I would like to purchase some life insurance on my husband and baby any suggestions?

Question

I'm a bit confused life insurance. Any one have any suggestions on what to get. I'm not sure how much maybe 250,000 or something like that.

Answer 1

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Answer 2

Shopping for life insurance can be a stressful task, which can be multiplied by the stresses of bringing a new life into the world.  This situation can also be confusing if you are not familiar with the types of life insurance available, and also the terms associated with insurance.  http://www.simplyfinance.co.uk/Insurance... can help answer some of these questions.

Answer 3

Few people still wonder which life insurance plan, would work? This selection of the right policy can be a daunting task and without the right advisors and help it can be a lot more time consuming than you would have imagined.

Answer 4

You and your husband need to discuss this decision together. Most financial planners recommend a death benefit 7-10 times the income of the person being covered. You can weight your decision in one direction or the other depending upon whether or not your husband is the sole bread winner (i.e. Will you be returning to the work force after your baby arrives?)

Stay away from whole life, variable life, universal life and shop for the best term life insurance rates you can get. If you are both young (under 30), look at 20-year level term. If you are over 35 check out 10 year level term.

You can shop term insurance rates online at Select Quote (website listed below).

Why should you stay away from life insurance products that combine a death benefit with some kind of investment? Because the investment portion offers a poor rate of return, and any accumulation of cash benefit may someday get eaten up by the cost of premiums. If you want to invest, make an investment decision apart from life insurance. Look at no load mutual funds or, if you have no risk tolerance, longer term CDs and perhaps government bonds. I'm not a financial adviser so I will not recommend any specific investment.

Answer 5

Life insurance priorities:

1)  Larger amount for income earners (at least 7-10 times your annual income in death benefit)

2) Smaller amount for stay at home spouse to provide for childcare and housekeeping expenses (2 to 3 times the working spouses annual income)

3) Children

You and your husband should probably get 20-30 year term policies with face amounts based on the priorities above.  I always recommend people get coverage on themselves first and then get life insurance on their kids if it makes them feel better.  The losses from the death of a child are more emotional than financial.  Also most term insurance policies offer a child rider that allows you to cover all of your children for a few bucks per month.