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Life insurance?
Old 08-28-2013, 02:17 PM
  #1

So now that we have 2 kids and a house, I feel the need to explore the world of life insurance. It's a scary thought, but I feel it's a responsible decision.

I've narrowed it down to 2 companies and am waiting on quotes-but not sure if Term or Permanent is best...

Any suggestions?


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Dave Ramsey
Old 08-28-2013, 02:21 PM
  #2

Go on Dave Ramsey's site and read his advice about insurance. He usually has practical ideas that are frugal.
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Old 08-28-2013, 02:23 PM
  #3

Suze Orman recommends term life policies and I follow her directions!
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Old 08-28-2013, 03:45 PM
  #4

Does your school offer it? I get mine (optional) through school and it's $8.00 a pay period.
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Old 08-28-2013, 03:49 PM
  #5

Years ago we bought term insurance on my husband who is the big bread winner and he could get along very well without my income. His term insurance is due to expire at the end of this year. We planned it this way because our boys are now grown and not financially dependent on us anymore. We have also accumulated enough wealth through investments for me to maintain our lifestyle if he passes. We just dont need life insurance anymore - thank god!


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Old 08-28-2013, 04:23 PM
  #6

I have term life insurance through American General Insurance. It's around $35 a month and it never goes up. I am insured for $500,000.
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My DH
Old 08-28-2013, 05:45 PM
  #7

The financial advisor says lock in term insurance for as long as you'll need it. For example, I have mine that runs til the youngest is 25. I have another smaller policy that is longer, but the main one goes til kids should be off the payroll.
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Old 08-29-2013, 05:01 AM
  #8

I'm doing permanent... Having a family member who worked in insurance, I was directed in a certain way to go.
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We have both
Old 08-29-2013, 06:01 AM
  #9

term and permanent insurance.

I used to have the insurance offered through my school but when we met with our financial adviser we were able to get much better coverage for less.

Most of our insurance is term but we do have some that is permanent. We also have disability insurance.

It is scary to contemplate death but I feel better knowing that our family will be okay financially if something happens to one of us.
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Term
Old 08-29-2013, 07:27 AM
  #10

Term is much cheaper which is good when you have a young family and money is tight. No matter which though definitely get life insurance! I just saw a gofundme donation drive for the widow of a brave man who drowned while saving his son's life. 4 young kids and a wife, no life insurance. She doesn't even have enough money to bury him, hence the donation drive. Most folks don't have the cost of a funeral sitting around in their bank account so at least get enough insurance to cover that and provide what you earn for at least a year.


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