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Life Insurance
updated: Apr 30, 2014, 4:30 PM

By Edhat Subscriber

What do edhatters recommend for life insurance for someone with a family in their mid-30's?

Comments in order of when they were received | (reverse order)

 COMMENT 515330P agree helpful negative off topic

2014-04-30 04:51 PM

In this town, at least 1 million. And don't forget to insure mom too, even if she's stay-at-home. As you probably know, child care isn't cheap, should anything happen to her.

 

 COMMENT 515334 agree helpful negative off topic

2014-04-30 04:56 PM

A few thoughts I hope will help. Ask yourself, how will they manage without me ? Can this help my wife through the stages of getting into a job and on her feet? Pay for childcare/ college? Depending on age of child or children. Best of luck to you.

 

 COMMENT 515376 agree helpful negative off topic

2014-04-30 05:33 PM

The family is in its mid-30s or you're in your mid-30s? #grammarcheck

 

 COMMENT 515397 agree helpful negative off topic

2014-04-30 06:39 PM

based upon the limited info you provided, my advice is that you buy Term life insurance, not whole life or universal life. Term is much more affordable especially if you are healthy and a non smoker so you can purchase a $1M policy without breaking the bank. If you can acquire insurance through your work, check the rates offered there to potentially supplement the term policy. If your family is relatively young, you might consider locking into a 20 year policy with an amount that covers your mortgage plus $500K at a minimum...not so much that your wife will be dancing on your grave :). Shop around and look into any organizations that you affiliated with as they may have good group rates.

 

 COMMENT 515402 agree helpful negative off topic

2014-04-30 07:31 PM

We were given sound advice to buy life insurance when we were in our mid-30's and did. We bought a $1 million term policy (cost around $1200/yr). This was about 15 years ago and we had three children.

Sadly, my husband passed away and BOY am I glad we had the insurance! The kids are all set for college and I can take my time to surface from the loss.

With college costs rising , I'd make sure there was enough insurance to cover about $200k per child plus your current salary multiplied by the years until your kids turn 18 at the minimum! So, if you have three kids averaging 10 yrs old and your current salary is $100k, I'd buy $1.4 million today.

One might think that the kids can manage some of the college costs with loans/work/etc., and while that may be true, if you die, they'll have a lot of emotional hurdles and not having to worry about money on top of it can ease that a LOT!

 

 COMMENT 515408 agree helpful negative off topic

2014-04-30 08:21 PM

Find yourself a competent independent agent, not working as a captive agent for one company, and have a long conversation about your current financial situation and what your family's needs would be IF you were gone. Items like retirement planning, income needs, college for your kids and just meeting the monthly expenses can all be computed accurately.

 

 COMMENT 515415 agree helpful negative off topic

2014-04-30 08:45 PM

Try the website SantaBarbaraSearch dot com (website). Under.... Services section. :-) Hope this helps!

 

 COMMENT 515440 agree helpful negative off topic

2014-05-01 06:21 AM

Life insurance is a scam--don't fall for it.

 

 COMMENT 515447 agree helpful negative off topic

2014-05-01 07:21 AM

@440
There are certain types of life insurance that are bad investments. Some say that you should never buy:
1) Life Insurance on children
2)Guaranteed Issue
3) Travel Life Ins and 4)Whole-universal life

TERM LIFE INSURANCE is not a scam and it saved my young family from poverty when our sold provider passed away.

If you have a young family who depends on you, buying term life is a loving and responsible move.

I am in no way connected to the insurance industry - at all.

 

 COMMENT 515459 agree helpful negative off topic

2014-05-01 07:55 AM

There is quite a range of options and circumstances. Also, most families have limited resources. Speak with a good independent financial adviser who will help you put together an overall plan and strategy based on realistic goals. Forget about dealing with an insurance agent/broker (unless they are a qualified financial planer and not "just" and insurance peddler). Be prepared to spend a few hundred buck to do the research and planning unless you are a member of an organization that provides such services. Hey you spent thousands in real estate commissions to buy the family home and do it right, so spend hundreds on a cohesive plan to keep it (and take care of other aspects of family life in the event of the worst).

Note that you can get free counseling and planning services through certain employers, some credit unions (Wagner at Kinecta is especially good) and some professional associations. Good luck.

 

 COMMENT 515491 agree helpful negative off topic

2014-05-01 08:47 AM

Term life insurance to the retirement age of the primary earner is the most cost effective coverage, assuming the insured is in good health now. You can obtain quite a bit of information on premiums using insurance comparison web sites. Also check the ratings of the companies for customer satisfaction. The company you select will require the insured person to undergo a medical exam, including blood tests. Most term policies are not adjusted for inflation, so what sounds like a generous amount today may just cover living costs 20 years from now.

 

 COMMENT 515494 agree helpful negative off topic

2014-05-01 08:54 AM

i got mine the other day (i'm 49) from JIA Insurance. JIm is a great guy and only sold me what I needed and didn't try to sell me extra. I bought TERM for 15 years.

 

 COMMENT 515500 agree helpful negative off topic

2014-05-01 09:05 AM

Thanks everyone. Especially the grammar check. That was by far the most helpful. I love edhat because you can get thoughtful responses from those older and wiser with more life experience AND get a grammar check!

 

 COMMENT 515520P agree helpful negative off topic

2014-05-01 10:05 AM

Being the skeptic that I am, I would probably agree with 440. But my father died when I was 8 and, luckily, had a somewhat substantial policy through his employer. As others have stated, it was a blessing for us in that my mom didn't have to worry about financial issues on top of the grief. And (I would trade it all to get my father back, don't get me wrong) but it actually left us with more stability than we had had previously as my mother was able to purchase a house, whereas before we had been renters.

 

 COMMENT 515575 agree helpful negative off topic

2014-05-01 12:23 PM

Stevens and Associates; They are very good at insurance and can figure out exactly what you need based on your situation. They have really helped me! (805) 683-3636

 

 GARFIELD agree helpful negative off topic

2014-05-01 12:40 PM

Buy Term, and invest the rest somewhere else!

Life insurance is a gamble where you bet that you will die before the policy expires. The insurance company is betting that you will not die. Very simple!

Every other insurance product is a combination of Term with some investment scheme to make it more marketable. In the past, the sales commission to the selling agent was much higher for the other products than for straight Term. Therefore the agents are highly motivated to up-sell.

 

 COMMENT 515727 agree helpful negative off topic

2014-05-01 06:39 PM

As others have said, get term life insurance for at least for the amount of time you estimate your children/spouse will be dependent on your income, for an amount that will cover those dependents until that time ends. The other side of the coin is that you should be investing so that your investments take over the job of your term life insurance if you outlive it, and by that time your children should be fully self sufficient if you die, and your spouse can live off those investments. Zander insurance is who my policy is through, for $500k 30 year term. It's about $225/year.

 

 COMMENT 515800 agree helpful negative off topic

2014-05-02 08:52 AM

Make sure to ask about regular, select, preferred rate categories. Depending on your age, weight, general health, the premiums can swing dramatically. You will have to get blood tests, weight and blood pressure check.Knowing the weight and blood pressure price breaks can save a lot of money over the life of the policy.

 

17% of comments on this page were made by Edhat Community Members.

 

 

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