Lets talk Life insurance

[WingZero94]

Ok,

My current job offers great life insurance (16 bucks a month for 250k coverage). However I may get another job soon. What is the difference (type) and a normal montly cost for comparable coverage?

 

[frankie38]

You did not provide enough info to determine if 16/mo for 250k is good?

How old are you? How is your health? Do you have any dependents? Mortgage?

I would not get any Life Ins if you are single, have no assets, and are healthy?

I would get Ins if you are married, have kids, mortgage, etc.

I would get Term Ins outside the company first. I would use the copmany program if you have health issues that would prevent you from getting the best rates as an individual.

 

[FoBoT]

level term life is what you want

http://clarkhoward.com/library/tips/life_insurance.html

? Consider your own situation to see if life insurance makes sense for you, how much you need, and which type of life insurance would be best. If your family would be unable to make the mortgage payments without your income, you need life insurance.
? Life insurance is meant to replace your income. My rule of thumb is to buy an amount equal to six times your annual salary.
? If both spouses work, both should have life insurance to replace their own income. Don't buy insurance on your children.
? There are two primary types of life insurance. Term life coverage provides a payment only if you die. other policies, such as whole life or universal life, include investment components.
? If you decide to get term life insurance, the best way to buy is by checking one of several Web sites for a financially storong company that offers low premiums.

check life insurance company rating at ambest web site
http://www.ambest.com/

compare rates
http://www.insure.com/

 

[WingZero94]

Originally posted by: frankie38
You did not provide enough info to determine if 16/mo for 250k is good?

How old are you? How is your health? Do you have any dependents? Mortgage?

I would not get any Life Ins if you are single, have no assets, and are healthy?

I would get Ins if you are married, have kids, mortgage, etc.

I would get Term Ins outside the company first. I would use the copmany program if you have health issues that would prevent you from getting the best rates as an individual.

Sorry,

26 - excellent health - wife and child - no mortgage but plenty of student loans. I would want my family to have no problem if I died.