Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Life Insurance - Wills - Important, but how can it be also affordable?

Its seems like Life Insurance and having a Will is important but how can one afford a monthly life insurance bill AND also pay for a Will? So, where can i get affordable life insurance? What would the monthly bill be? and where can I get an affordable Will? How much would that be? Also, are Online Wills any good? Are they worth it?

Answer Question
 
Anonymous

Asked by Anonymous at 12:35 PM on Mar. 25, 2010 in General Parenting

Answers (10)
  • You can get the cheap do it yourself versions of wills at places like office max. They are legal, it's just that they can be contested more easily. Unless you think you have family members who will be fighting over your stuff you will probably be OK with this option.

    Anonymous

    Answer by Anonymous at 12:41 PM on Mar. 25, 2010

  • My husband and I had our wills prepared through the PrePaid Legal Service that we already use. They can be updated yearly with our membership if we wish. So far as life insurance goes, there are quite a few variables. Best to buy your life insurance when you are as young and healthy as possible. Age, health factors, smoking status, etc., all play into the cost of the life insurance premium. Depending upon your personal health/age status, shop around and see what you can find.
    Anonymous

    Answer by Anonymous at 1:21 PM on Mar. 25, 2010

  • life insurance is going to cost you a pretty penny however you can do your will for under ten dollars, write it, take it to a notory and have it notorized, then to a post office and priority mail it to yourself, DO NOT open it the post date and seal shows it was filed before your death, then make sure your SO knows where you placed it
    Laura_Cruz

    Answer by Laura_Cruz at 1:48 PM on Mar. 25, 2010

  • The best way to do life insurance is through your job if you have one. Both my hubby and I have a life insurance policy, but mine is tiny - basically it would cover funeral costs. I don't pay a penny for it, though. The company pays into it.

    Otherwise, it's going to cost you. The best way is to get in early, like a previous poster said.

    I agree with Laura_Cruz's will idea. If you don't have rioting family members, than that's the best way to do it.
    mickstinator

    Answer by mickstinator at 2:51 PM on Mar. 25, 2010

  • our insurance policies are VERY affordable.

    we pay $20 a month for each of our daughters - they've got $50,000 coverage and can assume it when they turn 18

    life insurance for the entire family costs just under $100. (3kids, dh and I)

    hypermamaz

    Answer by hypermamaz at 3:35 PM on Mar. 25, 2010

  • Where did you get this $100 under life insurance? Also any of you besides on the job would you get an additional policy online? or somewhere else?
    Anonymous

    Answer by Anonymous at 4:32 PM on Mar. 25, 2010

  • It is best if you get life insurance when you are young and healthy. It can be very affordable. Check with you insurance agent that has your car insurance if it is someplace like Allstate, State Farm or American Family. They all sell Life Insurance.
    You can get it thru work but keep in mind that if you quit your job or lose your job, you will also lose the life insurance, they are normally not protable (meaing you can't take it with you). Your best bet is to talk with an agent.
    I work for an Allstate Agent so am partial to that company. You can locate an agent near you by going to ALLSTATE.COM selecting the find an agent or selecting the option to do a quote.
    jaymit

    Answer by jaymit at 11:39 AM on Mar. 27, 2010

  • @Mick - getting life insurance from your job is NOT the best route, and it should be used as additional and/or back up insurance. Reason being when you separate from the company, not all insurance certificates will be convertable and if they are, they will be WAY more expensive.

    Your insurance rate will depend on age, height/weight, gender, smoker/non-smoker, any medications current and in the last 5 years, health, again, current and in the last 1-5 years.

    Term insurance is generally what younger families get, it's cheaper than whole life, but is temporary. Meaning it will last for a set term length, 5 - 30 years, depending on the term you select. At the end of the term, it will either end or if it is convertible, it can be converted to whole life, based on your age at conversion.

    Whole life is permanent, and generally more expensive, and like term, will be more expensive the older you are *continued*
    mama2three717

    Answer by mama2three717 at 4:04 AM on Jun. 14, 2010

  • *cont* meaning that if you buy your policy at age 50 instead of 20, 30 or 40, it will be significantly higher. But it is permanent and if you get a level guarantee'd policy, you will pay the same premiums, for the same death benefit amount forever. If you don't want to pay on a WL policy forever, most carriers have different pay options, such as pay to age 65, or 10 or 20 pay, which means that you pay for 10 or 20 years. If you choose one of these options, instead of paying forever.... it will make your payment slightly higher, because they need to get all of the money into the policy in a shorter amount of time.

    You can also do a combo and get both types. But, in general, this is what I suggest as a clients agent. If they are younger, and want term insurance, they are buying it to protect a temporary need, such as loss of income, a mortgage, to have money to put aside for childrens college, etc.

    *cont*
    mama2three717

    Answer by mama2three717 at 4:08 AM on Jun. 14, 2010

  • Those are temporary needs for a family.

    I suggest finding an INDEPENDENT insurance agent in your state. I say to go with an independent because they will actually work FOR you, to find you the best product to fit your needs and budget, vs a captive agent that would only have one product to offer you and they work for the insurance company.

    Hope this helps you and if you have any questions feel free to send me a message!
    mama2three717

    Answer by mama2three717 at 4:10 AM on Jun. 14, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN