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

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

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[quote=Anonymous][quote=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.[/quote]

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)[/quote]

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