Life insurance

[over9five]

Here's a subject I know very little about.

First, I do have life insurance. $200,000 on me, $100,000 on wifey. This is through the NE Teamsters FCU, and costs $90/quarter.

Lately I've been thinking that if I kick the bucket, $200,000 really aint that much.

So how do y'all get life insurance? How much do you have, and how much are you paying? Who you getting it from?

I'm thinking $500,000 would be a nice amount.

 

[UpstateNYUPSer(Ret)]

I have had a 20 yr Term Life Policy valued at $500K for 7 years now and I pay $48.56 per month. It will cover me until I am 61 or about 3 years after I retire. I also have a Long Term Care policy which I just took out this past year.

Term life policy premiums are based upon age so yours may be lower as I think I have a few years on you.

I would stay away from Whole Life or Universal Life policies.

Google "Term Life Insurance" and you will get all the answers you are looking for. Dave.

 

[sano]

Also, check pricing. I have a policy that I purchased before I worked for UPS. When I received the information about the Teamster policy, I found the price to be significantly more than what I pay.
I just thought of it now though, the policy I have was purchased when I had a office job. Would UPS as an occupation raise the premium? Shouldn't, I am in better shape now than when I was driving a desk.

 

[over9five]

I called Selectquote the other day and priced out a $500,000 policy. The best deal they could find was $55/month on a 15 year policy with West Coast Life. 20 years would have been $72/month.

I decided to stay with my CUNA NE Teamsters FCU policy instead. I raised it to $500,000, and it's $75/month. This is a family deal, $500,000 on me, $250,000 on wifey, and $100,000 on each kid. Also, it stays the $75 forever, but payoff reduces by half at age 70.

 

[over9five]

I have had a 20 yr Term Life Policy valued at $500K for 7 years now and I pay $48.56 per month. It will cover me until I am 61 or about 3 years after I retire. I also have a Long Term Care policy which I just took out this past year.

Term life policy premiums are based upon age so yours may be lower as I think I have a few years on you.

Does that make you 48? I'm 46. I answered all the questions honestly, the difference in price may be that my father died of a heart problem at 65. The agent said that would affect the rate.
Sounds like you have a very good deal!

 

[Dagoof]

I have a million on me 300k on my wife with 25k on both my kiddos. It cost us just under a hundred a month. We use USAA but you or your wife has to have been military to go with this company.

 

[jimstud]

Here's a subject I know very little about.

First, I do have life insurance. $200,000 on me, $100,000 on wifey. This is through the NE Teamsters FCU, and costs $90/quarter.

Lately I've been thinking that if I kick the bucket, $200,000 really aint that much.

So how do y'all get life insurance? How much do you have, and how much are you paying? Who you getting it from?

I'm thinking $500,000 would be a nice amount.

why don't you go to wal-mart?

 

[over9five]

why don't you go to wal-mart?

Lol! If I had known they sell insurance....!

 

[UpstateNYUPSer(Ret)]

why don't you go to wal-mart?

Lol! If I had known they sell insurance....!

They do--it's the same kid who stocks the flip flops.

 

[UpstateNYUPSer(Ret)]

Does that make you 48? I'm 46. I answered all the questions honestly, the difference in price may be that my father died of a heart problem at 65. The agent said that would affect the rate.
Sounds like you have a very good deal!

Your math skills are as sharp as ever--I am 48.

I have had my policy for 7 years so the premium was based on me being 41, non-smoker, with no major health history. You are correct in that your health history can affect your premium. I actually had an in-home "physical" (think DOT physical but even less comprehensive, if that is possible) in order to qualify for the policy.

 

[over9five]

Yup, I actually had that in-home physical set up, but canceled when I decided to stay with CUNA.

 

[BLACKBOX]

I also have a Long Term Care policy which I just took out this past year.

This is a great idea. If you don't have it get it, it will save you from a lot of grief should you need to recover from something traumatic.

I got mines from METLIFE. Policy premiums will be based on your physical. You need LTC supplement.