is costing you more then it is benefiting you.
If you go with Term, your main reason would be to cover the survivors, right?
Term is cheeper, it gets the job done. With the money that you save you can invest it in a mutual fund like I did.
I have a great Agent if you want, PM me and I can give you his info.
I had a ton of insurance on the husband and myself, because that is what an agent told me I needed in order to cover my survivors. But this new agent reviewed everything, educated me on a few things and then turned it into an investment for us. I was used to paying a certian amount each moneth so we cut it in half and then started paying the balance towards a Mutual fund.
My family is covered plus I am saving money per month and investing all at once for the less then what I was paying before.
It turned out to be win, win for us.
Oh and just make sure that you aare with a great company. From what I have found out, there are a bunch of loop holes that companies have. So beware.
I hope this helps.
Get a good agent, it won't cost you any more. Ask about second to die. There are lots of tax situations to be considered...
Linette,
Just let me know when Dean's policy is in effect and I'll take care of things for you for half the pay-off...
I got a real nice 20 yr term deal through AAA Life.
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