Addtional Life Insurance???

[Cohiba]

Hey All,
Can anyone recommend a life insurance agent I could call and get a quote. My wife's birthday was yesterday, she is 11 yeas younger than me. I have a great policy on me, I just want to make sure she is set in case of my "departure".

Really, I just want to make sure she has extra spending and party money to celebrate in Vegas!!!!
Thanks!!
Cohiba

P.S. throw out any and all experience on Life Insurance Policies.

 

[MarkV]

Maybe I'm a little lost here but, if you already have a great insurance policy why do you need more?

My wife and I have ours threw Primerica. We got it about 3 years ago and we pay $62 a month. It's a 30 year term policy that started off at 250K that increases by 25K a year for the first 10 years.

 

[inactive]

Get term insurance. If you have an existing mutli-line carrier for your auto, home, etc... then have them quote you additional insurance. It usually ends up cheaper, even if the premium is higher, due to multi-line discounts they will add to your home and/or auto policies.

Check your employer to see if they offer group rates. The rate is not fixed like true term (meaning it will vary every year) but it is also often cheap due to the group rate or your employer paying part of the cost.

Finally, call a good independent agent and see if they can quote you some good rates. The Zander Insurance agency that Dave Ramsey advertises had decent rates when I looked, but I was still cheaper after the auto and home discounts by going through my property/casualty agent.

So there are three options you can take as jumping off points. Hope it helps!

 

[Cohiba]

I'm the type of person who is over-cautious. I'd rather have a few insurance agents tell me I have just the
right amount or way too much......than not enough. I love my wife and I keep up on investments, property and cattle. I just need some second opinions.....that's all.
Cohiba

P.S. I listen to Dave Ramsey once in a while......trust me....my wife can show him a few extra pointers in financial matters!!!

 

[vvvvvvv]

Get term insurance.

This.

20 year $500K on each of us - $19/mo for my wife and $31/mo for me (asthma, and I was still taking preventative steroids at the time of the quote) - fixed rates. Got it through American General (referred by Zander), and those were much better rates than I was getting from independent agents, even added on to my home/auto insurance.

Before, I was paying $55/mo on a $50K whole life...

 

[mhphoto]

Don't let any fast talking "financial planner" (see: highly compensated insurance salesman) talk you into a variable permanent policy. They'll lure you in with promises of tax-free growth of the funds and tax-free income when you retire. What they don't tell you is that you can achieve the same with a Roth IRA, and by paying the same amount monthly into the IRA you'll come out way ahead because there's no insurance clause in the contract.

If you're looking for a policy as a "cherry on top" for your wife when you kick it, look into term. It'll be the most cost effective for you purpose. Just don't let the promise of that lump sum upon your death diminish the importance of proper retirement savings in your head.

 

[DeniseM]

I would suggest you check out the free life insurance quotes you get on aggregator websites like Accuquote.com. There are others but I got a great quote from them, even though I have slightly high cholesterol levels.

Denise