Who do you have for life insurance?

[Kitzka]

Hi everyone

Not 100% sure if this should be a community or budget board question, but in was wondering what companies you have for life insurance and what type?

A little back story-DH recently lost his job of 11 years. I am still working and we can pay our bills and living expenses on my salary (though we won't have as much to put into savings but that's ok for now). We have cut back on cable, cell, daughter's activities etc. We know it will be hard but we have a good amount of savings and can survive. and if things get desperate we can cut more. My job is secure for at least 3 years. (contract employee with a clause if they let me go for any reason aside from me selling company secrets then they still have to pay me my salary and benefits). I have a policy through work.

DH's former company provided 2 life insurance policies for DH. One in case he passes while on company business and one if he passes regardless.

Now that he's unemployed he doesn't have any life insurance. I would love to get him a policy 'just in case'. I don't need it to be a lot but enough to cover the mortgage and or funeral should something happen.

Suggestions on companies you have policies with?

Thanks

Lara

 

[Snappy in OK]

We have our policies with New York Life. We took them out several years ago, started with 100% term, and have converted part of the coverage to whole life. Term premiums go up, and the increases get to be ridiculous - it made sense to convert part of the coverage for us.

We no longer bother with coverage through our employers - except for what they are paying 100% for. If we should lose our jobs, the policy is gone and we have nothing for our premiums. I know, same thing for term life - but that is part of the the reason we converted part to whole life.

Good luck!

 

[sbakersub]

I'm retiring soon so I'm pricing term insurance to replace my employer's group coverage. I figure 15 years term should cover the mortgage plus expenses if I die sooner than I'm expecting but be long enough my kids should be financially stable by the end of that time

I could continue my group coverage through Standard Insurance but only at half my current amount and the premium is higher than some other options I've looked at. I looked at both AAA and AARP group coverage, and Farmers (which I have home and auto through) but the lowest premiums I've found for my age and the amount I want have been through AIG and ING. I'm still trying to decide which one to go with.

Edited to add: the coverage I'm looking at is fixed premium and fixed coverage, so once it's set, neither changes over that 15-year term.

 

[virge]

My husband & I both have life insurance policies through USAA. We priced policies through several major companies & USAA gave us the best rates.

 

[lucigo]

My husband just started a new job and I'm patiently waiting to see if there will be life ins. options. So far I've heard nothing about benefits. We have a small policy on him but nothing on me. I know better (first husband died at 36) and its my goal to rectify this by the 1st of the year regardless of whether we can get it through his job or not. I am self employed.

Will check USAA!

 

[Kitzka]

Thanks everyone! I'm researching and it's so confusing...

Lara

 

[Darcy03231]

We have term life insurance through NY Life. We got 20 year term and the amount is fixed for the entire 20 years, so its never gone up. I also have a policy through work (2x my salary).

 

[JaymeC]

Dh and I both have 20 year term through ING. The rates won't go up and they are very, very low for a decently high coverage amount. They're locked in for 20 years. We would have more than enough to pay off our mortgage (our only debt) and have the other spouse not work for at least 7 years on our current budget.

 

[Swimalie]

We have our policies with New York Life. We took them out several years ago, started with 100% term, and have converted part of the coverage to whole life. Term premiums go up, and the increases get to be ridiculous - it made sense to convert part of the coverage for us.

If you buy a term level policy, the premiums will not go up. I have mine through USAA and bought it 6 years ago. Same price as the day I bought it and it will stay that way for the next 19 years.

 

[DVC-Don]

I have a combination of term, universal and whole life policies with State Farm.