Question about Life Insurance

mzballs · Jun 21st, 2008, 09:37 PM

Quick question about life insurance. I am looking to get term life insurance for myself and my DF. I am a teacher and I have low-cost "teacher" insurance policies for my auto/houses and I have requested a quote from my agent; but the problem is I don't know what the normal cost is for term life. For my own piece of mind, I need to shop around so that I can feel like I am making an informed decision not just trusting the first and only quote that I get.

Who do you have your life insurance through? How much do you carry? Do you have any helpful advice about life insurance? Any information or experience you have is greatly appreciated!

LV Luvr · Jun 21st, 2008, 10:37 PM

The ideal is 7-10x your yearly income. Shopping around is a good thing to do. We got ours off of Dave Ramseys site; there is a comparison guide somewhere. He has several links on there. I will say my DH and I are the same age but his yearly premium is higher b/c his BP was elevated when they took it. Family history also plays bigtime into what your premium will be. Best thing is to get it around 25-30 before you start having serious issues, because once they start you will have a difficult time getting it. Just eat healthy and drink plenty of fluids prior. They may have you fast so ask about that. I would fast anyways even if thye say "not necessary" b/c they will be testing cholesterol. Oh and 20 years is plenty. Don't let them talk you into any more. Good luck!

http://www.daveramsey.com/the_truth_..._3481.html.cfm

mzballs · Jun 22nd, 2008, 01:20 AM

^^^Thank you LV Luvr! Your post gave me a great reference and lots of options!

Zophie · Jun 22nd, 2008, 03:17 AM

Goodness, they actually test your cholestoral to get life insurance? And I thought getting health insurance was difficult!

Vegas Long Legs · Jun 22nd, 2008, 12:41 PM

Neither one of us has life insurance. We would be called self funded. If one of us dies, the other will have no change in income.
However you must have insurance if you have or are planning on having children. I agree, only buy term.
I just remembered our health insurance comes with a $20,000 policy. Big deal.

pidgeon92 · Jun 22nd, 2008, 10:26 PM

My husband and I got policies last year, each for $250,000. We chose that number in the hopes that it would cover medical expenses (beyond what insurance would cover) in the event of a catastrophic illness. We have seen how pancreatic cancer treatment affected my aunt after my uncle died; her bills are enormous.

We are in our late 30s, in good health with minor issues. Based on our age, current health, and family history we are paying $80 per month COMBINED for our policies.

mzballs · Jun 23rd, 2008, 02:31 AM

Quote:

Originally Posted by pidgeon92

My husband and I got policies last year, each for $250,000. We chose that number in the hopes that it would cover medical expenses (beyond what insurance would cover) in the event of a catastrophic illness. We have seen how pancreatic cancer treatment affected my aunt after my uncle died; her bills are enormous.

We are in our late 30s, in good health with minor issues. Based on our age, current health, and family history we are paying $80 per month COMBINED for our policies.

Thank you for posting. I didn't even consider medical expenses. Before we get married I am trying to get everything in order and there is so much more than I even anticipated. We were planning on "going through the drive-thru" but now we have to get the prenup, living trust, and life insurance and it has taken all the romance out of it.

May I ask, what is the term that you and your husband have? If my concern is paying off my mortgage if something should, I wonder what term I should select? I am thinking 20 year. Any thoughts?

Thank you!

Vegas Long Legs · Jun 23rd, 2008, 03:22 PM

Look into disablilty insurance (if your job doesn't offer it) . You are 3 times more likely to become disabled than die.

ImASadGiraffe · Jun 23rd, 2008, 10:24 PM

My job provides automatic life insurance for 1x your salary, if you want more you pay a specific amount per $1000 extra. My DH and I have it setup where if either one of us dies the mortgage gets paid off. We don't have any kids so it's enough to where the other person gets to stay in the house and just worry about day to day expenses.

cheweyvy · Jun 25th, 2008, 11:24 AM

Life insurance is very important and it is a necesity if you have family members that you might want to take care of if god forbid something happen to you.

My mother is a life insurance agent for New York Life and I have several policies through her. I have 2 whole life insurance which were purchased in different time period.

1st one is $150,000 policy was purchased when I was 18-yr-old before I got married. This policy is very cheap because I purchased it when I was young and non-smoker and non-alcohol drinker gets lower package. I pay roughly around $800/year.

2nd policy is $250,000 was purchased when I was 23-yr-old after I got married and had my 1st child. This policy is a bit higher in price not only because the payout is more, but also I drink occassionally. I pay roughly around $1400/year.

My advise is... get it when you're young because it is a BIG different when after you've grown older and have family to take care of... then you realized there are so many things you should've or could've done when you were younger and less liability.

Same goes to my DH.... he also has 2 policies, whole life, and the amount is slightly higher than mine just because I told him I needed extra money for purses and shoes after he passed.

j/k!!

edit: I forgot to mention that Term is not a good investment if you are planning to keep it more than 5 years. It doesn't keep any cash value in term policies.

Jun 21st, 2008, 10:37 PM	#2
LV Luvr Member Joined: Nov 2006 Posts: 1,389	The ideal is 7-10x your yearly income. Shopping around is a good thing to do. We got ours off of Dave Ramseys site; there is a comparison guide somewhere. He has several links on there. I will say my DH and I are the same age but his yearly premium is higher b/c his BP was elevated when they took it. Family history also plays bigtime into what your premium will be. Best thing is to get it around 25-30 before you start having serious issues, because once they start you will have a difficult time getting it. Just eat healthy and drink plenty of fluids prior. They may have you fast so ask about that. I would fast anyways even if thye say "not necessary" b/c they will be testing cholesterol. Oh and 20 years is plenty. Don't let them talk you into any more. Good luck! http://www.daveramsey.com/the_truth_..._3481.html.cfm __________________ WISH LIST!!!! Azur Speedy 30 - Got it! LV Black Lurex Scarf - Got it! Vernis Sunset Boulevarde in Pomme - Got it! Chanel Lambskin Flap w/sh Monogram Pink Denim Shawl Monogram Eva Something Red Epi! Gucci Black Tote Keepall 55 Monogram Toilette Juicy Earrings - Got it! Manhattan GM Diamond Accent Ring Dior Hoop Earrings Chanel Sunnies Dream Bag(s): Chanel Jumbo White Flap w/GH or Black GST w/GH! Last edited by LV Luvr; Jun 21st, 2008 at 10:41 PM.

Jun 22nd, 2008, 03:17 AM	#4
Zophie I <3 my Maltese! Joined: Feb 2007 Location: New Orleans, LA Posts: 6,577	Goodness, they actually test your cholestoral to get life insurance? And I thought getting health insurance was difficult! __________________

Jun 22nd, 2008, 12:41 PM	#5
Vegas Long Legs Member Joined: Nov 2006 Location: Las Vegas Posts: 3,109	Neither one of us has life insurance. We would be called self funded. If one of us dies, the other will have no change in income. However you must have insurance if you have or are planning on having children. I agree, only buy term. I just remembered our health insurance comes with a $20,000 policy. Big deal. __________________ Planning next voyage! Oct/Nov '08

Jun 23rd, 2008, 03:22 PM	#8
Vegas Long Legs Member Joined: Nov 2006 Location: Las Vegas Posts: 3,109	Look into disablilty insurance (if your job doesn't offer it) . You are 3 times more likely to become disabled than die. __________________ Planning next voyage! Oct/Nov '08

Jun 23rd, 2008, 10:24 PM	#9
ImASadGiraffe Twilight 11/21/08 Joined: Aug 2007 Location: IL Posts: 2,739	My job provides automatic life insurance for 1x your salary, if you want more you pay a specific amount per $1000 extra. My DH and I have it setup where if either one of us dies the mortgage gets paid off. We don't have any kids so it's enough to where the other person gets to stay in the house and just worry about day to day expenses. __________________ "If you want to be loved, be loving." - Ovid

Jun 21st, 2008, 09:37 PM	#1
mzballs Member Joined: Mar 2008 Location: LV, NV Posts: 118	Quick question about life insurance. I am looking to get term life insurance for myself and my DF. I am a teacher and I have low-cost "teacher" insurance policies for my auto/houses and I have requested a quote from my agent; but the problem is I don't know what the normal cost is for term life. For my own piece of mind, I need to shop around so that I can feel like I am making an informed decision not just trusting the first and only quote that I get. Who do you have your life insurance through? How much do you carry? Do you have any helpful advice about life insurance? Any information or experience you have is greatly appreciated!

Jun 22nd, 2008, 01:20 AM	#3
mzballs Member Joined: Mar 2008 Location: LV, NV Posts: 118	^^^Thank you LV Luvr! Your post gave me a great reference and lots of options!

Jun 22nd, 2008, 10:26 PM	#6
pidgeon92 Member Joined: Feb 2006 Location: Waukegan, IL Posts: 1,311	My husband and I got policies last year, each for $250,000. We chose that number in the hopes that it would cover medical expenses (beyond what insurance would cover) in the event of a catastrophic illness. We have seen how pancreatic cancer treatment affected my aunt after my uncle died; her bills are enormous. We are in our late 30s, in good health with minor issues. Based on our age, current health, and family history we are paying $80 per month COMBINED for our policies.

Jun 25th, 2008, 11:24 AM	#10
cheweyvy a proud mama of 2! Joined: Sep 2007 Location: NYC Girl Posts: 3,244	Life insurance is very important and it is a necesity if you have family members that you might want to take care of if god forbid something happen to you. My mother is a life insurance agent for New York Life and I have several policies through her. I have 2 whole life insurance which were purchased in different time period. 1st one is $150,000 policy was purchased when I was 18-yr-old before I got married. This policy is very cheap because I purchased it when I was young and non-smoker and non-alcohol drinker gets lower package. I pay roughly around $800/year. 2nd policy is $250,000 was purchased when I was 23-yr-old after I got married and had my 1st child. This policy is a bit higher in price not only because the payout is more, but also I drink occassionally. I pay roughly around $1400/year. My advise is... get it when you're young because it is a BIG different when after you've grown older and have family to take care of... then you realized there are so many things you should've or could've done when you were younger and less liability. Same goes to my DH.... he also has 2 policies, whole life, and the amount is slightly higher than mine just because I told him I needed extra money for purses and shoes after he passed. j/k!! edit: I forgot to mention that Term is not a good investment if you are planning to keep it more than 5 years. It doesn't keep any cash value in term policies. __________________ Join the revolution against eBay! Sign up for www.bonanzle.com with other tPF members today and start listing your stuff. Sign up before October and there are no fees to list! No listing expiration!