s/o Life Insurance

[ejpint]

What's a good resource to get started? We both have fairly generous plans through our employers, and for now, that's good enough - but if we're successful in TTC, or even just before we get old and face higher rates, we'll obviously want to do more.

All I can think of is to meet with someone from New York Life or similar, but I'd be afraid they were trying to sell me more than I need? Are there brokers that offer plans from multiple companies, like with auto insurance?

I'm a total rookie here.

[Deleted]

I went with Selectquote.com-- they price out different plans for you, so you dont need to meet with a million people.

Its recommended to get 8-10x your salary each.

[Ashley&Scott]

Our financial planner at our bank gathered quotes for us for free. They were from various companies, similar to select quote.

I wouldn't depend on your work insurance, you might change jobs or they may cut the benefit.

We each have approx. 8x our salaries, which would be enough to pay off our debts with money left over to raise DS.

[chessie]

We went through selectquote. We went with just enough to pay our debts off and nothing more.

[liveintheville]

I asked about this on the regular mm board and a lot of people recommended Zander.com

[Mushe]

Select quote was great to work with. I don't have anything to compare it to, though.

[ejpint]

Ok, I'm checking out selectquote - any recommendations on how many years? Maybe I do need to talk to someone in person. I just selected 30, which is probably overkill.

[Deleted]

we did 30. Its not overkill-- ideally, you want to be covered until your youngest one is out of college. Since we dont know when we are having another one... it made sense for us.

[Ashley&Scott]

I have 30 year term, DH has 20 year term. The only reason we did 20 for DH is because he has a whole life policy that would be sufficient at that time.

[schrodinger]

May 31, 2012 14:44:48 GMT -5 ejpint said:

Ok, I'm checking out selectquote - any recommendations on how many years? Maybe I do need to talk to someone in person. I just selected 30, which is probably overkill.

DH and I both earn about the same salary. We did 500k for 20yr and 500k for 30yr, each. That way we'd have the extra money when kids are young if needed to cover childcare and college costs. The amount would then drop when we needed it less. I've seen other people tier insurance by 10, 20 and 30 year terms as well. We use USAA and got a very competitive price.