One financial product that is significantly cheaper than things like gas and food these days is term life insurance. It is estimated that term life premiums have fallen 30% or more in the past 10 years. Can you imagine buying gas at the same price you paid 5 years ago? It doesn’t get any better than that.
Why Is Term Life Insurance Cheaper?
As people are living longer term life insurance companies will have fewer claims in any given period. Add in competition and you will see why you can get a great price for your term life insurance protection. Term life covers you for a specific period, normally 10 or 20 years, is simple to uinderstand and it is easy to compare the price of one company to another.
But Do You Need Term Life?
Children don’t need life insurance, but parents with young children need a lot of term life insurance as the cost of bringing up and educating children mount every year. For 90% of people, term life is what they should buy. Term is simple and cheap and it provides coverage for a lot of personal needs that will fade away over time. Term life does not have lots of bells and whistles which is why it is cheap. If you die, your beneficiaries get the money.
How Much Term Life Insurance Do You Need?
Some brokers suggest 7 times annual earnings; others say 10 times. The best way is to look at your own family situation. Who do you want to protect in case you pass away early? Many people need term life insurance to cover the mortgage, college bills and other family needs. Then, how much annual income will your family need on a day to day basis?
What Sort Of Term Life Is Recommended?
Mostly recommended is level term life insurance where the premium remains constant. Most life insurance companies sell this level term life insurance and increase the premiums after the first 10 or 20 years has expired.
Term policies can run 10 or 20 years or to age 100, with the 10 and 20 year term being the most popular. If it turns out you don’t need the policy for that length of time, you can drop some or all of it.
Finding a good online broker to do the shopping for you is more than half the battle in getting the best deal for your term life insurance coverage.
Ivon T. Hughes
http://www.articlesbase.com/finance-articles/term-life-insurance-coverage-is-a-good-deal-135553.html
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I’ve just had a baby boy, and my girlfriend and I need term life insurance, can you help me find a great deal?
I live in Texas-San Antonio, I am 19 and she is 19 and we are both non-smokers in good health, we are full time college students, we have a very limited income, and even more so with our new baby boy! I am really stressing for him and I need some coverage for about 15 years or 10 yrs in term coverage, I want his future to be more secure if something happens to me or his mother. We are not married yet and decided this was very important for our baby. Please help us find an inexpensive term life coverage that is at least 150,000 or more.
If you have car insurance or renters insurance, call them, because the more policies you have with that insurer, the more discounts you get.
If you don't have a current insurance company, there are PLENTY of sites, like einsure.com that will give you MANY different quotes from different companies.
I'm curious though as to why you think you need the insurance. You are only 19, so I'm guessing that you don't have many assets yet, like a house, stocks, retirement account, etc. Why don't you just find your closest relative and make sure they are OK raising your child should you and your wife both die? I personally think that your money is better spent on a lawyer making up your will than anything else. JUST my opinion though.
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well, it should cost you about $100 a year, each, for your $150,000 policies – so it's not a big deal. Just call your local agent. Whoever insures your cars would probably be thrilled to write a term policy for you.
Just remember, you want 20 year term, RENEWABLE AND CONVERTIBLE. And don't let 'em sell you on whole life, it's a ROTTEN DEAL!!!
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Try Zurich Direct, and USAA.
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One way to compare the lowest rates available would be to use a term life insurance quote provider like InsureMe.
InsureMe gives you up to five free term life insurance quotes from top rated life insurance companies nationwide. You answer one form and get your quotes at http://www.insureme.com/landing.aspx?Refby=613403&Type=life
Other life insurers you may want to consider getting quotes from include Prudential, Northwestern Mutual, Metlife, State Farm, AIG, and Nationwide.
I hope that helps you find a great deal on your life insurance. Good luck.
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Check this out!
http://www.insureme.com/landing.aspx?Refby=614137&Type=life
You need to compare the products. I got a right term life insurance from this site. I suggest you to go there and get a right life insurance for you and your family.
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I agree with an earlier poster….at your age….until you have major assets like a house payment, car payments, etc…you don't have a huge need for life insurance.
The odds of you dying now at age 19 are very, very remote….save up your money and in 6 or 7 years, reconsider what you have accumulated, then think life insurance.
Right now, you need to save as much as you can for your boy's college education. You'll need more than $50,000 in the next 18 years to pay for it.
That's about $2500 per year, assuming a very small return on your savings.
Take what you would be putting into a needless term insurance now and put as much as you can into a 529 plan.
By not having to buy insurance now, maybe you can get a good headstart on college savings and won't have to sacrifice as much later on.
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Hi, your friendly insurance guy here again.
Contact MassMutual and ask about their LifeBridge program (free 10 year, $50,000 term for one adult in a household if eligibility is met). That can get you started.
SBLI has very competitive term rates, check them out for the difference.
Regarding those who said not to get insurance – I'm usually not this blunt, but I have to say you should ignore them. The reasons they gave are that you are "not likely to die." They are correct, but that means you will get insurance for low cost, it's NOT a reason to skip owning it. The entire purpose of getting the term insurance is to protect your girlfriend and child in case you DO die even though it's not likely.
Unless those other posters who recommend skipping it are willing to pay your girlfriend the $150,000 out of pocket if, say, a drunk driver hits and kills you tonight, they should stop telling you not to get insurance when you have a newborn.
Also, another poster mentions Whole Life as a "ripoff." It's not a ripoff. It's just inappropriate for your situation due to high cost. Her recommendation to get a renewable and convertable policy does not mesh with her logic. Renewable means it can always be renewed without new medical testing. Convertable means it can be converted to Whole Life, which she suggests is a ripoff. If she is so sure it is a ripoff she should not be suggesting you get a renewable and convertable policy. She should be suggesting you get a renewable and non-cancellable policy so the insurance company cannot cancel on you.
To the general readership – I beg you all to stop telling new parents to forego getting insurance. Heaven forbid one of them listens to that advice and then dies. That would be a tragedy. Tell them to get cheap insurance if that is your preference, but if they understand the need to protect their baby's future, for Pete's sake don't discourage them.
Life insurance isn't something to buy when you expect to die. No company will sell it to you when you know you're going to die. It's something to buy to protect your family from your UN-expected, early demise. So yes, encourage them to save for college and do all the other smart things people can do with money. Just don't tell them to leave their families unprotected in the event of unexpected death.
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I'm a licensed insurance and investment rep.
Life insurance at the age of 19 for healthy people is cheap. Don't listen to people who tell you to forego the insurance because you're young and aren't likely to need it anytime soon. That is ridiculous. People die due to illness and accidents at all ages. Don't you want you and your girlfriend to be able to finish college should one of you meet with death unexpectedly? The answer about finding a relative to take on raising your child rather than buying life insurance is laughable! Of course, this is a good idea if you were to both die at the same time, but I doubt the surviving parent will give up the child just because they are the sole surviving parent. We don't give up our kids that easily! Be responsible, and it sounds like you want to be. That's good. Buy as much as you can afford—at least $250,000 of 15 or 20 year term life insurance. Use the internet for the best prices. Don't call your car insurance agent (another dumb idea). They likely have one company to quote and will look at what meets their (sales) goals not yours. Zurich, USAA, Quotesmith (used to be called this – I think it will redirect you to the current site) — and others will get you the very best deal. Do it today!!!!
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