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 Expert
Posts: 2128
  
| I am hoping you guys woudnt mind sharing some information with me on your life insurance policies. My husband and I are currently researching in order to get one for ourselves should the unthinkable ever happen. What company do you use, how much is it per month, how much are you insured for? Also since age can be a factor if you wouldnt mind stating your age range ( I wouldnt ask anyone to state exact :)
Anything you think I should know? P.S. We are both between the ages of 27 and 32. Both are in good health.
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  That's White "Man" to You
Posts: 5515
 
| My wife and I each have two 30 year term policies for $500,000 each (so each is insured for $1M). We each have one with Metlife and one with American National. Met life cost $19/mo for each policy, Am National cost $27/mo for each of us. I'm 31, wife is 27. I have a couple of additional BOLI polices through work but those aren't really comparable to most. We don't drink, or use tobacco, are in excellent health and live in Utah. I hope this give you a starting point for comparison.
Edited by Whiteboy 2016-05-25 1:48 PM
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 Undercover Amish Mafia Member
Posts: 9991
Location: Kansas | 25 - Farm Bureau $100,000 and I have another $50,000 policy through my employer. Employer is like $2 something a paycheck, and a little over $30 with FB.
My daughter will be 4, and I have a LI policy on her as well. I believe her's is $50,000 through Farm bureau as well and it's $11.50 per month.
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 Expert
Posts: 1718
Location: Southeast Louisiana | I don't know a whole lot about it, but I know that you can get it cheaper at your age and lock in the rate. It wasn't something that was very important to me, so I just had a 10k policy to cover final expenses. Until I had a baby (I was 42 when he was born). So, I got a bigger policy. It was more expensive and I had to have a health exam. No big deal, really. But, if you wait too long to get it, and one of you develops a serious health condition, it can be very expensive to impossible to get. Do an Internet search for whole life vs term life. I know insurance companies like to push whole life because it makes them more money. There are some rare times when whole life would be better, but overall term is the better choice. My mortgage should be paid off in thirty years (when the coverage ends) and I should have enough in savings to cover final expenses. The insurance I do have is so my husband and son won't have to be homeless if my income ends before the house is paid for. He better not go buy a **** corvette, either. I'll haunt him for sure. |
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That's White "Man" to You
Posts: 5515
| I hesitated on the health exam because of the inconvenience. They ususally send a nurse to your house and it takes about 5 mins. So my adivce is dont skimp on coverage to avoid the hassel of the exam, it is really simple. |
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 Born not Made
Posts: 2931
Location: North Dakota | Just turned 30. Hubby and I have had life insurance since we got married almost 4 years ago. Was pretty easy to get on the policy when you are young and healthy. We had to have health exams, but the nurse came right to our house and it was pretty easy. You definately want to get life insurance early, because I know many people who have pre-existing conditions who waited to get life insurance get DENIED because of their condition.
We worked with our financial advisor to come up with the amount. They take into account any debts that you may have (house, land, student loans, etc), and how that will affect the other person in the FUTURE to not have that second person's income. I think that's what a lot of people don't figure, and may underinsure themselves as a result. You lose that second person's income for a lifetime; and that makes a big difference.
We are each insured for about $750,000. Females are cheaper than males  so I pay approximately $300 for the year (split up into quarterly payments) and hubby pays about $450 a year. It is through Thrivent Financial and they do have pretty good rates when we compared them to other companies; especially for the amount we are insured.
We have a "locked in" rate right now, but there will come a point in time (I can't quite remember but I want to say it was before age 50) that we will need to re-do the policy or else your premiums will SKYROCKET at some point. Which according to our agent, is relatively easy to do once you already have the policy. It's just the people that don't pay attention, don't realize what will happen to the policy as you age and how those rates will jump up. As life goes on, you may also find you don't need as much coverage because that "lifelong earnings" of the second person isn't as much, of course as you age. So it's always good to re-evaluate what you have.
So my tip of advise is to work with a financial planner who is well versed in life insurance! Our agent was a wealth of knowledge and made the process very easy. It certainly is peace of mind to know that if something happens to one of us, the other will easily be able to pay off the house, vehicles, land, etc and not be stuck in financial hardship by themselves.
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That's White "Man" to You
Posts: 5515
| I wanted to add one more thing. In January I had a brother pass away from cancer. He had a wife and 4 kids. The oldest was 14 and the youngest was 4. He was self employed and owned a consruction company. Over several years when things were slower he dropped some of his polices thinking he still had some in effect. However the one he though he had, ended up being just an accident policy. Unfortunalty for his family cancer doesnt fit in the accident catagory. Moral of the story is make sure you know what kind of policy you have, make sure you have enough to replace the lost income, and for HELL sakes, do not cancel your life ins. policies and keep your Dish, Gym, Recreational toys. |
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 Bulls Eye
Posts: 6443
Location: Oklahoma | My dad and my brother are both brokers for life insurance. I'd be happy to put you in touch with them. My husband and I each have a one million dollar policy. We got the preferred rate which is just over $1400 a year for both of us. My husband and I are both mid thirties. We did the physical and it took about 10 minutes. Ours is locked in rate wise for 20 years. We have it through Lincoln Financial.
Like everyone is saying, you need to have enough coverage that you won't have the surviving person not be able to live the lifestyle you both are used to. We did one million each because as of September we will have 2 kids and it is important for us that should something happen to one of us, the other parent can keep the house and the kids' lives as normal as possible.
Edited by TwistedK 2016-05-25 11:44 AM
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Expert
Posts: 2128
| So many great responses so far. Thank you guys! We have a daughter and I want to make sure if something were to happen to my husband or me, the other will not have to struggle finicially. We both work to provide for our family. If one of those incomes were to be lost, it would make things difficult for the other person. I want to leave enough to pay off our mortgage, land, any debt as well as leave money for the care of my child and her college expenses. We know that within the next several years we will have to do home repairs or get a new home. I want to have money in my policy that would cover that also.
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Expert
Posts: 2128
| Whiteboy - 2016-05-25 11:37 AM I wanted to add one more thing. In January I had a brother pass away from cancer. He had a wife and 4 kids. The oldest was 14 and the youngest was 4. He was self employed and owned a consruction company. Over several years when things were slower he dropped some of his polices thinking he still had some in effect. However the one he though he had, ended up being just an accident policy. Unfortunalty for his family cancer doesnt fit in the accident catagory. Moral of the story is make sure you know what kind of policy you have, make sure you have enough to replace the lost income, and for HELL sakes, do not cancel your life ins. policies and keep your Dish, Gym, Recreational toys.
Very sorry for the loss of your brother. Thank you for sharing your tips. |
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Location: Not Where I Want to Be | Just throw this out there.
The number one biggest mistake you can make is using an agent that is a financial planner.
Never use LI is an investment.
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 Shelter Dog Lover
Posts: 10277
| My husband use to carry $750k, we had a 50K on me to cover the cost of child care if I died, I did not work. We dropped mine when the kids were older. Ours was through St Farm, husbands brother owned an agency. BIL tried to get us to buy a whole life policy on each of our kids as" an investment" I didn't want them and said no. My dad is a stock broker, he almost considers them a scam. |
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 Money Eating Baggage Owner
Posts: 9586
Location: Phoenix | I don't have a policy yet, but I listen to Dave Ramsey, trust his advice, and here's what he says:
--term life only
--get 10-12x your annual income
--Zander.com can give you rates for multiple companies
I ran my numbers through Zander a month or two ago and for a 30 year (between $500k and 800k--can't remember) it was $17-22 a month. |
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Life insurance policy..for yourself