Life Insurance?

Question

My husband and I are a young couple with three children and we are looking into getting life insurance for ourselves other than the ones provided by our employers. What companies would you suggest we look at and what kind of policy do you think is more suitable for young adults and children?

Answer 1

First, you want to check with the companies in your area.
Second, go here http://info.insure.com/ratings/sandp.cfm to check the ratings of that company.
Third, see what other benefits do you get from the life insurance (such as terminal illness or disability, etc).
Third, read my research about life insurance (along with other financial topics) at: http://obe231.blogspot.com

If I were in your situation, I would buy a 30 year term with a spouse rider and maybe a child rider. Coverage? That is up to you. Financial experts say to get at least 10 times the amount of your annual gross income. So, if you make $40,000, then you need $400,000 coverage. Same as your husband. For children, I would only get a $10,000 coverage.

I would also invest money every month. Have you heard about IRAs? They are a great way to save for retirement. If you have some extra money left over, then open a 529 plan for the kids.

Answer 2

First of all, you are very wise for looking into life insurance at your age. Rates are much better the younger you are. Apparently you are also aware that your insurance at work will only last while you are employed. I don't think there is any one company that is the most suitable for young families. What you want to do are three things" 1) the stability of the company. They should be rated at least A- by AM Best. You can find this out by going to your state department of insurance website and clicking on life insurance. 2) Watch our for hidden expenses attached to the policy, sometime referred to as loading, and 3) decide what you and your husband want to do before you sit down with an agent or broker to pick out the particular insurance product. One last thing-cheaper premiums are not always the best thing.

Answer 3

I would recommend one to try this web page where you can get quotes from the best companies: http://COVERAGEDEALS.NET/index.html?src=2YAuki2faye7P

RE :Life Insurance?
My husband and I are a young couple with three children and we are looking into getting life insurance for ourselves other than the ones provided by our employers. What companies would you suggest we look at and what kind of policy do you think is more suitable for young adults and children?
Follow 5 answers

Answer 4

Don't look for any company in particular. See an independent financial advisor or planner who can help tailor a solution to your needs. He will be able to offer virtually infinite options from many companies, but will be able to narrow them down to your best ones.

Note regarding Baremusic's response: I'm a tremendous believer in whole life, when applied to the right situation. His reference to the policy "paying for itself" is something of a misrepresentation. What he's referring to is having the premiums paid from annual dividends declared by the company from excess reserves. While virtually all of the stronger carriers have a consistent record of paying dividends, they are not guaranteed and are declared strictly at the discretion of the company. While what he states is likely to be true in most cases, you must remember that you are responsible for paying your premium as necessary to keep the policy in force.

Answer 5

Try modern woodmen. They are non-profit and all money gets re-invested back to you. It is really good!!!! Don't miss out . Once a month you get to go to a restaurant. Parents pay around $2 for a buffet and kids eat free. Drinks include. A free baby tree once a year, ect... If one of you dies. All children get college paid for on top of whatever money you decided on.

Whole life. If you change your mind later , it will pay for itself . Kind of like Term. My parents bought me whole life when I was 16. I'm 26 now. If I stop paying now it will last until I'm 54 before it runs out of cash value to pay for itself.

Modern woodmen is guaranteed. It's non-profit. They guarantee a lot that others don't. Their annuities are a quaranteed rate of "at least ?" I think its 4 percent. I don't remember.

Answer 6

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