Life Insurance Premiums

[MarissaNicole]

We're looking at life insurance through the AMA - but we seem to get all DIFFERENT kinds of options in the mails. Some requiring medical tests, others not.

Basically we want it for short term (10 years) to make sure that I could pay off the house and get back on my feet, in the event that he didn't make it out of training. I was thinking $500,000.

My question is how much do you pay in life insurance premiums? Anything I should make sure not to overlook when selecting a plan?

[SuzySunshine]

We have a 10 year term from AMA as well, I don't remember our limits off of the top of my head but we pay around $400/year for both us and a very small rider for each child. They sent someone to our house to take our vitals and a bodily fluid sample, I think it was a urine sample. It took about 20 minutes to do both of us. Make sure you get a policy for each of you because if something happens to you after there are kids in the picture he'll need to be able to hire some help.

[MarissaNicole]

We have a 10 year term from AMA as well, I don't remember our limits off of the top of my head but we pay around $400/year for both us and a very small rider for each child. They sent someone to our house to take our vitals and a bodily fluid sample, I think it was a urine sample. It took about 20 minutes to do both of us. Make sure you get a policy for each of you because if something happens to you after there are kids in the picture he'll need to be able to hire some help.

Funny how that never occurred to me! I guess both our mom's are within an hour and I assumed they would come to help if something happened to me, but he would still need to hire some help. Did you get the same amount for yourself as your did for DH?

[MrsK]

Suzi, that is a great rate. We have our life ins through SF. Same amount for each of us and pretty high amounts since we have children and professional debt and the like. We had to have physicals, bloodwork,and submit medical records. My premium is low. DrK's is very high although he is younger than me. He's a big user of medical services (resident's syndrome) and it really ran up our rates.

[Michele]

We decided against life insurance for me at this point during training. If something happened to me, the kids would likely live with my parents so Russ wouldn't need to hire any help. Our families would just absorb the extra costs of the grandkids.

[madeintaiwan]

We both have 20 year term. DH has 500k and pays $24 a month. I have 500k, plus all 3 of the kids are riders on my policy [25k each, supposed to turn into 100k when they turn 18] and I pay $37 a month. Someone came to the house and took blood and urine samples, vitals, and height and weight.

[MrsK]

MIT, who is your insurance with?

[HouseofWool]

Right now, I pay approximately $175/annually for a $250K term policy. We got it several years ago, and it is a 20 year term.

[Cumberland]

I pay $43 a month for a 30 year level term for me.
DH pays somewhere around $150 a month for a $2mil policy.
We also pay around $120 or so for disability for him only.

All of it is through the AMA insurance agency. I had my state farm agent do a review of our policy and she said they couldnt beat the prices we are paying. But around $300 a month for all of that is pretty pricey.

[HouseofWool]

I really do need to get new insurance, increasing the amount. $250K won't last very long in this economy.

[Vanquisher]

We have 500k on me and 4m on dh. It costs less than $250/month, I think.


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[DCJenn]

We both have term life for 250k for which we pay about $30/each month through USAA. This of course is in addition to his life insurance through the military and mine through work and he has additional riders on his plan for military dismemberment and something else gross. I also have a whole life plan that my parents bought when I was born.

I think his total coverage is about 1.5 mil and mine is about 300k. (although we all know that I'm more valuable, my earning potential has been tapped!)

Jenn

[Vishenka69]

We have $1mil for DH, which costs $1000 for the year and he gets another $250K through work, both I believe are 20 year terms. Don't have anything for me since getting a full time nanny won't be a problem at his current salary.

I'm curious why get insurance for kids?

[HouseofWool]

At a minimum it would cover burial expenses, which can run between 5-10K.

[madeintaiwan]

At a minimum it would cover burial expenses, which can run between 5-10K.

This and with ours when they turn 18 it turns into 100k for which they can take over at a minimal monthly premium without any tests or labs.