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I have been with New York Life for more than twenty years. We have all of our life insurance through them as well as most of my investments. They are the last of the truely mutual companies, meaning it is owned by the policy holders with dividends going back to the policy holders instead of stockholders.
I carry several whole life policies, several term policies, and a few target life policies (based in stocks).
I highly, highly suggest if you can afford it, purchase whole life. I have had my policies long enough that the dividends now pay the premium and then some. I also have the option of borrowing against the cash value at any time for any reason. Like borrowing money from yourself at a low interest rate.
If you can't, I would suggest term with a policy purchase option, and a term conversion option. That way as you are married longer and your responsibilities increase, you can purchase more insurance without a physical. Then when the term runs out, you have the option to convert the policy to whole life.
Target life is not used much in the last 10 years as the death benefit goes up and down with the market. Mine has actually held steady, but I purchased it in 1990. Not a policy I would highly recommend with the market the way it is.
I grew up in the life insurance business so if you have any specific questions feel free to pm me.
I have life insurance through my work. It is equal to one year's salary plus $10,000, which is enough for right now, but I can increase it at any time.
@tksjewelry: That was really great info. Thanks!!
My company provides life insurance, but I haven't signed up for it yet. Shame on me, I know. I really need to get on that. 
And you are right, crazy things happen. The FHs ex passed suddenly earlier this year, at 42 and leaving one young son and an older one. She had no will nor did she have life insurance. The no will has been a nightmare for us to deal with as apparently this situation that we have has never happened before in the whole state. Had she had a will, life for those boys would have been alot simpler.
I have life insurance through work and a policy my parents started for me when I was little, which now I take care of.
Life insurance (if married) should equate out to two years salary combined. If something were to happen to a spouce the other spouce is out of work for a time, is down an income, and will have to deal with funeral and medical bills left behind. An average funeral is 20 thousand.
Thank you for all the great info!
I talked briefly with an agent a while back and from the way he described it I think I tend to lean towards Whole Life as well. And at that time, he printed out the different policies for me and what the payments would be and it wasn't a huge enough difference to create a financial hardship on us. But we do plan to go around and get a couple different quotes and see what is right for us.
And you are absolutely right on the Will department. Most people think oh if I have life insurance then it's all fine and great because it'll pay for all the funeral costs. But it is a b*tch to deal with everything that happens after someone passes away if there is no will in place. A simple legal document will ease the process for your loved ones.
I actually have multiple lilfe insurance policies that are offered through my work. I also have my spouse and my child covered in case something happens to one of them. I was completely surprised to find out my husband did not have life insurance when we got married. We looked into a couple different companies and they were very expensive compared to the policies we have at my work. I have alot more than than 2 years salary combined but my daughter is also 13 and if something happens to me or myhusband I want her to be completely taken care of and not have to worry about college or not having a home.
i will sign up for life insurance at work as soon as we have a baby or buy a house...either way, i have a few years.
My life insurance is through SunLife Financial I believe, I'm not sure. My parents started it when I was a baby and in a few years (after graduation) I'll start taking care of it myself (:
We each have a 150K policy through work (via Aetna). We'll add on once we have a kid. I have already told my husband I don't want him to spend money to bury me that can go towards our children. Have a family dinner, think about me, and call it a day. I don't want a funeral.
But a Will is definitely something we need to think about.
I have a substantial policy that required a medical exam. It's a term life policy so it means that the rate wont change as long as i keep the policy for the next 30 years.
I also have a policy through work, but the truth is any of us could get laid off at any time. So that insurance would go away if that were to happen. Sure I could try to get insurance through a new job, but most wont insure you without a medical exam.
Considering my predisposition to an array of illnesses, i figured it's better for me to lock in at a cheap rate while i'm young and healthy :-)
My work offers life insurance that's 1.5x my yearly salary at no cost, so that's the only one I have right now. Once we have a child, I will definitely supplement that.
myself and my FI both have life insurance through Sunlife. it's a reasonable plan (im not sure of the details off the top of my head) but i know it costs me $42 a month.
and you are right, you AREN'T too young to get life insurance.
We are looking into getting whole life on each other, especially since we are about to buy an apartment. God forbid one of us passes away and the other can't make payments.
Right now we purchase metlife through my work I think at 2X our salaries (which are almost identical).
I have insurance through work that covers 2x my salary. In addition, I also have a whole life policy through Lincoln Life for a substantial amount, in addition to having a policy for my daughter as well.
I just wanted to point out that for some insurance companies, if you are getting coverage over a certain amount, it requires a complete physical. The person who performed my physical actually came to my job to do so.
Also, the younger you get your policy, the better the rates. My FIs life insurance premium is actually less than mine even though he is 8 years older b/c he started his policy at a younger age than I was when I started mine.
We both have life insurance through work that is the equivilant of 2 years salary each. That doesn't cost us anything but we do have the option to purchase additional life insurance for literally pennies. We just had a benefits change so they gave us the breakdown. Every additional $10,000 in coverage costs something like $0.20 each pay period. I can definitely do without an extra buck or two a week to have a ton more coverage. When you're literally talking pennies, it would be silly to not do it.
My life insurance is through Sunlife. My policy is for permanent life insurance and i only paid into it for ten years. So i have paid in for five and have five more years to pay off. The amount that we pay was obviously based on our age and health at the time of signing. Basically, the earlier i sign onto this type of insurance the cheaper my monthly amount would be.
We also have insurance through our mortgage incase something happens while we are still paying off our house. They cover up to 500k of your mortgage if you pass away or up to 3,000 per month for two years if you become disabled.
I also have life insurance through my work, but i don't really count that as it'll change everytime i change jobs. My hubby has no life insurance and we are looking to buy for him the same type of policy i have for the same amount.
Just an FYI for those who have your policies through work. More than likely, those are term life policies, and they will not follow you should you leave the company. You may have the option of coverting it to a whole life policy when you do leave, but it usually jacks up the prices quite a bit. Not to mention, when you do leave, you're much older than when you started with the company, so they take that into consideration as well.
I believe that MetLife has a Life Insurance calculator on their website that you can use to determine the actual amount of life insurance you should be carrying. We have Ohio National for our Life Insurance, and they've been fantastic. We both have whole life policies, and they're for a good amount of money. Covering only 2 years of salary isn't going to be enough to provide for your children after those 2 years, cover a funeral, pay off any debt that you may have in your name, etc. So a life calculator will definitely help you determine what the right amount of life insurance is for you.
Thank you everyone for sharing!
You have given me/all of us good information.
It is NEVER too early to purchase life insurance. You never, ever, know what may happen tomorrow.
I know for most of you who have never experienced sudden loss this means absolutely nothing to you. We always think we have tomorrow, or next week, or next month, next year.
I don't have life insurance--I'm not married and I don't have dependents so I don't need it. If any of that changes I'll get some...
It is so much cheaper to buy a good whole life policy the younger you are. The rate will not increase and in time it will pay for itself. Also you don't have to purchase a seperate policy for children, add the childs rider on to yours and it is so much cheaper for better coverage.
If you are young, single, or want to wait until you have children, I highly recommend that you still buy life insurance. Even if it is a small term policy. I have had several friends pass young and it was a real struggle to come up with the money to bury them, I have seen too many families stuggle at what is already the worst time of their lives.
@tksjewelry: Whole life doesn't make sense for me with how I have my finances set up. I would only ever get term and I won't need that until I have dependents.
I wholeheartedly agree.
Just because one does not have dependents does not mean life insurance is not necessary. Unless you already have enough money in your bank account for funeral costs and whatever debt you had that's where life insurance comes in. Not for YOU but for your loved ones who would need to take care of that after you are gone.
And say you had all that money to take care of all that after death costs. Then you need a will. You may think your parents will have no issues accessing that money. But they DO. It's an unnecessary obstacle that makes it all so much harder.
But like I said. I understand that 90% of people out there do not see our viewpoint. They have not had to dealt with the aftermath of a sudden loss.
I've had to twice in my lifetime and had been the loved ones left behind to deal with. I would never do that to my loved ones.
I'm 28, young, fit, healthy, probably just as if not more than most of the people out there. But $hit happens. You just never know.
Anyway, off my soapbox. If this thread pushes even one person to go out and purchase that life insurance policy they've been thinking about but put in the back burner for the past year. Then great!
My partner is insured through our bank for 150k.
I am currently 'uninsurable' as I am self-unemployed (starving artist ftw!).
I have a free policy through my work for 1.5X my salary. We then have the option to take additional insurance at a really low rate. I pay less than 150 a year and have enough coverage to pay all my current bills for the next 10 years, plus 4 years (at current tuition costs) of college. My 9 year old is the beneficiary with my mom as the secondary. I wanted to make sure that my daughter could be cared for in a similar lifestyle to the one she has now and go to college. When we start talking babies, we'll talk about increasing/changing that policy and adding a policy on my FI. Currently he has something small that would probably nearly pay the house off; however his parents are the beneficiary.
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If so, what company do you use?
I have something small through my work but my husband and I are looking into getting a more substantial life insurance policy together.
Just starting to look into it so would love to know if any other girls on here have a policy already?
If so, who do you have? Do you like it?
What kind of policy do you have?
Any tips you wish to share?
Thanks!
P.S. If you don't have anything right now and think you're SO young and do not have to worry about it. Think again.
P.P.S. While we're on it please get a will together. God forbid something was to happen it will make it SO much easier on your loved ones.
Sorry to be morbid but that is life.