We are spending over $350 a month in life insurance. We both came back with the second healthiest rating ( I was pregnant and my cholesterol level was elevated. I need to redo the blood test since pregnancy causes false levels), H is a 15 pounds over weight.
H and I both have a policy at work. Mine is 1.5x my yearly salary, H's is 1million. We bought a policy for me that is for 1 million. H has a stacked policy-the pay out decreases as time goes on.
Basically, we figured that if I died, H would be fine financially and would use the my policy towards college for the kids (2). If H died, I wanted enough money to pay off our mortgage and fund the kids college. Since the mortgage and amount needed to be saved for college will decrease as time goes on, we figured so will the amount of life insurance needed.
We are using a company recommended by several people-Liberty Mutual. We did price out a couple other options, non stacked for H, and a different company, but this was the cheapest of the 3 options. Is $350 a typical amount to spend? It seems high? But maybe it isn't?
We pay about $370/mo for 30 year term. We were both standard rated (DH had high cholestrol and I had pertussis during underwriting). We have $1M on me and $2M on DH. We got them when I was 32 and DH was 38. We aslo have it through DH's work for another $1M and that is $70/mo
We pay about $370/mo for 30 year term. We were both standard rated (DH had high cholestrol and I had pertussis during underwriting). We have $1M on me and $2M on DH. We got them when I was 32 and DH was 38. We aslo have it through DH's work for another $1M and that is $70/mo
This sounds like its the closest to our situation. I was 32, H was 37 when we bought it.
Post by ellipses84 on Nov 26, 2012 10:58:41 GMT -5
That seems a little high to me. We have Liberty Mutual and pay about $100/mo. for both of us, $400k each, early 30's, my cholesterol is a little high and DH is classified as a smoker because he occasionally smokes (to my annoyance).
We pay $97 a month for both of us combined. Dh is $68 of that. He came back as overweight for his height (he is into working out and really muscular) despite his 12% body fat, lol. He has $500k and I have $200k.