Buying Term Life Insurance (Again), Update #4

Written by nickel - 4 Comments

My wife and I received our insurance ING Reliastar term life insurance policies at the end of last week and everything looked good. Thus, we wrote our checks and sent them in. As soon as we get confirmation of receipt, I’ll go ahead and contact Lincoln National Life for a prorated refund of our premiums. All in all, it took seven weeks from our initial term life application with Intelliquote to get the policies in our hands.

Published on November 1st, 2006 - 4 Comments
Filed under: Insurance
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Comments (scroll down to add your own):

How much insurance did you buy and for how long? Did you purchase your first insurance before your kids were born? I asked this on a message board, how much to buy if you don’t have kids, but are thinking of some and want to purchase some now because your in great shape, health, age. And whether to stretch and get a lot, or just a bit and add when you have kids.
Comment by J — Nov 1st 2006 @ 11:12 am
How much??

Well, that depends on what you want covered, kids or no kids??

pay off the mortgage?
give your spouse some options?
replace how many years of income from you?
get out of debt?

term doesnt allow you buy more without giving new blood and urine.

Permanent is more expepensive, but will allow you purchase more at a later date and use the blood and urine from today in 10 years, even if you would be sick or full of cancer.
Its called purchase options.

Since term doesnt offer this option, maybe you get the amount today as if you had kids and then you can get rid of some periodically if you want.

just a thought
Comment by scott — Nov 1st 2006 @ 11:08 pm
You should get life insurance if someone such as a spouse or children depends on your income. If you’re not married or have no kids, then you don’t really need it. You could still pick up some if you’d like to have it. But, I wouldn’t recommend any cash value insurance as it’s much more expensive and, honestly, makes no sense for people that make an average income.

If you have a pre-existing condition, you might have to settle with a whole/universal/variable policy. But that’s a huge maybe.

I believe the recommend amount is 8 to 10 times your income. With that type of coverage, you’ll definitely want to go with term life, maybe 20-year level. Hopefully, in 20 years you won’t need life insurance anymore if you saved money and had a good chunk in your retirement.
Comment by Emma — Nov 1st 2006 @ 11:57 pm