Life Insurance, anyone have any advice?

[charlottenian]

With me having a family now I have been more worried about the well being of my family should something happen to me. I have started the realm of life insurance shopping and it is pretty complicated. Even finding out what I need for adequate coverage is daunting. Anyone use any certain websites or brokers? I have found a competitive 30 yr quote from Fidelity life insurance (I am 28 btw).Any experiences in this would be appreciated.

[Happy Panther]

I've always been a term life guy.

i went through intelliqoute and they were extremely helpful.

They recommended a 20 year (get the kids through college) and a 30 year (pay the house off and spending money for the family) and thats what i got

They also can pick and choose based on health. About 5 years ago my cholesterol came in marginal so the guy said Genworth has more lenient cholesterol limits and we went through them. (Turns out it was fine in the physical.)

[Happy Panther]

With me having a family now I have been more worried about the well being of my family should something happen to me. I have started the realm of life insurance shopping and it is pretty complicated. Even finding out what I need for adequate coverage is daunting. Anyone use any certain websites or brokers? I have found a competitive 30 yr quote from Fidelity life insurance (I am 28 btw).Any experiences in this would be appreciated.

As far as what you need work up a spreadsheet. Add mortgage, college, any debt and then figure out how long your wife and family would need and for how long. Then add a little since you want to err on the high side and term is cheap.

My wife is a SAHM so that was a decent chunk

[PanthaSan]

As far as what you need work up a spreadsheet. Add mortgage, college, any debt and then figure out how long your wife and family would need and for how long. Then add a little since you want to err on the high side and term is cheap.

My wife is a SAHM so that was a decent chunk

Wise words.

That's what we did. You gotta make sure that the family will be taken care of in case of the worst scenario. And make sure the broker you use is reputable. My Uncle's family got burned when the broker they had turned out to be a crook and they got nothing.

[Epistaxis]

What those guys said.

You should look at covering things until dependents are clear, later on you could look in to some coverage for end of life care (that nursing home stuff and then funeral stuff can wipe out a big chunk of savings, people linger these days) but that comes later.

For now, do what HP and PS said.

[charlotte49er]

In one of the first few seasons of SNL, they did a skit about life Insurance. Unfortunatey, I can't find it. It was something like, "Replace a Husband."

[sunbunny]

Did I miss something? You got married?

[pstall]

term all the way

[DeniseM]

A 30-year term life policy seems just about right for you. By the time it expires, you will be 58 and nearing retirement, would have hopefully paid off all your debts and mortgages, your kids would have been to college, and you would have built up enough assets through retirement savings and investments.

As far as how much coverage you should get, it really depends on an individual’s needs. I would suggest making use of an online life insurance needs calculator to arrive at a ballpark figure.

Accuquote.com, an online insurance agency, is a great place to search for term life insurance quotes. It works with top-rated agencies and will provide you unbiased quotes that meet your specific requirements. Try it out!