What type of Life insurance to look for?

[Teggie]

What is the name of your state? texas

Hello =))

I am 40 years old, my spouse is 41 and I have 3 kids. I work fulltime hours at a part time rate and get no benefits.

I have been working on getting my affairs in order in case something happens to me.

I am curious as to what type of life insurance would be good for my husband and I?

I tried to navigate some sites only to get more confused and I am afraid to ask for a quote. Last time I submitted an online quote for medical insurance my phone rang for days & my online mailbox runneth over! It was awful.

I'm just really confused as to what type of life insurance would be the best on a limited income.

Thank you for any input,
TeggieWhat is the name of your state?

 

[Betty]

Every person's life ins. needs are not the same. It would be best that you contacted a life ins. agt. & discuss your particular ins. needs & the amt. of money you can spend with him. Term ins. is cheaper than permanent ins. (for the same amt. of ins.) but permanent ins. has other advantages over term ins.

 

[Teggie]

Thank you Betty, I recently got renter's insurance with Allstate. I think I will call the local agent here and ask him about it.

Thats what has been confusing me term vs. permanent. I am thinking I would need permanent but was not sure.

Thank you again for the advice,
Teggie

 

[Betty]

You're very welcome. An agt. can discuss with you the advantages & disadvantages of both term & permanent life ins.

 

[seniorjudge]

I don't sell life insurance.

However, I recommend getting as much term as you can. If you go, you want the kids protected for a long time.

 

[sturgbe]

Fyi

FYI.

If you go to a captive agent (ALLSTATE, FARMERS, STATE FARM etc..) they will be a lot more expensive. And usually they will push permannet insurance (usually). Try and find an independant agent that deals with several A+ rated carriers. With a good agent, you will usually find a better deal than going online (and that is a FACT!). If you do decide on ALLSTATE for example, ask about a multiline discount (having more than one policy with a carrier will sometimes qualify you for a discount).

What is the $$$ amount needed if something were to happen to you and/or your husband?
Term insurance will give you the most coverage for cheapest price. Also look into Return of Premium insurance. 30 -year plans are generally the best as far as return on money (5-8%). Don't be suckered in by false promises about permanent insurance. They can be great products under the right circunstances. Reading your situation, permanent insurance would not even be brought up.

Just my 2 cents.

sturgbe