Hellobee Boards

That does seem high, but $500K/$1M is a lot of money! I pay about $8/month, but I think mine is only for $150K. I am also 26, so that may make the premiums lower. Mine is a term life insurance, but it doesn't actually ever expire. I do think the percentage recoverable goes down after a certain age (70, I think).

Here is a link to AGLA's (American General Life and Accident) online quote system. You don't have to put any personal information, just the state you live in, your age, consumer choice term (the type of policy) the amount of term life and the term (depending on the age of your children, you would probably want between 18-20 years) and how you would pay (monthly ABC is automatic bank draft).

I don't work for AGLA, but I do have insurance through them and found their prices to be very competitive.

It will at least give you another point of reference

https://quote.agla.americangeneral.com/AGLAMobileQuote/

Do you mind saying the company you are using? As long as it's a large financially sound institution I actually think those are pretty decent rates. Personally I would probably skip doing the plan for the baby. I'm assuming the baby's policy would be whole life rather than term life. Those are more like investment products and in my opinion definitely not the best option for saving for baby. You'd be better off setting up a 529 or an UTMA/UGMA account and contributing to it monthly.

Maybe age plays a factor in your higher premiums? I have $250k and I'm 26 so my monthly premium is $26/month. After I hit a certain age, my cost goes up a little each time.

We applied for a 20-year $250K term policy for each of us. The estimated premium is going to be $16/mth for me, and $18/mth for DH. We went with the 20-year policy because our house will be close to paid off by then, and our LO will be in college, so we won't need as much life insurance to pay debts/living expenses.

We're also getting our LO a Universal Life policy with guaranteed increase options, so she can get additional coverage later in life, even if she becomes "uninsurable".

Definitely ask around for quotes - we've had quite a range in what is offered by different companies.

@Aprilk The idea of getting a higher life insurance policy on your child for that reason actually makes a lot of sense to me, I had never really thought about it like that before. I made my husband increase his life insurance to a point where I could pay off the house/car/student loans plus cover cost of living for a few years so I wouldn't need to work for that very reason. I will keep that in mind when we have a little one, especially since it isn't super expensive at that point.

I want to say our life insurance is in the same ball park but I really can't remember. Ours is through my husband's work, which is a fairly large corporation but I still remember feeling like it wasn't cheap.

We have mortgage insurance instead which would pay off our home if something happened to one of us. SO its about $300k coverage and costs total $19 biweekly. We need to switch to life insurance though.

We pay similar rates---we have $500k on me and we pay $37/mo and we have $1mil on my husband (he makes a lot more than I do) and pay $78/mo.

We went through select quote and they helped us find the cheapest, it was much cheaper NOT to get it through our auto insurance company.

DH has a $500K policy for around $750 per year, and my policy is $250K for $17/month

I just checked some quotes I was sent a few months ago, and they ranged from $38 - 47/month for a $500K, 30yr policy. I haven't pulled the trigger yet... I have high cholesterol, so I'm worried that will change the rate significantly. I know they all require some sort of physical exam. Anyone have any experience with that??