Personal question - life insurance

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Member since 6/05

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Name:
f

Personal question - life insurance

DD is now 1 1/2 and we've been saying since I was pregnant with her "we have to get life insurance".

Can you recommend who you used and if you want to share what type of policy you got, etc...that would be GREAT! We are so clueless with this and met with one person who we feel like was trying to scam us into something that wouldn't benefit us.

I know we are doing term for sure, but how do you decide how much coverage and how much for you, how much for DH? Just enough to cover the house...more??? Chat Icon

Thanks!

Posted 5/1/08 9:22 AM

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JenBenMen
party of five

Member since 9/06

11343 total posts

Name:
Jen

Re: Personal question - life insurance

we are working with a rep from guardian right now

just stay away from anything based on variable subaccounts

I was quoted for 2.2 million--but we are probably just going to do 1 million each

Posted 5/1/08 9:25 AM

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2kids2cats
My babies

Member since 6/05

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Name:
f

Re: Personal question - life insurance

Thanks. For 1 million each would you say the monthly payment is pretty affordable?

Posted 5/1/08 9:30 AM

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sunflowerjesss
Mommy to 3!

Member since 10/05

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Name:
Jesss, duh.

Re: Personal question - life insurance

We went with Liberty Life...30 year term policy. I have a great contact if you'd like his info. Really explained everything well for us.

Term is better for us because we already contribute to 401Ks as well as Roth IRA's. So we don't need the cash value in it.

Term is also cheaper than whole life.

We took out enough to cover the remaining mortgage of our house. Come to think of it, the policy would also probably cover 1 kids 4 year college tuition. But we took these policies before we had children.

We will probably either update our existing ones or take out a second one for some extra cushion.

Posted 5/1/08 9:30 AM

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2kids2cats
My babies

Member since 6/05

5229 total posts

Name:
f

Re: Personal question - life insurance

Posted by sunflowerjesss

We went with Liberty Life...30 year term policy. I have a great contact if you'd like his info. Really explained everything well for us.

Term is better for us because we already contribute to 401Ks as well as Roth IRA's. So we don't need the cash value in it.

Term is also cheaper than whole life.

We took out enough to cover the remaining mortgage of our house. Come to think of it, the policy would also probably cover 1 kids 4 year college tuition. But we took these policies before we had children.

We will probably either update our existing ones or take out a second one for some extra cushion.

Thanks - yes can you please FM his contact info?

Posted 5/1/08 9:31 AM

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Smileyd17
kids