How much insurance will a 50 year old have to pay?

Question

I am a 50 year old married male, with two kids attending University/College. I have a mortgage on the house and on a car. Me and my wife work and make round about 40K a year per person. We are both non smokers with good health, not diagnosed with any illnesses, with good credit history.

I did some research on the internet and on Yahoo answers, and have decided to go with Term insurance, for the duration of my kids studies and until i finish my mortgage of.

I would like to know if you think this is a smart option? And would also like to know how much i might have to pay for term insurance?

Answer 1

Term insurance is a smart option and more than likely one of the cheaper options.  Make sure your life insurance limit would be enough to pay off your house, your car, and your children's education plus a little bit extra so that if you and your wife, god forbid, die in a car accident, your children won't be up to their eyeballs in your debt.

I am not sure on cost because it will also depend on the plan you choose, the limit you choose and the state/area you live in.  Speak with the agent who handles your home insurance and they should be able to get you quotes or recommend someone who can.

Good luck to you!