Life insurance??

[cstwwt]

Just wondering if there are any really reasonable life insurance companies out there? I've always had it through my teachers union, but now that is no longer available.......any great recommendations?? TIA!!!!!

 

[Ragnrok23]

Just wondering if there are any really reasonable life insurance companies out there? I've always had it through my teachers union, but now that is no longer available.......any great recommendations?? TIA!!!!!

I got mine through HSBC, they didn't require a physical, so they were a little more than other companies if you have perfect health, but a lot less if you have even a minor thing

I actually had a different life insurance policy, but they went through my medical records with a fine tooth comb, and found this little side note a dr had mentioned when I had a test, and used it to double my rate!

 

[kkwis2]

We have our home and car insurance through State Farm. About 5 years ago we took out life insurance plans for all four of us (myself, DH, DS and DD) through them as well. Obviously the amount that you choose to cover yourself for has a big impact on what you pay, but we were pleasantly surprised that we could afford to cover all four of us for an amount with which we were comfortable.

 

[scrapquitler]

Just wondering if there are any really reasonable life insurance companies out there? I've always had it through my teachers union, but now that is no longer available.......any great recommendations?? TIA!!!!!

There are lots. Just make sure you buy term insurance instead if whole life. We pay a reasonable amount every 6 months for a substantial amount if coverage (about 10x his income)

 

[jperrot1]

If you are a member of the AFT (american federation of teachers) you can get life insurance through their endorsed companies. Go to their webpage and go to insurance under your benefits.

 

[danielle79]

I have had SBLI for years and it did require a physical and blood drawn but I am pretty healthy and in my mid-30s, the only thing that upped my cost was the fact that my father had a major heart attack before he was 50 but they didn't care that I only have one kidney?! I have $250,000 in coverage and it costs me $200 a year, not very much for peace of mind that my kids will be ok if I get hit by a truck tomorrow.

 

[lost*in*cyberspace]

I have had SBLI for years and it did require a physical and blood drawn but I am pretty healthy and in my mid-30s, the only thing that upped my cost was the fact that my father had a major heart attack before he was 50 but they didn't care that I only have one kidney?! I have $250,000 in coverage and it costs me $200 a year, not very much for peace of mind that my kids will be ok if I get hit by a truck tomorrow.

$250,000 is not nearly enough life insurance if you have minor children!

Remember, NEVER leave life insurance to a minor; rather set up a trust to manage the money.

 

[Gina-Gina-Bo-Bina]

There are lots. Just make sure you buy term insurance instead if whole life. We pay a reasonable amount every 6 months for a substantial amount if coverage (about 10x his income)

I am guessing your term insurance works the same in the USA as it does here in Canada, so its worth mentioning that the "reasonable" amount you pay now might be unaffordable when your policy renews at the end of your current term (10 years, 20 years, or whatever you chose at the time of application).

Your best bet is usually to have a small amount of whole life with a more substantial term rider. It keeps the premiums affordable but has a good base that can carry on well beyond the original term. Then, when the kids are grown and the mortgage is paid off (and you are older and that term rider has grown much more expensive), dump the term portion and keep the whole life to cover your funeral expenses. Many whole life policies will also build cash value which can be used to pay the premiums at some point in the future, essentially allowing the policy to "pay for itself".

 

[NHTikiBeckie]

Hubby and I have "Return of Premium" policies through Prudential and love it. We got 30 year term policies and though the premiums are a little more than a plain term policy, we get all our paid premiums back at the end of the 30 years.

 

[tvguy]

I am guessing your term insurance works the same in the USA as it does here in Canada, so its worth mentioning that the "reasonable" amount you pay now might be unaffordable when your policy renews at the end of your current term (10 years, 20 years, or whatever you chose at the time of application).

Your best bet is usually to have a small amount of whole life with a more substantial term rider. It keeps the premiums affordable but has a good base that can carry on well beyond the original term. Then, when the kids are grown and the mortgage is paid off (and you are older and that term rider has grown much more expensive), dump the term portion and keep the whole life to cover your funeral expenses. Many whole life policies will also build cash value which can be used to pay the premiums at some point in the future, essentially allowing the policy to "pay for itself".

No, you want to avoid whole life at all costs. When your current term expires, you just get a new term policy, it may cost a bit more than your old term, but it will be a whole lot less than what your old term escalates to.

 

[lost*in*cyberspace]

No, you want to avoid whole life at all costs. When your current term expires, you just get a new term policy, it may cost a bit more than your old term, but it will be a whole lot less than what your old term escalates to.

I agree. If you have young children, you should buy as much term insurance as you can afford.