I’m not trying to sell you any, I’m just curious as to whether I’m about to get ripped off or not.
We have no life insurance currently. My husband has no options to purchase life insurance through his job, as he is a self-employed contractor. My only option at my workplace would be a coverage maximum of $50,000 with a $25 monthly premium. No coverage for my spouse. Since I didn’t take the coverage at the time of my hire, I’d have to go through the application/examination process.
I looked for options online, and chose a policy through ING for both me and my husband. It will be about $75 monthly for each of us, for $300,000 term life coverage for a 30 year term. I am 41, my husband is 48. The examiner is coming on Saturday.
SpouseO and I pay a combined $50/month for a term policy (30 years? I think so - we basically bought it as mortgage insurance) for $200K each. That is, we both have policies for $200K so that if one of us happens to kick off, the other will be able to pay off the house. We took out the policies almost 6 years ago, so I would’ve been 25 and him 24 (which should explain the lower premium).
I don’t think that your numbers are out of line.
ETA: Wait - is that $75 total/month for the both of you, or $75 each (meaning $150 monthly)? $75 monthly total is not too bad, assuming you’re both in good health and such. $150 monthly might be a little far off the scale. But underwriting’s an interesting profession - they’ve lots of ways to rate you as a risk. (I currently work for a large insurance company, but strictly as internal support staff. I’m a technical writer.)
I have to check the papers, I think it’s $75 for each of us. However, we both have ongoing treatment histories for mental illnesses… me for depression, him for bipolar. No hospitalizations, though. No physical illnesses. I think maybe that is skewing it.
Yes, history of mental illness will affect your rates, as much as I could tell when I shopped for insurance.
My husband and I each have 30 year term for a little less than $40 a month for both of us. We each have a $250,000 policy. I am 30, he is 31 and we got it I think about 4 years ago.
I am thinking about upping the policies. I heard you should have 5-10 times your yearly income and we are short of that. Term policies are supposedly cheap right now because of online places that make it easy to shop and compare. So maybe it’s time to look around again.