Ball park figure on how much life insurance would cost me? (more details given)?

Question

Insurance for me and husband.

I'm 21, slightly overweight, non smoker, in otherwise good health. I do have a history of asthma and allergies when I was younger. My family history with my mother has several health problems. She had diabetes,, had a heart attack, but I think a lot of it was from the meds she was taking.

My husband is 33, used to smoke (has in the past year, would probably have to claim him as one I'm guessing) but is in great health, weight is fine. No negative medical history for him. There isn't any bad medical history in his family that I know of.

We have no children (yet, anyway) and DID have life insurance but I was recently laid off. So I need insurance now, and curious as to how much it costs considering I was paying pennies a paycheck before. I'm not sure how much I would need as far as coverage...obviously around 20,000 for funeral costs for both of us, and maybe 150,000 to cover the mortgage should my husband die, since he's the only one working.

Answer 1

Talk to an agent who can discuss all your options and choices.

Good Luck

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Answer 2

If slightly overweight means 5-10 pounds, $200K of 20 year term coverage will likely cost you about $150 a year.  With your husband, it would probably cost him around $300 a year.

These are WAG's.  (Wild A** Guess).   In order to get a real quote, you'll have to see a local agent, and fill out applications.

Answer 3

Consider what is called a Life Insurance Term Plan. Your husband can get a Term Plan insurance cover for Rs. 10 lakhs  at less than Rs. 4000 per year. And you, at your age, probably can get the same cover at under Rs. 3000 per year.

Term Plans are unlike regular Life Insurance Moneyback, Endowment or ULIP policies, and cost only a fraction of the premiums for these. Why, because they promise no returns. If you die, your partner or family gets the Sum Assured. But if you don't cop it, you don't get a penny. I like to think of Term Plans as just like my Vehicle Insurance- if I hit somebody or somebody hits me, I get reimbursed. Otherwise, the money just lapses!

So why am I recommending this? Because if you want some returns in addition to the life cover, you will have to pay atleast 10x the Term plan premiums for the same cover.

Insurance and Investment should never be mixed, so say the Gurus. And Term Plans are always better for Insurance. Consider these excellent articles on why so, at

http://www.personalfn.com/detail.asp?dat...

http://www.valueresearchonline.com/story...

Not sure if you are from India. If yes, you could check out the insurance premiums for pure Term Plans at LIC India premium calculator by selecting Product Anmol Jeevan I http://licindia.com/premium_calculator.h...