DH and I are talking about wills and life insurance in prepping for baby. If you got/have life insurance, how much do you each pay a month?
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I believe the monthly payment/rate depends on how big the life insurance payout is. While i'm not comfortable disclosing the amount, we decided not to go the usual 6x annual income route. Only DH bought life insurance (although i guess when i think about it, i should probably buy as well) and it was enough to cover the mortgage and LO's college education.
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i'll share. i pay a little less than $600/year for 1 million in coverage. they do bloodwork and your health is a factor in the rate.
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@Mrs. Bee: That is an amazing rate.
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I just ran a quick rater for a 30 year old male non-nicotine platinum elite $500,000 30 year term for $50/mo.
For comparison -
30 year old male Nictotine 30 year $500,000 term $161/mo. -
My policy is $250k in coverage for $17 a month. DH has a $500k policy for something like $450 a year.
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We pay a year at a time on a 1 mil policy for my husband and $250k for me. It costs us roughly $950. We get a discounted rate for paying annually.
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Just a quick note that a permanent policy will run a little more than a term policy. My father in law (who is a cfp) recommends having 3-4x your salary, in a combination of permanent and term insurance.
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The agency I work for covers me for 10,000 without any contribution from me. My husband has been in school, not earning anything (except debt. fun), and without any dependents we didn't feel the need to upgrade.
He will start his medical residency this coming June, however, and we plan to open a policy at that time (and upgrade in three years when he starts making a doctor's salary, rather than a resident's salary!). Unfortunately, we also have huge student loans to pay down, so we have to find a balance between affording health insurance, savings, paying down loans, and life insurance. We have a fair amount in savings (like, enough to cover 2 years semi-comfortably), so I feel somewhat re-assured by that.
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@Mrs. Bee: Ooh! That is GOOD! And seems like it's come down since the last time this topic was brought up in a thread!
Thanks for the replies! I guess DH was right about his general idea of how much our policies will cover for us. He thinks his will be a lot higher than some of the ones I've read, mainly due to his age (he's just over 40 now) and the coverage we'd need for his loss of earnings (sole breadwinner right now) and mortgages. Between adding life insurance and setting up a college savings fund for baby, my head was spinning with all the new added monthly expenses! eek!
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We pay something like $20/month each for our term insurance policies. We also have Critical illness insurance that is more expensive.
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You can get a quick quote here - https://www.zanderins.com/term/instantquote.aspx. We're actually waiting to hear back from our insurance agent this week to get this set up. I freak out every time I realize we don't have it so, it's getting done asap.
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@eeh: why the discrepancy between the two of you?
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@mediagirl: Thanks for that link!!!
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@Mrs. Bee: Holy smokes!! That is amazing! I am wondering if rates are cheaper in the US than Canada or if it's just a matter of different types of policies.
I have a Universal Life policy which is $200K and a Term 20 convertible which is $150K, I pay $86/month combined for those. I also have Critical Illness which is $26/month. My advice would be to get a few different quotes, it's amazing how much they vary.
EDIT: I will most likely be increasing and/or adding once LO is here.
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@lolabee: mr bee's policy is much more than mine though!
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I think we pay something like $75-$100/month for 500k of coverage for me and 1 million for DH. We have to have bloodwork and a basic physical. Mine is significantly less than DH's because I'm younger than him (well, and because I'm insured for half as much).
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@shopaholic: Do either of you have any life insurance through your employers? Both my husband and I have about $200k each through our employee benefits packages (so, free to us), and then we have the option to supplement that amount through the life insurance company for a reduced monthly fee.
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@yoursilverlining: Yes, DH has bought some through work, but we're also looking for one on our own just in case. The ones through work would probably just about cover mortgages and funeral expenses. Plus, I guess you never know how long he'll work there, so we're looking for term coverage on our own.
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for me alone, about 22.00 a month. That includes my work policy and individual policy. My husbands is about the same.
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DH has I think a 500K policy through his work and I don't think it's too much.
I currently don't have it... It's on my to-do list though! One thing I worry about is that I have high cholesterol and am afraid to know what the quote is once they find out! I think they send someone to do blood testing... I think the initial quote I got for a 500K policy was around $45 a month.
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@sweetchic: I think it's better for you to get it the younger, the cheaper!
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@shopaholic: Yea, I definitely plan to get it by next year!
Anyone know how much it goes up if you have something like high cholesterol? Ughhh...
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@sweetchic: The link @mediagirl: posted has some general factors like that in the estimate calculator!
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