Life Insurance: what do you have?

[xiphoid2010]

Life insurance is more than to keep your family from selling the house. You can use this calculator to figure out how much you need. I reiterate my basic guidelines:

Buy Term Life insurance. Insurance is insurance and investments are investments.
Make sure the policy is sold in New York State
Make sure the policy is renewable and convertible.
Make sure you have long term and short term disability insurance.

Thanks for the calculator. Looks like the 5x income I get from work isn't enough my situation. What is a good and honest source to find non-employer based term life policies? Thanks in advance.

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[MD Financial Services Scott]

We use a system called CompuLife for our quotes but that is only for subscription based quoting. If you want to start with Termforsale.com that system will get you a quote but then you have to find an rep that is licensed in your state and with the carrier to process your application. I know a bunch of reps around the country and am happy to refer your to one of them if you PM me and let me know where you are located.

 

[MD Financial Services Scott]

What monthly rate should I be expecting? 31/yo M. Non-smoking, healthy, Married w/1 yo. 20 yr vs 30 yr. Thanks

Sorry, I thought I had answered you last week. For $ 1 million it would be about $35-$38 for a 20 year contract and $62-$65 for a 30 year contract.

 

[MD Financial Services Scott]

sorry duplicate message

 

[BidingMyTime]

$600/MONTH for any life insurance policy is crazy. I'm with everyone else, generally avoid whole-life. My husband does have a whole life policy that he's had since he was like 18 years or something....he pays $35/MONTH for it. Which is reasonable, I waste more than $35/month on worse investments than that. Best bet is term life--how much you need depends on how many dependents you have. And definitely disability insurance.