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Term Life Insurance

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OhioMatt

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After going through our most recent benefits meeting at work I realize that I need to get some more term life insurance. My company has a small policy, around $50,000, on me right now but I need more. Any do's, dont's, tips, or tricks on how much, how long, etc for term life insurance? I'm 28, married with two kids so I want to make sure everyone is taken care of incase something would happen to me. Thanks for any help/advice you have!
 
I work for an insurance company that sells these products to employers, who then offer it to employees as a benefit. PM me.
 
OhioMatt said:
After going through our most recent benefits meeting at work I realize that I need to get some more term life insurance. My company has a small policy, around $50,000, on me right now but I need more. Any do's, dont's, tips, or tricks on how much, how long, etc for term life insurance? I'm 28, married with two kids so I want to make sure everyone is taken care of incase something would happen to me. Thanks for any help/advice you have!
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Plan for enough to cover college education x 2, home pay off, and 5 years of living expenses for the family. Do they have a return of premium policy you could consider?
 
get referred to a financial advisor in your area who can take a look at your entire financial picture and see where it fits into your overall strategy and create a plan for you. I'd recommend going with a referral from someone you know (ask around) and advisor from a strong company. I work for one of the major companies in the industry so if I can be of assistance in that please PM me and I can point you in the right direction. Good luck!
 
I just did mine and like stated above to much is better than not enough. Personally I broke it up and did term with a part of it as a whole life policy. That way in 20 years when my term policy is up I still have insurance without having to reapply at an older age. If you have any questions feel free to pm me.

P.S. Go PH Patriots.

Keep Calm and Golf On.
 
PM sent.
 
One thing my father told me was to never make yourself worth more dead then alive. Then they get some kookie ideas. lol
 
PaulieWalnuts said:
One thing my father told me was to never make yourself worth more dead then alive. Then they get some kookie ideas. lol
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Coming from a guy who's name is "Paulie Walnuts" I can appreciate that humor :alien:
 
PaulieWalnuts said:
One thing my father told me was to never make yourself worth more dead then alive. Then they get some kookie ideas. lol
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I semi-regularly remind my wife that she doesn't get any of the money if she kills me.
 
tequila4kapp said:
I semi-regularly remind my wife that she doesn't get any of the money if she kills me.
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Only if she's convicted, hahaha. Otherwise she gets it!
 
jspangs said:
Personally I broke it up and did term with a part of it as a whole life policy. That way in 20 years when my term policy is up I still have insurance without having to reapply at an older age.
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I was always told that term life insurance is to cover you while you build your wealth through investments and retirement planning (401K's and the like). By the time the 20 years (or so) is up, you won't need life insurance because you will, with all of your investments, likely be "self insured".
 
OhioMatt said:
After going through our most recent benefits meeting at work I realize that I need to get some more term life insurance. My company has a small policy, around $50,000, on me right now but I need more. Any do's, dont's, tips, or tricks on how much, how long, etc for term life insurance? I'm 28, married with two kids so I want to make sure everyone is taken care of incase something would happen to me. Thanks for any help/advice you have!
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DON'T - Don't solely get life insurance through your company if your employment with them is a contingency for keeping your policy. If you can't keep it if you take a new job, are laid off, fired, etc ... get life insurance elsewhere.
 
OhioMatt said:
After going through our most recent benefits meeting at work I realize that I need to get some more term life insurance. My company has a small policy, around $50,000, on me right now but I need more. Any do's, dont's, tips, or tricks on how much, how long, etc for term life insurance? I'm 28, married with two kids so I want to make sure everyone is taken care of incase something would happen to me. Thanks for any help/advice you have!
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Good for you for realizing you need something more than what your work has on you. I have had many people turn down mt quote because what they get through their work was so much cheaper. But they don't think about the fact that they probably won't be working there until they die.

Get a rider on your kids too, just in case the unthinkable happens. Just enough to cover burial expenses. Usually sold as 1, 2 or 3 units (a unit is usually around $5,000 coverage). It should cover all the kids in the family (and future kids) at about three bucks a unit for the whole brood, not each. You don't need any more, because they don't make you any money, so you don't need to replace any income! Depending on the policy, they can convert it into their own policy when they turn a certain age and increase it up to 10 times what you covered them for, with no medical exam.
 
deuce said:
I was always told that term life insurance is to cover you while you build your wealth through investments and retirement planning (401K's and the like). By the time the 20 years (or so) is up, you won't need life insurance because you will, with all of your investments, likely be "self insured".
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Smart man.
 
deuce said:
DON'T - Don't solely get life insurance through your company if your employment with them is a contingency for keeping your policy. If you can't keep it if you take a new job, are laid off, fired, etc ... get life insurance elsewhere.
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And if you CAN keep it, you will most likely be losing the group rate you were paying with the company.
 
deuce said:
DON'T - Don't get life insurance through your company if your employment with them is a contingency for keeping your policy. If you can't keep it if you take a new job, are laid off, fired, etc ... get life insurance elsewhere.
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Valid point. I think most employer provided plans include Portability, which let's you take the policy with you - though it may just be through the term (often 1 year) and/or rates could be affected. Over and above this consideration, be aware that employer provided policy is group coverage and therefore virtually guaranteed to be less expensive than buying the same coverage on the open market as an individual.
 
Thanks for all of the help I have received already!
 
Smallville said:
Smart man.
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Even a blind squirrel finds a nut now and again. :act-up: I took my financial classes seriously, mostly because I had to with graduate school cutting into my prime earning years. The wife and I are playing a bit behind the eight ball because of it now, but we're doing our darnedest to ensure we have enough for a nice long retirement. We'll never "catch up" (compound interest won't allow it) but we can make sure we live comfortably.
 
From my experience/research Northwestern Mutual is one of the more reputable companies for different insurance products.
 
My employer does allow us to increase our term policy through them but I really don't want to do that for the reasons stated above. The $50k is part of my benefits and is at no cost to me. I will be looking elsewhere to increase that to an acceptable level.
 
I've got a small work policy, but also have $500,000 in Term Life for me and for my wife. That should do for now.
 
Contact ATAP Insurance Clearing House @ 800-522-2827. They have some of the lowest term rates available. I've done business with them for over 20 years. They contact several companies and give you different options. The general rule of thumb with term insurance is to get 8-10 times your annual income. Good luck.
 
OhioMatt said:
My employer does allow us to increase our term policy through them but I really don't want to do that for the reasons stated above. The $50k is part of my benefits and is at no cost to me. I will be looking elsewhere to increase that to an acceptable level.
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I took the Dave Ramsey Financial Peace course and his website endorses the following site which shops around for Term Life Insurance Rates: https://www.zanderins.com/term/instantquote.aspx

That might be a place you can start. I had never heard of them until I took Dave's classes, but the rates they show were competitive with my own policy.
 
JPR1959 said:
Contact ATAP Insurance Clearing House @ 800-522-2827. They have some of the lowest term rates available. I've done business with them for over 20 years. They contact several companies and give you different options. The general rule of thumb with term insurance is to get 8-10 times your annual income. Good luck.
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Just remember, companies can quote you anything they want. Unless they issue the policy at that rate, its doesn't mean a lot. I always quote the standard rate unless I know they have medical issues. That way if it comes back better, then I am a hero. If it comes back higher, then I look like a crook. And in the insurance business, you want to look like a hero. Usually it comes back at the standard rate (or substandard), not the best rate.
 
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