Life Insurance Premiums

[madeintaiwan]

MIT, who is your insurance with?

We have USAA.

[MissCrabette]

I know that most financial "gurus" advise against getting life insurance for kids. However, here's an interesting take I came across not too long ago. How likely are you to need therapy or even time off from work in the event your child dies? I imagine it would be quite devastating, and it wouldn't be easy to keep functioning at 100% right away. Moreover, so many couples who have experienced the death of a child end up divorcing, and that also tends to be a money drain. Some people also get life insurance for kids in case they develop a serious condition later on that would make them uninsurable. Maybe that's not very likely, but life insurance for kids is so inexpensive that I would probably consider getting it if/when I have kids.

[SuzySunshine]

I THINK we have $500K on DH and $250K on me but don't quote me on that. Its been almost 3 years since we got them and we'll get additional ones, at least on DH, once he's done with training.

As for the life insurance on kids that is why we added the small rider ($25K each) to our policies. It would basically be enough to cover their services and expenses, the addition to our premium was negligible.

[JaneDoe]

Dh has a 1 mil policy and we pay $440 per year. His policy is with West Coast Life. I have a $500 policy and we pay $230 per year. My policy is with ING Reliastar. Both of our policies have 20 year terms. Dh also has a disability insurance and we pay $330 per month.

[houseelf]

Our financial planner had a nurse come to our home to administer the tests that DH needed for coverage and then he researched who would get the best insurance rates. We have 3.6 million on DH and 200,000 on me. Even in residency I insisted on $500,000 on DH because too much of our financial future rested in his medical career. It sucked to make those payments but I had made serious earning sacrifices to get his career ahead. As far as pricing, it depends on age, smoking, weight etc. On our 300,000 policy that costs approximately $400/year.

I also have to pipe up in this discussion to advocate for disability insurance. It is far more important than life insurance because of the likelihood of occurrence. Disability is expensive, like several hundred a month. Further, if you are an attending, an umbrella policy on your home is a cheap piece of protection because there are some perpetual Plaintiffs out there who will see an MD after the name and the tort lawsuit will be on. Seriously a million dollar policy costs maybe $250/year.

[ides]

When people come over to take blood & other samples to determine your eligibility/rate for life I insurance what are they looking for? Cholesterol, drugs?

[weeniegeniewife]

When people come over to take blood & other samples to determine your eligibility/rate for life I insurance what are they looking for? Cholesterol, drugs?

And HIV

[MDPhDWife]

I'll be getting us both life insurance while in residency, but is disability insurance affordable during residency?

[Pollyanna]

Disability insurance is a must IMO. We pay 150/month for dh and expect that to go up once he is done with residency. We could get a cheaper plan but this one is really good so we decided not to mess with it.

[DCJenn]

Disability is one of those things that you really shouldn't do without. We have disability through our respective jobs so that's nice. Obviously, the military is an employer with some disability issues... and I work for a quasi-governmental agency so we've got it.

J.

In my experience it is cheaper getting quotes online. Some of the bigger companies offer discounts when ordering online, because it is less work for them. But to be safe you could compare quotes online, pick the best offer and try a local agency to see if they can match it or do better.

I recommend this site for online comparing: http://www.quotes-center.com/life-in...ium-calculator

[Michele]

Yes disability! We could only get a limited policy during residency, but we maxed it out. It was pitiful coverage for me so we didn't get it for me. It was rather insulting actually. And another reason we didn't get life insurance on me was bc I was pregnant during most of the times we tried to apply and it was ridiculously expensive since I had HELLP and emergency C-section. I may look into it again later.....

[SuzySunshine]

Disability is one that we keep forgetting, I know DH gets some from work. I need to look into it more.

[weeniegeniewife]

Disability is one that we keep forgetting, I know DH gets some from work. I need to look into it more.

DH has one of the old-school disability policies; we'll never let it go. Spendy yes, but if something were to happen to him that rendered him unable to operate, we'd be covered. He has 3 disability policies (one through work, 2 private). Disability insurance is so important to have.

[Pollyanna]

DH has one of the old-school disability policies; we'll never let it go. Spendy yes, but if something were to happen to him that rendered him unable to operate, we'd be covered. He has 3 disability policies (one through work, 2 private). Disability insurance is so important to have.

Yes, that is the kind everyone needs. We know a doc that had to stop practicing and they were lucky enough to have had a financial adviser insist on a policy that pays very well until his death. Don't skimp on insurance policies.