[MoreCowbell]

My beautiful wife is 4 month pregnant with our first child. My wife and I both work and will both continue to work when we have our child.

It's a blatantly obvious that I need to invest in Life Insurance. However, I have no clue what type to get or how much to get.

Can anybody offer advice?

[NewSong]

You don't get life insurance through your work?

[MoreCowbell]

Originally Posted by NewSong

You don't get life insurance through your work?

I am self employed. Wife's job onffers insurance that only pays one year of her salary as a benefit.

[Rick]

probably a good idea to price it out. check out this life insurance comparison calculator

http://www.term4sale.com/


smokers pay close to 3 times more for life insurance!!

[Maestro]

There is term life which is cheap and once you stop paying the benefit stop, this is what companies offer

There is Whole Life, which has has some sort of cash value associated and you can use it as some sort of investment option which as death benefit

Then there is variable whole life which you pay more than the premium amount and it accursed principle and interest over the term period and then you stop paying and the police lives on as long as the interest and principle is more the the cost of the term insurance and how long you live.

The rule of thumb is to have enough to pay off all your expenses and to cover the cost of college. Term policies are good since you can adjust the amount you need over time as your costs go up and down. Miss a payment or two and it is gone. Same for working some place, if you leave you loose the benefit.

The benefit of whole life is any interest you earn is tax free even if you pull the money out later to pay for your kids education.

You can shop online but it much better to deal with someone in person especially if you plan to change the kinds or types of insurance you want or need over time. However, use online quotes to get the best prices, I use them to negotiate premiums with my agent. Also not all agents sell all companies policies, Some companies plans suck so you want to mix and match across insurance companies.

Lastly, the number the insurance guy or online gives you is not always the best numbers, especially if you fall into a preferred group, like nonsmoker, no risk taking like motorcycle or skydiving, no bad medical history. If you live well and you medical check come back really good, you need to ask for the preferred policy, different companies use different names for these very low premium insurance.

[MoreCowbell]

I'm just trying to figure out if Whole life is really worth the extra premiums

[1cleanm6]

i have 250k insurance with work..lol

hm maybe i should fake my death and buy a 430

[SoYank]

Originally Posted by Boosted335

i have 250k insurance with work..lol

hm maybe i should fake my death and buy a 430

You can't drive a 430 in prison.

[wuufer001]

Originally Posted by SoYank

You can't drive a 430 in prison.

but anyways

[NewSong]

Originally Posted by SoYank

You can't drive a 430 in prison.

Oh snap.

[NewSong]

Originally Posted by MoreCowbell

I am self employed. Wife's job onffers insurance that only pays one year of her salary as a benefit.

Oh that sucks.

[GreenThree]

If you are younger, just got married / just haivng kids, etc. Go for Term. It is more than worth it for what you get. Universal Life will be more expensive, and is generally used for estate planning. (individuals of high net worth.) UL / whole life generally has cash value, and can be designed to be accumulaiton oriented (cash value) or deth benefit oriented (low cash value, high death benefit.)