NPR: Life Insurance

I was hoping someone had advice. I'm reading recent posts about life insurance and I can't help to think that DH and I got taken advantage of. Some people have $1M policies out and pay less/mnth then I pay on my cheaper policy.

This is what we took out. We have 4 policies (2 each).

DH (29yrs) w. Crohns
$50K / whole life
$125K / 30yr term

Me (28yrs) No health issues
$50K / whole life
$125K / 30yr term

Combined we pay $140.00/mnth

DH's friend works for the insurance company so we thought we got the best deal and that he took care of us. But now that I read other posts and see that others have a much more expensive life insurance and pay a fraction of what we do...I'm confused

I know that age/health play a HUGE role but this doesn't feel right and I don't think I'm happy with our plan

Any advice would be greatly appreciated?

TIA!

Re: NPR: Life Insurance

I think a lot of the difference is that you have partial whole and partial term. My $1MM term policy is substantially cheaper than DH's $1MM whole policy. But after 20 years mine is gone while his is going to be there no matter how old he gets.

Re: NPR: Life Insurance

Whole life or any type of permanent insurance is much more expensive then term insurance. You can't really compare the two in terms of cost.

Re: NPR: Life Insurance

We use Northwestern and we pay about $130 a month and we have

$500,000 term for DH
and
$100,000 whole life for me.

Mine is $86 a month because its whole life and I have some health issues. So Im considered a higher risk.

Re: NPR: Life Insurance

I never thought that whole life would be more then term. It does make sense

Thank you

Re: NPR: Life Insurance

Posted by Tina1117

I never thought that whole life would be more then term. It does make sense

Thank you