Life Insurance, anyone getting it?

AngieandTony · October 2008

I just started to do some research on this and thought I would reach out to my fellow nesties to see if any of you have done this. If you have, did you go with Term or Permanent? Which company did you go with? I'm just not sure where to start! Any help greatly appreciated

Mrs.Trask · October 2008

My company offers a policy. I am already covered on it that they pay for, but I am going to up my coverage, add one for my hubbs, and one for the baby.

pivey · October 2008

My FIL is a life insurance guy so yes we got it and he did all the work...

We have term which will will later switch to perm at NY Life.

Do you have your car/house insured? Try calling yor agent and see if they offer life - they can get your started with brochures, pricing ideas, etc - it gives a really good jumping off place for researching.

JARbaby · October 2008

Dh and I both have LI through work (double our salary) and we also have Whole Life Policies which we will double when #2 arrives. But Dh is a Finanacial Planner so we are always cautious about this stuff.

bethyboo80 · October 2008

We got life ins. when we bought our first house, and then increased it as we went. I used to work in insurance, so we had a lot of options. We started with 30 yr term, enough to cover our mortgage. Then before we had DS we decided to get permanent policies for both of us in addition. So now we have about $400K coverage for each of us to replace income (if something happened to DH), and to cover the cost of childcare (if something happened to me). If you can afford a large permanent policy, go for it. Otherwise, I say get a larger term policy until you can affort perm.

) Just my 2 cents, but I'm no professional. Most of our policies are with Farmers Insurance, for what it's worth. GL!

mommee2b · October 2008

Everyone should have life insurance. Its not something people like to think about but it is reality! Losing my mother at the age of 6 made really gets me past that thought of "it could never happen to me" because you never know!

ArielK · October 2008

If you don't already have a policy through your employer (I think most white collar/executive jobs offer a policy = 2 years of your salary, though this may be declining) go to your auto insurance carrier and see if they offer life insurance as well.

I just did this with DH, we got him a term policy for 500k, me a term policy for 250k, and set up a whole life policy for the baby when she arrives. The best thing about the whole life policy (which is terribly expensive for anyone over the age of 4) is that they can be leveraged as cash when the policy gets large enough (if she's 30 and wants to take out a business loan, it would be worth about 40k, if she get's into trouble during retirement and suddenly needs more $$, it would be in the 6 figures).

ErinNConnorsMom · October 2008

Term, w/ the option to switch to whole life w/ no physical. I'll probably switch to whole life once the kiddos get older and I go back to work, but term works better for us now. My policy is through American Family (where I used to work) and includes a rider for $10,000 policy for each child. Many agents offer to sit down w/ you and go over your needs. American Family, for instance, has a program that the agents can enter info such as your income, what you would use the life insurance for, etc to come up w/ a concrete number. Whatever company you end up going with, be sure to meet w/ an agent to go over your needs, and don't just pick a number out of the air. Good luck!

dereks_wife · October 2008

Yep, we have it through State Farm - we have all our insurance (car, home, etc) through them.

Mrs.AKP · October 2008

i already have life insurance through work, and DH has his own policy, but i'm sure we'll purchase more. (DH is an insurance salesman, so he'll take care of this.)

AngieandTony · October 2008

Thank you so much ladies. DH and I both have policies through our employer that covers 1 1/2 times our salaries but we want a private policy that will cover more than that (like our mortgage etc). I have car insurance with Geico, not sure if they have life, and my home owners doesn't offer life either, so i'd have to go with private company. Thanks again, i really appreciate it!

PAGAS · October 2008

We have 20 year term on my DH and I have life through my work

chloeelyn · October 2008

We got life insurance right after getting married. We went with Term and we are with AIG. But we were advised to up our life insurance right after our son is born. We are also setting up a will as we speak to be sure it is done before he is here and we have everything good to go. Thats the benefit of working in the Financial Planning Industry my bosses are great and really wanted to help us get these things set up.

Mjmksb04 · October 2008

We have had life insurance for quite some time, we will probably just up our limits and add the baby as an alternate beneficiary once he arrives.

kcornwall · February 2014

Life insurance is critical protection and should be part of everyone's financial plan.

Get Term lIfe if you are a family breadwinner or caregiver and have minimal savings. It is affordable (10 times cheaper than permanent), and ideal for younger families when the need for protection is greatest. It is used for covering specific needs that will disappear with time, such as: income replacement, financial security for dependents, mortgage protection, college funding, or just final/burial expenses.

To get the best deal, visit a website that offers term life quotes. There are many out there, but I like QualityTermLife because you can compare (they say) over 100 insurers, has a needs calculator to help figure out how much to buy, and you don't have to give your phone or email just to see the quotes. I saw at least 10 in the 12 quotes I got.

Mimaloo · February 2014

I have a small policy through my job. DH just bought more Term through AICPA and I called for quotes.

However, my agent told me that it will be harder to get at a decent rate while pregnant (they assume that you might die during childbirth). He suggests waiting a few weeks after delivery once some of the baby weight has come off since your height/weight plays into what kind of coverage/rate you will get. So I will be waiting.

Kriztyn · February 2014

Yes, we got it right after we got married 2 1/2 years ago (and since we were younger, premiums were lower). We have $500,000 out on each of us and its a mix between term and whole. All we'll need to do after the baby is born is add her to our beneficiary list.

spacepotatoes · February 2014

kcornwall said:

Life insurance is critical protection and should be part of everyone's financial plan.

Get Term lIfe if you are a family breadwinner or caregiver and have minimal savings. It is affordable (10 times cheaper than permanent), and ideal for younger families when the need for protection is greatest. It is used for covering specific needs that will disappear with time, such as: income replacement, financial security for dependents, mortgage protection, college funding, or just final/burial expenses.

To get the best deal, visit a website that offers term life quotes. There are many out there, but I like QualityTermLife because you can compare (they say) over 100 insurers, has a needs calculator to help figure out how much to buy, and you don't have to give your phone or email just to see the quotes. I saw at least 10 in the 12 quotes I got.

Any particular reason why you're bumping old threads about life insurance? This one is almost 6 years old and the other one is from October. Are you really THAT happy about your insurance company?

Given that you just joined and both of your only posts have been to resurrect old threads in order to plug Quality Term Life, something smells a little spammy up in here...

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Life Insurance, anyone getting it?

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