We are finally getting around to pricing life insurance, and I was wondering if anyone had some insight into what is a good price? DH is 32 and I am 33. My health is fine, though DH has cholesterol issues and is slightly overweight.
We asked for quotes for $1,000,000 policies, based on our income and our hopes that the policy could help cover educational expenses for our children if need be. We got a quote back and it was in the range of $250 per month. I have no frame of reference at all, but that seemed high to me. Granted, we are asking for a high amount of policy coverage, so maybe that is appropriate.
What do you currently pay and for how much coverage?
Me: $540 per year for 1 mil. policy, 20 year term, 30 yo H: $500 per year for 750K, 20 year term, 33 yo both of us have good health, nothing in history. These are through metlife.
DH 500k 20 year term for 375 a year Me 300 k 30 year term 180
We are 29. Depends a lot on your age, what comes back from the reports and your term you pick. Try going with a lower $ amount or select a lower term. DH's would of been way too high if we went more then 500k.