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Life inssurance ?....

Im still pretty young (25) and my husband and I decided it was probably a good idea to get a life inssurance policy since we have two kids and I stay at home/homeschool them plus my husband is an electrician which can be a dangerouse job. But my question is since I have never purchased one before untill now, is $33 a month for only $100 gand plus money for a berial plot I think 9 grand or something a decent amount for just that. I think its term not sure but I do know that the rate will not go up on us no matter what. I know normally people have 3 plus grand but were young still and once hubby gets more promotions we will go back and raise the policy. If this is way too much a month can anyone reccomend another company to me. Thanks so much for reading!

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Anonymous

Asked by Anonymous at 11:24 AM on May. 26, 2011 in Money & Work

Answers (5)
  • Actually, I think that's a cheap rate for a $100,000 policy. Is it whole life or term?
    Anonymous

    Answer by Anonymous at 11:53 AM on May. 26, 2011

  • I just paid our term life policy He is 48 and I am 47. Six months was $284.33 for $260k on him and $180k on me. It was much less before he turned 40. That is in addition to the membership dues to the sponsoring organization which is about $70 a year plus he gets a magazine. You should check with the brotherhood of electrical workers and see if they can get you a better deal. You should be able to double your coverage for the same money. There is a steep set-up fee on almost all insurance. It might be hard to pay less than that total, but you should be able to get more coverage cheap. The rate not going up no matter what just means you are paying more now when you can probably least afford it. If it is whole life you have a good deal.
    Anonymous

    Answer by Anonymous at 1:45 PM on May. 26, 2011

  • Ok thanks ladies, I think its actually whole life that just sounds familiar but I will look into it. Just wanted to make sure I wasnt getting ripped off.
    Anonymous

    Comment by Anonymous (original poster) at 3:40 PM on May. 26, 2011

  • Buy it - that is a good price. You can always drop the policy after the kids are grown.
    tasches

    Answer by tasches at 5:30 PM on May. 26, 2011

  • That doesn't really sound like enough life insurance. Think about it, if he dies- can you replace his income and pay for child care with just $100,000? $100,000 can go pretty dang fast too.

    Most experts recommend 8 to 12 times your annual income. And between $500,000 and $1,000,000 if your a SAHM (In the word's of Dave Ramsey, "If the stay at home mom dies, you basically have to hire Mary Poppins." So yeah it gets pricey.

    I'd recommend term life though. The purpose of life insurance is in case you die prematurely. Not if you die when you're 60, 70, 80, etc. By that point in life you'd want to have the funds (in retirement and what not) to take care of your family without life insurance.

    I do think with his job, that you're going to find insurance a bit more expensive than some, but it really depends on your health as well. We pay $35 a month for $500,000 20 year term policy.
    Erica_Smerica

    Answer by Erica_Smerica at 6:34 PM on May. 26, 2011

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