<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Life Insurance Quote
 

Life Insurance Quote

June 13th, 2007 at 03:11 pm

One thing that was very overdue since we got the house was to get both me and hubby covered with life insurance.

And because Suze says that no insurance is useful except term life, I requested quotes just for that: Term Life.

Wow! I didn't expect such high premiums.
I asked for coverage at $250k and $500k, for 20 and 30 year term.

For me? $452 to $1,225.
For hubby? $1,600 to $4,615.

Well, we might look at a lower coverage.

Posted in Budget | 9 Comments »

9 Responses to “Life Insurance Quote”

  1. Ima saver Says:
    June 13th, 2007 at 03:27 pm

    We had to drop ours, it went too high. So we are "self insured"

  2. Maismom Says:
    June 13th, 2007 at 04:05 pm

    Shop around and see if anyone offers "Reducing Term" insurance. If you want to cover the amount of mortgage, the balance of mortgage will go down gradually. Reducing Term is designed that way as well, and the coverage goes down gradually. Reducing term offers the lowest rate among any of term insurance because risk is lower. (The older you get, the risk of death is higher. But with reducing term, the coverage goes down as you get older, thus, statistically, risk is much lower than regular term insurance, means cheaper premium.)

  3. pjmama Says:
    June 13th, 2007 at 05:11 pm

    I have variable life from American Family. I'm not sure entirely how it works, being new to this whole thing (though one day I really should have someone explain it to me). It seems to work like a mutual fund, an investment of sorts. You choose your own premium, and after quite a number of years you can cash in on it. I pay $80.25 quarterly (though I can increase it at any time I want to increase the amount I make on it). If anything were ever to happen to me, however, my insurance covers 50K. My mom is an insurance agent and had me get a policy. I think it's totally worth it.

  4. princessperky Says:
    June 13th, 2007 at 06:22 pm

    Is that per year or per month? Curious cause we just go Him insured finally.

  5. Lau Says:
    June 13th, 2007 at 06:45 pm

    Maisnmom - that's very interesting. I never heard about that kind of insurance before. I will definitely look into it.

    pj - I don't know that I want to get an insurance that is also an investment, so to speak.

    princess - this is the annual premium!! At $4k/month, I wouldn't have bothered to mention it Wink

  6. homebody Says:
    June 14th, 2007 at 04:45 am

    Woah!! I pay under $400 each a year for DH and I for $250,000 coverage. I used Select Quote. DH and I are both almost 50, it was a 10 year term, so we were almost 40 when signed up.

  7. monkeymama Says:
    June 17th, 2007 at 08:43 am

    Lincoln/Benefit (Allstate) we pay $500/year for the next 30 years for $1 mil coverage. You are young - seems like you could do better. We bought the coverage around your age. Even while I Was pregnant we got the best deal for exceptional health (lord knows how - since pregnancy really screws with your body - but it helps to be young...). Keep looking... (This was just a couple of years ago). It's just term insurance - we have $500k each. One of us pays $300 & the other is $200, or something like that. My dh was a year older so maybe his is the larger one. OR maybe they do discount if you buy together, I don't know...

  8. Lau Says:
    June 17th, 2007 at 10:48 am

    mama - I don't know what the reason is for such high premiums. One explanation, I know, is that we both smoke. That could be the sole reason is it way high. Another good incentive to quit!

    I will look into AllState though Smile Thanks

  9. homebody Says:
    June 17th, 2007 at 02:37 pm

    Well that explains that. We are nonsmokers too.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 6.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]