Buying Life Insurance (Again)
Tip It!I mentioned the other day that my wife and I are having second thoughts about the value of our term life insurance policies. After stewing over that for a few days, we’ve decided to re-do our policies — but this time we’re putting more thought into the amount that we’re purchasing so we won’t go through this again in a year.
I don’t have time to go into the specifics right now, so I’ll just say that I’ll be insured at roughly 20X my current annual salary, and we’re also increasing my wife’s policy amount substantially — she’s a stay-at-home mom, so it’s harder to put a specific dollar amount on her contributions. But it’s a lot. I actually have an entire post on buying life insurance in a one income family percolating in the back of my head, but that’ll have to wait for another day. Anyway, back to the story at hand…
As we did the last time we re-worked our term life insurance policies, we went through Intelliquote.com to find our new policies. We ended up selecting policies from ING ReliaStar Life (yes, that ING). They’re A+ rated, they had by far the lowest price when it came to my policy, and they came in second (by a hair) for my wife. Thus, we decided to go with them for both policies to make it easier to keep track of things.
I’ll be updating regularly as things progress just as I did last year. That way, those of you that are following along can get a feel for what the process entails.
Published on September 6th, 2006 - 2 Comments
Filed under: Insurance
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
Related articles...
» Buying Term Life Insurance (Again), Update #4» Buying Term Life Insurance, Part V (Epilogue)
» Buying Term Life Insurance, Part II
» Buying Term Life Insurance, Part IV
» Buying Life Insurance (Again), Update #1
» Buying Life Insurance (Again), Update #3
» Buying Life Insurace (Again), Update #2
» Buying Term Life Insurance, Part III
Was this article useful? Please sign up to receive our content via e-mail:
2 Responses to “Buying Life Insurance (Again)”
Leave a Reply
Top Cards by Category
Earn $200 Bonus Cash Back after you make $500 in purchases in your first 3 months. 5% Cash Back on up to $1,500 spent in bonus categories each quarter.
Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.
Receive 10,000 Membership Rewards bonus points when you spend $500 in your first three months of card membership. Redeem bonus points for gift cards valued at $100. This is a charge card with no pre-set spending limit.
Enjoy a 0% introductory rate for 18 months on Balance Transfers and 6 months on Purchases. Earn up to 5% cash back in categories that change.
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy no balance transfer fee for a limited time. 0% introductory rate on Balance Transfers and Purchases. Earn up to 5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*
Enjoy amenities for you and your business, like: complimentary airport club access, including American Airlines Admirals Club(R) lounges.
5% Cashback Bonus in categories that change like gas, restaurants, department stores and more. Limitations apply*. Up to 1% unlimited Cashback Bonus on everything else. No annual fee
Earn 3X points on airfare, 2X points on gas and groceries, and 1X points on everything else.
Reports to 3 major credit bureaus monthly and acceptance at millions of locations worldwide, including website purchases and reservations.
- How to Become a Millionaire
- How to Get Out of Debt
- The Best Dollars I've Ever Spent
- How Our Estate Plan is Structured
- How We Paid Our Mortgage In Less than 10 Years
- Money Making Ideas
- How to Manage Your Asset Allocation with Multiple Accounts
- Consumption Smoothing - Save While the Saving's Good
- How to Save on Groceries
- How Much Life Insurance Do You Need?
- Eleven Great Books About Money
- Dave Ramsey is Bad at Math
- Dish Network Customer Service SUCKS
- $8,000 Homebuyer Tax Credit
- Pay Off Mortgage Early or Invest?
- How to Claim the First-Time Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- $15,000 Homebuyer Tax Credit
- Ethanol Blended Gas = Lower Mileage?
- Termite Control: Sentricon vs. Termidor
- How Much Should You Pay a Babysitter?
- Federal Income Tax Rates Went Down but Your Federal Tax Withholding Increased. Here's Why...
- Would the "Fair Tax" Gut the Economy?
How to save money on insurance
- Double-Check Your Ally CDs
- Stocks are Not Bonds, CDs, or Savings Accounts
- The Best Values in Colleges - 2012 Edition
- Five Myths About Renter's Insurance
- Own Your Investments, Rent Your Fun
- Citibank to Issue Credit Cards in China
- Heartstrings and Pursestrings
- Saving Money at the Grocery Store: Store Brand Pricing on the Rise
- Missing Tax Paperwork?
- Is Your Investment Allocation Right?
September 8th, 2006 at 3:02 am
You may want to check out setting up Irrevocable Life Insurance Trusts (ILITs).
Have them own the policies (you give the money needed for the premiums each year.
If you pass on, the proceeds bipass your estate.
Good luck.
makingourway