Term life insurance- how much do you have and how old were your kids when you got it?

[Anonymous]

I am struggling to figure out the correct amount. Also, did you do 20 or 30 years? 20 seems to little, 25 would be better but they don't offer that.

[Anonymous]

10x income is the rule of thumb. We did 30 year term.

[Anonymous]

1.1 million each spouse , 33 and 38 , 25 years. Kids are 2 and 5

[Anonymous]

Anonymous wrote:1.1 million each spouse , 33 and 38 , 25 years. Kids are 2 and 5

each policy costs 25 a month but we got the preferred health

[Anonymous]

10x income, 30 year term, each of us. Got it when oldest was 3 and 2nd was under development.

SAHMs should have term life too, because their absence would be a serious loss of economic benefit to the family.

[Anonymous]

Anonymous wrote:

Anonymous wrote:1.1 million each spouse , 33 and 38 , 25 years. Kids are 2 and 5

each policy costs 25 a month but we got the preferred health

From what company? That is an awesome rate.

We just got ours at 37 with a 3yo. 20 years. $2million for DH. $500k for me a sahm. Costs about $150 month total.

[Anonymous]

We each have $500,000 in term until age 80. We're 30, but I think we got coverage when we were 27. No kids yet, but I'm pregnant. We each pay $20-25/month.

I think long-term disability insurance is equally if not more important than life insurance because you're more likely to become disabled than to die. We pay more for disability coverage (about $30 each/month) than we do for life.

[Anonymous]

Go with a broker to get your a good rate. Ours got our payments negotiated 20% down after our physicals.

You can also get online quotes to compare against. Once we did that we knew our broker was good.

There are calculators online that suggest how much to buy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1.1 million each spouse , 33 and 38 , 25 years. Kids are 2 and 5

each policy costs 25 a month but we got the preferred health

From what company? That is an awesome rate.

We just got ours at 37 with a 3yo. 20 years. $2million for DH. $500k for me a sahm. Costs about $150 month total.

sbli for dw and aig for dh. We had a broker online http://1stQuote.com

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1.1 million each spouse , 33 and 38 , 25 years. Kids are 2 and 5

each policy costs 25 a month but we got the preferred health

From what company? That is an awesome rate.

We just got ours at 37 with a 3yo. 20 years. $2million for DH. $500k for me a sahm. Costs about $150 month total.

sbli for dw and aig for dh. We had a broker online http://1stQuote.com

I was wrong $45 and $46 a month for each policy 1.3 million 20 years.

[Anonymous]

Anonymous wrote:We each have $500,000 in term until age 80. We're 30, but I think we got coverage when we were 27. No kids yet, but I'm pregnant. We each pay $20-25/month.

I think long-term disability insurance is equally if not more important than life insurance because you're more likely to become disabled than to die. We pay more for disability coverage (about $30 each/month) than we do for life.

sounds like you have annual renewable term, rather than guaranteed level term. The difference is that renewable term means they will always sell insurance but the rates will go up as you get older, and I imagine they will go up quite a bit.

The advantage is that it is more affordable now, the disadvantage is that it may well become unaffordable in a few years, and at that point it may be harder to get new insurance (because you'll be older, and possibly other health issues will pop up).

You might want to consider either supplementing or replacing your policy with a guaranteed level premium policy (or at least your husband's policy for now, being pregnant isn't a great time to shop for life insurance IIRC)

[Anonymous]

We have $1 million each which is about 2-3x income. About $1000 premium a year each. I have it ending at about age 65 since we are hoping to be winding down then so income replacement will not be important. We somewhat underinsured since we each earn similar amounts and would expect to be able to continue to earn at that level, kids are almost out of the house and college is fully saved for, and we have a decent amount already set aside for retirement so figured we didn't really need tons of coverage. I had higher employer sponsored coverage (6-7x income) when I was younger and the primary breadwinner.

[Anonymous]

Anonymous wrote:We have $1 million each which is about 2-3x income. About $1000 premium a year each. I have it ending at about age 65 since we are hoping to be winding down then so income replacement will not be important. We somewhat underinsured since we each earn similar amounts and would expect to be able to continue to earn at that level, kids are almost out of the house and college is fully saved for, and we have a decent amount already set aside for retirement so figured we didn't really need tons of coverage. I had higher employer sponsored coverage (6-7x income) when I was younger and the primary breadwinner.

this is similar to us, except it's about 7x income

[Anonymous]

$1 million each. Mine is through my work (insurer is MetLife) and costs $40 per month. DH's is through USAA. Kids are 3 and 1.

[Anonymous]

Anonymous wrote:$1 million each. Mine is through my work (insurer is MetLife) and costs $40 per month. DH's is through USAA and costs about $90. Kids are 3 and 1.

Oh and it's about six times my income and 12 times DH's. 30 year term.