Post # 1
Now that Darling Husband & I are married we’re going to start looking into life insurance. Do you mind spilling how much you pay?
In case this makes a difference, we have two homes (mortgages on both) and will be looking to have kids in the next year ot two.
Any other things come into play besides health?
Post # 3
This is a difficult question because ours is kinda spread out. My work pays out two years salary (about $150,000) life insurance. The premiums are paid for by my union, so it’s some amount of the $26.00/month I pay in union dues. I don’t have kids, or really anyone that would be financially impacted by my death, so I only have that amount. Enough to throw myself a funeral and pay for other legal expenses, with a bit left over.
DH’s work has the same thing through his work, but we also pay a premium directly to our mortgage that it’s insured in event of his death since I wouldn’t be able to afford our mortgage alone. I think it’s less than $5.00/month.
Post # 4
Our pay outs are £60k each and we pay £10ish each a month. I also have life insurance through work which is about the same (and Darling Husband will have it too soon).
Post # 5
My employer-sponsored life insurance is free. However, the coverage is low. Once we have kids, we will take out our own policy with more coverage.
Post # 6
Darling Husband is military so i don’ tknow if we are getting a cheaper rate or not, we only have one home and no children for the forseeable future. We have 100k for $30 a month. honestly most people recomended we go higher but we would be fine with 100k
Post # 7
It is going to be totally different based on your age, health, how much insurance you want, what company you go with, and whether it’s whole life insurance or term life. I have $150,000 in 20 year term insurance (because I have a son, and I want to leave someone money to raise him if something happens to me before he’s grown) and $50,000 in whole life. I got the whole life so that my rate is locked in while I’m still young and healthy, and I can cash it in at any time if I chose to cancel my policy. I pay $40/month (it breaks down to about $30/month for my whole life policy and $10/month for my term policy).
Post # 8
- Wedding: November 2013 - St. Augustine Beach, FL
I receive $15,000 for free from my employer. Once married we will have to take out another policy. I took an estates and trusts course from a former Met Life rep and she said that whole life even though it is more expensive is better than term. Basically, it’s a bet with the insurance company where the company says you won’t die during the lifetime of the policy (most pay out at age 80) and you say “oh yeah?” This means when you turn 80 (or whatever age is in your policy as the expiration date) they will pay you for surviving the life of the policy. In order to get a payout on a term you have to die during the term of the policy and if you don’t, you don’t get anything.
At the very least make sure the policy will cover your mortgage, loans, and liens, plus an additional 2-3 years of salary.