Online Life Insurance
Online Life Insurance
What kind of life insurance should my husband get?
Cherry asked:
We are looking to get a life insurance policy for my 25 year old husband. We have three young children so we’re trying to figure out what would best provide for the family if God forbid something were to happen to him.
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We are looking to get a life insurance policy for my 25 year old husband. We have three young children so we’re trying to figure out what would best provide for the family if God forbid something were to happen to him.
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9 Comentarios en “What kind of life insurance should my husband get?”
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guaranteed renewable term is the cheapest. There are lots of companies, so shop hard on price.
Do you have life insurance also? What if something happens to you? Most auto insurance companies also have life insurance, so ask your auto insurance company.
20 or 30 year level term life insurance will provide the best “bang for your buck.” There is a section on life insurance in Yahoo Finance (click on “Personal Finance”).
There are many different kinds of life insurance policies and even more companies than you’d think that offer them. The one thing to keep in mind is don’t buy life insurance from a car insurance company. The popular kinds of life insurance are term life insurance, return of premium term (which can effectively yield you a 5-7% tax free return on your money), and policies to last until you’re 100 years old.
I’m providing you a link to my site that will give you information about life insurance (since there is more than will fit in this forumn). Within the FAQs you can check out my blog which has plenty of useful information about types of policies and applying for coverage. Also, you’ll see a link for term life insurance quotes. This will allow you to get prices for life insurance policies from ~150 different companies so you can get insurance prices prior to contacting a broker. That way you can be sure you’re getting a good deal. The information and quotes is provided for your information and is available without divulging personal information.
Ultimately it’ll depend on your situation, but a young family should probably be considering at least a 30 year term insurance policy because that would provide pure coverage for a long period of time at a low cost. But, if your household income is more than $150k (from the hip number) you should be considering doing some of that coverage as a permanent plan.
Hope that helps.
(community guidelines state:”it’s OK to accompany a good, on-topic answer with a link to your website, blog, or email to offer more information.”)
Likely in this situation term life insurance would be your best option. It sounds like the needs you are concerned with are all temporary needs (taking care of the kids, etc…eventually they will be old enough to take care of themselves).
You should contact an insurance broker. They will have access to the best companies on the market in your area and find the best that suits you directly.
Also, as mentioned before what about insurance on you? Even if you aren’t working (I’m just assuming since that’s the ussual reason people don’t think they also need it) or a stay at home mom your life still has a financial value. If you pass away, your husband will have the increased costs of child care, what about having to make his own meals? will he have time for that or will he have to dine out more? Add that and more (a few grand for funeral costs, taxes, lawyers fees, etc) on top of the regular payments.
Finally, given his/your ages, you should make sure you have a proper disability, critical illness and Long term care insruance plan in place. Odds of being seriously ill or injured at your age is FAR more likely than dying at your age and if your husband become disabled or something and can’t work for 6 months or a year it can just as financially devistating. A good broker can help you with that as well.
Considering your family situation, you may want to consider 30 year level term life insurance for your husband.
Level term life insurance provides rates and coverage amounts that remain the same for up to 30 years. This way, you may have the maximum protection at the lowest price for a 30 year term.
Make sure you use a life insurance needs calculator to find out how much life insurance you need for your husband. Also, you may want to consider term life insurance for yourself, because how would your family get by without your contribution?
Also, consider how long you need coverage, and how much you can afford.
Make sure to consider the financial stability rating of the companies you compare. The AM Best ratings are usually shown with the quotes provided online by a life insurance quote service.
If you choose 30 year term life insurance, that would provide protection until your children are grown up and on their own.
Make sure you compare rates from several insurance companies and get all of your questions answered before making a decision to buy a policy. Review all policy exclusions.
Compare rates for monthly and annual premium payment options, you may save some money by paying your premium once per year, if possible.
I will provide a resource below that offers access to information to help you learn more about term life insurance.
Best of luck to you.
(community guidelines state:”it’s OK to accompany a good, on-topic answer with a link to your website, blog, or email to offer more information.”)
You should consider TERM INSURANCE or a REVERSIONARY ANNUITY.
1) Term Insurance will provide a lump sum available at the time of death.
2) A reversionary annuity will provide you with a life income at the time of death. (most people, financial advisors included do not know these are available)
Both are available as annual and monthly premium payments and you may be surprised how affordable adequate coverage can be. If you need a quote feel free to give us a call 877.316.3959. We can run quotes in every state and compare around 90 insurance companies, we do not charge any fees, and won’t bug you, just provide emailed quotes…educate yourself, don’t be sold!
Term life insurance is usually the best answer for a situation like this. Be sure you take out a policy that will last until your children are grown. Some agents might try to convince you to buy permanent insurance (universal life, for example), but there usually isn’t really a need for that. But, look at the difference in price between term life insurance and permanent insurance, and try to put away some of that extra money into savings over this time. Depending on your own employment situation, you may still need a little finanical “boost” should your husband pass away after your kids are grown (and the insurance term is up). But that is a situation you can start to cover now. If you save over the next 25 years, you will not need the coverage of permanent insurance because you will have built up your own savings nicely.
As others have said, do be sure that if you are home with the kids, you are insured as well, if the additional cost of childcare would impact your husband’s financial state. Depending on the ages of your children, where you live, and the availability of family to help out, you could be looking at $3000 in monthly day care costs. It may be worth taking out a policy on you as well if those expenses would impact your family in a bad way should something happen to you.
If you would like to get an estimate of how much insurance you should buy, you can check out (currently free if you request beta testing access). This site isn’t affiliated with an insurance company, so it will not try to sell you a thing.
Without knowing your specific financial situation or goals, the general rule is term life insurance for 7-10 times your income. Since you have young children you will want at least a 20 year term product to make sure your family is protected until they are adults.
Also don’t forget that you will probably want to get a policy for yourself as well. Even if you don’t work, your husband will probably need to pay for daycare and housekeeping if something were to happen to you. My wife stays home and we have the same term policy on her as we do on me, but for 1/3 the amount.