life insurance?

rblucy

N and I have been looking into different life insurance options so it got me thinking.  Do you have life insurance?  What kind do you have?  How did you decide how much insurance to take out?  Similarly, do you have disability insurance?

Jenniferk08

H and I both have life insurance.  We have enough of a policy to cover the house should something happen to either one of us.  That's the general guideline that people have told me. 

ELF4321

I have a term policy for $250,000.  When we got it, it was enough to pay off our house (before we moved to this area, obviously).  I haven't really increased it since DH is making a lot more now and wouldn't need that much.  If we have a baby, I will probably try to get more.

DH has about $300,000 through his work.  I really wish he had more, since he's the primary earner, but his cancer diagnosis basically makes it impossible to get anything other than the standard coverage his company offers because he won't qualify for at least 5 years (and even then, it'll probably cost a fortune).   He also has disability coverage through work.

navybride06

I have 500,000$ Term plan and pay $34.55 a month.  Got it through my brother's job, he shopped around for me. Mine is with Prudential Life

DH has same amount through his job, not sure what he pays.

We have disability, accidental injury and cancer policies through Aflac.

My disability was $18 a month through Aflac for about $2,000 a month payment. My plan went into effect Dec 2010 and won't be valid for this pregnancy because you need it IN PLACE 10 months before baby comes.  I am pissed but we did it for the next baby not realizing how soon it would be.  Oh well. 

mrsredmoose

DH and I each have an $800K, 40 year through Allstate.  We also each have a $200K policy through our jobs, but DH's expires in 1 year (when he should have retired).  My payment is $130 a month; DH's is higher as he is 7 years older. The payments are high, but for me it's worth the peace of mind if something were to happen to one of us.

I have disability thorough my job, and DH had it through his. He got hurt on the job, so thankfully he has been taken care of with it.

Augustbride

I have a 600,000 term life through my job it's less then 100 a year. (We sell insurance) DH only has 50K right now. We do not have a supplemental disability just what our jobs provide. 

Nikosmom

We have a term policy (30 years) for $500,000 on each of us. We pay 135 a month. This is basically to cover the cost of our home. Then we have. Whole life policy for $50,000 for when the term runs out. It will cover funeral expenses when we are up there in age. We pay 91 a month for that one. The fees are for both DH and I. The first policy is through National Benefit Life and the second through First Investors.

rblucy

Thanks girls! Just trying to get an idea of our best option.

elize964

In my experience it is cheaper getting quotes online. Some of the top insurance companies offer discounts when ordering online, because it is less work for them. But to be safe you could compare rates online, pick the best offer and try a local agency to see if they can match it or do better: www.quotes-center.com/life-insurance-premium-calculator

ManciniD

Yes, my DH and I both have individual term life insurance policies. In addition, my husband has disability insurance. We have a mortgage and some outstanding loans to pay off. We also wanted our life insurance coverage to include college tuition fees for our children should anything happen to either one of us. You need to calculate your liabilities, any savings you would lose out on if you were to die prematurely and also have enough to cover your living expenses for at least a year after either spouse dies.

We got the cheapest policies by using online life insurance quotes providers. It was easy and quick. We didn?t know much about life insurance either, but there are tons of resource materials online. We read through forums and got a pretty basic idea of what we needed to. We also got some help from professional life insurance advisors from the customer service at AccuQuote.com. There are other sites that are good, but we found the lowest quotes here.

Denise

ManciniD

DH and I both have minimal life insurance at our workplace. In addition we have individual term life insurance policies, we have a huge mortgage and a few long term loans so we needed to have a death benefits that covered our liabilities. You could use an online life insurance coverage calculator to total up the coverage you need for your specific situation. These are very helpful and will automatically calculate rates of inflation, etc. Generally, experts say you should have 15 to 20 times your annual income as your death benefit. This is not always possible, since the premiums go up with coverage. We decided to just settle our liabilities with our coverage so that none of us inherit any debts.

Try looking on aggregator websites like AccuQuote.com for free life insurance quotes. AccuQuote offers resources to help you understand life insurance and make a wise decision.

Denise