[SpacegrayMe90]

So with the recent addition of my first child, I'm looking to take out more life insurance coverage. I think it's the responsible thing to do as a parent.

I already have two policies through the company I work for. However, I was looking at Metlife ,Prudential and AIG to name a few as a third policy. Who do you guys use?

[Nick the Greek]

Banner Life.
Excellent.

[kchu221]

John Hancock is what we use

[SpacegrayMe90]

Thanks for chiming in guys.

[KingOfJericho]

northwestern mutual

[BrokenVert]

Ameritas.

OP my mother is an insurance broker in NY. If you want someone to run a few questions by I can give you her number.

[WingZeroX5]

Department of V.A.

[Pheonix]

Different provider will have different costs depending on age groups so definitely shop around. We picked Metlife because they were the lowest for us.

[finaloption]

Metlife

[SpacegrayMe90]

Thanks guys. Next decision is determining which is better for me whole life insurance vs term.

[RJ_]

Originally Posted by SpacegrayMe90

Thanks guys. Next decision is determining which is better for me whole life insurance vs term.

You mentioned "more" insurance, so I take it you have an existing policy?

For the case of taking care of your child(ren) until they're old enough to be on their own, I think you want a term policy. This is pretty much a classic case of when to go for term, in my opinion. Your critical need is ensuring a tragedy doesn't make your family lose their home/lifestyle/college funds/etc and that has a definite timeframe of ~18-20 years.

This is a can of worms, but whole life has some advantages for other situations that I don't think really apply here.

[SpacegrayMe90]

Originally Posted by RJ_419

You mentioned "more" insurance, so I take it you have an existing policy?

For the case of taking care of your child(ren) until they're old enough to be on their own, I think you want a term policy. This is pretty much a classic case of when to go for term, in my opinion. Your critical need is ensuring a tragedy doesn't make your family lose their home/lifestyle/college funds/etc and that has a definite timeframe of ~18-20 years.

This is a can of worms, but whole life has some advantages for other situations that I don't think really apply here.

Yes, I have an existing life insurance policy through my company, where they payout based on my salary.

[shadow191]

If you're just looking to add coverage similar to what you have through work and be able to provide for your children until they become adults, then term is probably more appropriate. Just pick a term that is appropriate.

Whole life would be for people with more complicated situations - estate planning, tax planning, planning for long term care, etc. But for pure insurance purposes, whole life is very, very expensive. It's just sold very heavily because the commissions are very high so lots of people end up with whole life didn't really need it.

Shop it around, most major insurance companies have good policies. But each tends to do better in certain niches so you may get very different rates from very similar companies for the same coverage.

Originally Posted by SpacegrayMe90

Thanks guys. Next decision is determining which is better for me whole life insurance vs term.