As I was paying car insurance, renters insurance, and insurance on my wedding rings, I was reminded again that we don’t have any life insurance. From my very preliminary research, it seems like term life insurance is where we should start. It’s the simplist form of life insurance and is the most affordable – especially when you can browse and compare term life insurance rates from providers such as Prudential and ING and at http://www.freelifetermquote.com.
Do you have life insurance? What kind? Through which provider? Did you do a lot of research and cost comparisons?
My husband and I both have the same life insurance policies that we had as children. We started the Gerber Grow Up plan for our son when he was born (cuz the earlier you start, the cheaper it is). Anyway, we have been considering doing our wills, power of attorney, all that stuff that you NEVER want to even have to THINK about. One of our best friends is a financial planner and he basically told us that the best thing to do is take out a 1 million dollar life plan – i believe it’s term (we haven’t looked HARD into it yet). He said – it’s not that expensive and it’s basically like you are renting a policy until you are older. That way, if anything was to happen, you family would be totally set up. I can get you in touch if you are interested.
.-= Toni´s last blog ..Winner! Winner! Winner! =-.
Toni – I think we’ll really start looking into it if we decide to have kids. Right now we would both be just fine if one of us were to kick the bucket. But it is cheaper the earlier you start, so it’s on our mind.
Hi Corrin!
My dad used to say that the only insurance worth getting IS decreasing term insurance. That way, in the event of the breadwinner’s death, the mortgage could be paid off. There are other types of term insurance. When I worked for Prudential, we offered a level term policy, too, for varying lengths of time. 10 year, 15, 20, etc. Term is cheap anyway but as you’re young, it would probably be REAL cheap!
By the way, I just remembered that when my dad died, the ONLY life insurance he had was a $1000 his mother had purchased for him when he was young. That was it. And I think she paid handsomely for it, too.