What kind of life insurance do you have?

[changedname]

DH and I have an appointment at the bank to discuss life insurance next week.

What type should I be going for? Term? Universal? I got a quote a few months ago and it was something like $75 each for $350K coverage but I'm not sure what type it was. (DH will not get bloodwork done to get the insurance so we cannot get over $500 each). We owe $335K on our mortgage.

[orangeblossom]

$75/month for $350K?! That seems like a lot to me. We have term 800K for me and 1.2 for DH, and it's about $45, and $35, respectively.

Since you're just meeting at the bank to discuss options, I would also check out selectquote.com. They do a lot of the legwork for you in finding you the best plan.

[dr.girlfriend]

I have term, 30-year. Unless you are rich and have a fancy tax situation, you probably want term. I pay $600 a year for $1 million in coverage. bought at age 35, both parents living. Be sure to get the most you think you will ever need, thinking ahead to kids, college, etc.

[changedname]

Dec 30, 2012 16:57:07 GMT -5 @vicmo said:

Noel, you're in Canada, right? We have insurance through Manulife - it's $25/month total (not each) for $400K, 30 year term for each of us. I get a discount through my professional organization, but even so it's much cheaper than the quote you got.

You can also get quotes through Kanetix.

Ok thanks! I will get some quotes. We are meeting with RBC. It's been a bit of a drama because FIL is an insurance broker but DH won't go through him in case he finds out our medical history (hence the no bloodwork thing) so that is why it has taken us so long to get it going.

[Deleted]

Dec 30, 2012 17:01:19 GMT -5 changedname said:

Dec 30, 2012 16:57:07 GMT -5 @vicmo said:

Noel, you're in Canada, right? We have insurance through Manulife - it's $25/month total (not each) for $400K, 30 year term for each of us. I get a discount through my professional organization, but even so it's much cheaper than the quote you got.

You can also get quotes through Kanetix.

Ok thanks! I will get some quotes. We are meeting with RBC. It's been a bit of a drama because FIL is an insurance broker but DH won't go through him in case he finds out our medical history (hence the no bloodwork thing) so that is why it has taken us so long to get it going.

Unless Canadian laws are different, your husbands blood work results are usually kept confidential and sent to the recipient only... however if you DH was denied the top level the ins broker will learn why.

I don't know your history and why your DH does not want his blood work taken but even when we applied for a 500K policy years ago we had to have our blood drawn.

I would go with term, 30 year policy. Good luck!

[boston340]

We have $350K EACH of 30-year term life insurance. My annual premium is $207 per year and DH's premium is $267 per year. We will be 55 years old when it expires and hope be be "self-insured" by that point.

I would definitely shop around for different quotes from different companies. In my experience, often the insurance products sold by banks cost a lot more than through other avenues.

[GailGoldie]

we got suckered into universal - and it's more expensive than I'd like... i keep thinking we should cash out and get term, but can't get a good feel if it's worth it now (we've had it for 7 years now).

[zacksbride]

The quote you were given seems high. We pay $100 per month each for 20 year term and 3 million of coverage, purchased at age 32.

We were advised to get coverage equal to about 10-15x annual salary

[whitepicketfence]

We have 30 year term.

[changedname]

Dec 30, 2012 19:11:36 GMT -5 @switzerland said:

Dec 30, 2012 17:01:19 GMT -5 changedname said:

Ok thanks! I will get some quotes. We are meeting with RBC. It's been a bit of a drama because FIL is an insurance broker but DH won't go through him in case he finds out our medical history (hence the no bloodwork thing) so that is why it has taken us so long to get it going.

Unless Canadian laws are different, your husbands blood work results are usually kept confidential and sent to the recipient only... however if you DH was denied the top level the ins broker will learn why.

I don't know your history and why your DH does not want his blood work taken but even when we applied for a 500K policy years ago we had to have our blood drawn.

I would go with term, 30 year policy. Good luck!

Thanks. Yes, I am pretty sure his dad would not find anything out and as far as we know (fx) there is nothing to find out. What happened was, last summer we started the process through FIL and when the nurse came to our house to take our blood etc, she mentioned to DH how you would be surprised how many people find out they have cancer from doing insurance bloodwork. He freaked out, cancelled the whole thing and wouldn't discuss it again. He is really funny about death etc and there is no talking to him. I have only managed to get him going now because RBC said no bloodwork needed for under $500K.

[heygrey]

we're in canada and we have insurance through Foresters. we have a 100k joint first to die policy for $136 a year, 10 year term. they were right on par with everyone else price-wise so we chose them because we like their company the best. they give a ton of money each year to help canadian families - build parks, sponsoring latchkey programs, etc.

[Deleted]

Dec 30, 2012 16:57:07 GMT -5 @vicmo said:

Noel, you're in Canada, right? We have insurance through Manulife - it's $25/month total (not each) for $400K, 30 year term for each of us. I get a discount through my professional organization, but even so it's much cheaper than the quote you got.

You can also get quotes through Kanetix.

We are Canadian too. Ours is through London Life. 10 year term, $1 million each. I pay $430/year, DH pays $450/year. We only got 10 year term because by then we do not expect to need it anymore.

[thumper55]

DH costs around 1400, and mine is just over 900
30 year term for 1.5m

[Deleted]

Whole, although my job provides free term. Not much, but we have some term as well.

IMO term is a waste and whole is an investment.

[Deleted]

Jan 1, 2013 7:22:43 GMT -5 @irishbride said:

Whole, although my job provides free term. Not much, but we have some term as well.

IMO term is a waste and whole is an investment.

I agree with the above. If you are looking for an INVESTMENT than whole is what you want but if you are looking for a plan to help pay for things if you unexpectedly die, get term. You could always get a second policy that is WHOLE for an investment. Don't mix the two reasons on why you are getting insurance....imo.

[Deleted]

30 year term and then 3 times our salaries through work.

Whole is only appropriate for the very wealthy looking for tax avoidance. It is a scam as far as investments go for most people.