Life Insurance Quote - How Much To Spend & How Much To Get
*Welcome!*
In this post, we'll answer the following questions:
- How much life insurance should I get to cover my spouse and kids?
- What factors should I consider when choosing between term or permanent life insurance?
- Is it cheaper to get a joint life insurance plan with my spouse or just one on my own?
- Can I save money on life insurance by getting married earlier in life?
- What is "whole" or "universal" coverage and do I need it?
Lastly, we'll share the five cheapest companies for whole coverage.
Let's get started.
(1) How much life insurance should I get to cover my spouse and kids?
If your spouse is thinking about retiring or leaving you, he/she wants to know how to financially protect their lifestyle and those of their family. A potential partner of 30 years may ask, "What will happen if something happens to me?" He/she may not ask, "When should I retire?" and could just as well have asked, "How long do we live?", "Do we want kids?" or "will the house still be paid for when we die?". It's in this situation where things become more dire. If you have a spouse that is thinking about retirement, they will want to know if they will be financially comfortable, guaranteed to leave a secure future for their family and if the house will still be paid off.
Based on birth date, here are some potential scenarios:
Scenario #1: You are 31 years old and your partner is 39. With this scenario, the couple can expect to live for more than 20 years without retiring or having to worry about money.Since the wife is 32 years younger than her husband, she has two more years of income potential after he retires. Based on the ages of the two people, if either spouse dies before the retirement age of 65, there will be enough money to live comfortably and continue to pay off the mortgage for at least 20 years.
In this situation, you can get a "joint" life insurance policy that will cover both spouses for their entire life. You can choose how much coverage is provided during your joint lives and how much to cover your spouse upon death (this is called a "survivor benefit"). Your spouse will have coverage until he/she retires up until 65 years old or until death which ever comes first.
If you look on eHealthInsurance.com or GetaQuote.com you can see that 30 year term life insurance for a healthy 31 year old male costs about $30 a month. You may be able to get this rate for both spouses under the same plan or get "joint" coverage starting at $0 down. For example, if you go to LifeInsuranceQuotesComparison.com and get quotes from 5 different companies, you can compare the quotes side by side. The joint life insurance rate would be about $50 per month according to eHealthInsurance, but if you get it through PolicyGenius , they will discount the price down to $40 per month.
Scenario #2: You are 35 years old and your partner is 37 years old. With this scenario, the couple can expect to live for about 15 years before they will need to worry about retirement. In this situation, you can get a "joint" life insurance policy where your spouse will be covered until he/she is 65 years old or until death which ever comes first.
If you look on eHealthInsurance.com or GetaQuote.com you can see that 30 year term life insurance for a healthy 35 year old male costs about $30 a month and 30 year term life insurance for a healthy 37 year old female costs $24 per month. If you get a joint life insurance policy starting at $0 down through PolicyGenius , you could pay as little as $45 per month.
Scenario #3: You are 40 years old and your partner is 37 years old. With this scenario, the couple can expect to live for about 15 years before they will need to worry about retirement. In this situation, you can get a "joint" life insurance policy where your spouse will be covered until he/she is 65 years old or until death which ever comes first.
If you look on eHealthInsurance.com or GetaQuote.com you can see that 30 year term life insurance for a healthy 40 year old male costs about $26 per month and 30 year term life insurance for a healthy 37 year old female costs $24 per month. If you get a joint life insurance policy starting at $0 down through PolicyGenius , you could pay as little as $46 per month.
Scenario #4: You are 45 years old and your partner is 35 years old. With this scenario, the couple can expect to live for about 15 years before they will need to worry about retirement. In this situation, you can get a "joint" life insurance policy where your spouse will be covered until he/she is 65 years old or until death which ever comes first.
If you look on eHealthInsurance.com or GetaQuote.com you can see that 30 year term life insurance for a healthy 45 year old male costs about $26 per month and 30 year term life insurance for a healthy 35 year old female costs $24 per month. If you get a joint life insurance policy starting at $0 down through PolicyGenius , you could pay as little as $47 per month
Scenario #5: You are 50 years old and your partner is 35 years old. With this scenario, the couple can expect to live for about 15 years before they will need to worry about retirement. In this situation, you can get a "joint" life insurance policy where your spouse will be covered until he/she is 65 years old or until death which ever comes first.
If you look on eHealthInsurance.com or GetaQuote.com you can see that 30 year term life insurance for a healthy 50 year old male costs about $26 per month and 30 year term life insurance for a healthy 35 year old female costs $24 per month. If you get a joint life insurance policy starting at $0 down through PolicyGenius , you could pay as little as $47 per month.
Scenario #6: You are 60 years old and your partner is 45 years old. With this scenario, the couple can expect to live for about 15 years before they will need to worry about retirement. In this situation, you can get a "joint" life insurance policy where your spouse will be covered until he/she is 65 years old or until death which ever comes first.
If you look on eHealthInsurance.com or GetaQuote.
Conclusion:
If you are the type of person who enjoys traveling around the world or to visit friends and family back home, you may want to consider getting a job as a pilot right away. As long as you continue working for many years and traveling, you will probably be able to pay off your mortgage. Of course, it is possible that the economy will crash during these years, but if that happens everyone will have to adjust their plans accordingly.
If your goal is retirement at age 65, then it may be wise to take out your student loan debt while you can still get a good return on investment (this could be from taking out a second mortgage or simply refinancing your existing loan).