I've just had a baby boy, and my girlfriend and I need term life insurance, can you help me find a great deal?

Question

I live in Texas-San Antonio, I am 19 and she is 19 and we are both non-smokers in good health, we are full time college students, we have a very limited income, and even more so with our new baby boy! I am really stressing for him and I need some coverage for about 15 years or 10 yrs in term coverage, I want his future to be more secure if something happens to me or his mother. We are not married yet and decided this was very important for our baby. Please help us find an inexpensive term life coverage that is at least 150,000 or more.

Answer 1

I agree with an earlier poster....at your age....until you have major assets like a house payment, car payments, etc...you don't have a huge need for life insurance.

The odds of you dying now at age 19 are very, very remote....save up your money and in 6 or 7 years, reconsider what you have accumulated, then think life insurance.

Right now, you need to save as much as you can for your boy's college education. You'll need more than $50,000 in the next 18 years to pay for it.

That's about $2500 per year, assuming a very small return on your savings.

Take what you would be putting into a needless term insurance now and put as much as you can into a 529 plan.

By not having to buy insurance now, maybe you can get a good headstart on college savings and won't have to sacrifice as much later on.

Answer 2

Life insurance at the age of 19 for healthy people is cheap. Don't listen to people who tell you to forego the insurance because you're young and aren't likely to need it anytime soon. That is ridiculous. People die due to illness and accidents at all ages. Don't you want you and your girlfriend to be able to finish college should one of you meet with death unexpectedly? The answer about finding a relative to take on raising your child rather than buying life insurance is laughable! Of course, this is a good idea if you were to both die at the same time, but I doubt the surviving parent will give up the child just because they are the sole surviving parent. We don't give up our kids that easily! Be responsible, and it sounds like you want to be. That's good. Buy as much as you can afford---at least $250,000 of 15 or 20 year term life insurance. Use the internet for the best prices. Don't call your car insurance agent (another dumb idea). They likely have one company to quote and will look at what meets their (sales) goals not yours. Zurich, USAA, Quotesmith (used to be called this - I think it will redirect you to the current site) --- and others will get you the very best deal. Do it today!!!!

Answer 3

As an insurance agent, I always advise my clients to get the longest available term. Reason why is that, at your young age now, you are able to lock in your rate for 30 years vs 20 years. If you are getting the level term policy, your rate wont change! You are going to have to do the medical again when your 63, and will at that time definitely get an increase in your monthly premiums, BUT, youd much rather benefit from paying a lower premium for the extra 10 years the 30 year plan would give you. Also, if you can afford it, pay it in full for 1 year instead of monthly installments, so you dont have to pay the extra monthly charges, and that way even avoid missing a payment and getting your policy cancelled. Reinstatement of a life policy is a headache. If you cant pay in full, request to get it automatically withdrawn from your account, which in most cases has a lower monthly charge then paper bills.

Answer 4

If you have car insurance or renters insurance, call them, because the more policies you have with that insurer, the more discounts you get.

If you don't have a current insurance company, there are PLENTY of sites, like einsure.com that will give you MANY different quotes from different companies.

I'm curious though as to why you think you need the insurance. You are only 19, so I'm guessing that you don't have many assets yet, like a house, stocks, retirement account, etc. Why don't you just find your closest relative and make sure they are OK raising your child should you and your wife both die? I personally think that your money is better spent on a lawyer making up your will than anything else. JUST my opinion though.

Answer 5

Hi, your friendly insurance guy here again. :)

Contact MassMutual and ask about their LifeBridge program (free 10 year, $50,000 term for one adult in a household if eligibility is met). That can get you started.

SBLI has very competitive term rates, check them out for the difference.

Regarding those who said not to get insurance - I'm usually not this blunt, but I have to say you should ignore them. The reasons they gave are that you are "not likely to die." They are correct, but that means you will get insurance for low cost, it's NOT a reason to skip owning it. The entire purpose of getting the term insurance is to protect your girlfriend and child in case you DO die even though it's not likely.

Unless those other posters who recommend skipping it are willing to pay your girlfriend the $150,000 out of pocket if, say, a drunk driver hits and kills you tonight, they should stop telling you not to get insurance when you have a newborn.

Also, another poster mentions Whole Life as a "ripoff." It's not a ripoff. It's just inappropriate for your situation due to high cost. Her recommendation to get a renewable and convertable policy does not mesh with her logic. Renewable means it can always be renewed without new medical testing. Convertable means it can be converted to Whole Life, which she suggests is a ripoff. If she is so sure it is a ripoff she should not be suggesting you get a renewable and convertable policy. She should be suggesting you get a renewable and non-cancellable policy so the insurance company cannot cancel on you.

To the general readership - I beg you all to stop telling new parents to forego getting insurance. Heaven forbid one of them listens to that advice and then dies. That would be a tragedy. Tell them to get cheap insurance if that is your preference, but if they understand the need to protect their baby's future, for Pete's sake don't discourage them.

Life insurance isn't something to buy when you expect to die. No company will sell it to you when you know you're going to die. It's something to buy to protect your family from your UN-expected, early demise. So yes, encourage them to save for college and do all the other smart things people can do with money. Just don't tell them to leave their families unprotected in the event of unexpected death.

Answer 6

One way to compare the lowest rates available would be to use a term life insurance quote provider like InsureMe.

InsureMe gives you up to five free term life insurance quotes from top rated life insurance companies nationwide. You answer one form and get your quotes at http://www.insureme.com/landing.aspx?Refby=613403&Type=life

Other life insurers you may want to consider getting quotes from include Prudential, Northwestern Mutual, Metlife, State Farm, AIG, and Nationwide.

I hope that helps you find a great deal on your life insurance. Good luck.

Answer 7

well, it should cost you about $100 a year, each, for your $150,000 policies - so it's not a big deal. Just call your local agent. Whoever insures your cars would probably be thrilled to write a term policy for you.

Just remember, you want 20 year term, RENEWABLE AND CONVERTIBLE. And don't let 'em sell you on whole life, it's a ROTTEN DEAL!!!

Answer 8

Check this out!

http://www.insureme.com/landing.aspx?Refby=614137&Type=life

You need to compare the products. I got a right term life insurance from this site. I suggest you to go there and get a right life insurance for you and your family.

Answer 9

Car insurance http://buycheapcarinsurancequotes2016.com/

Answer 10

Try Zurich Direct, and USAA.