There’s An App For That: Low-Cost Life Insurance
Many people dismiss life insurance because they think it’s too expensive, or already have a policy and feel stuck paying an exorbitant premium. But life insurance can be had for a modest price, and provide security for your loved ones if the unthinkable happened.
Who Should Get Life Insurance?
Single, Ready to Mingle
If you’re young & single without many financial responsibilities, odds are you need little or no life insurance at all. If you had student loans, car notes, or any other debts where a co-borrower is involved, they would be on the hook for your debts. When you’re young, that co-borrower is usually a parent; so be nice to your parents and take out a policy that will cover your debt expense, and list your parents as a beneficiary. And if you want to sail right through purgatory on your way to sainthood, take out a bit more to cover funeral and burial costs.
Married… With Children
If you’re married, and/or have children, take out a policy roughly 10-12 times your salary. That way the beneficiary (your spouse and kids) can live on the income generated from investing the policy pay-out.
Real-World Application: Term Life Insurance
The theory behind term is that you buy a policy for a 20-30 year period. If you outlive that timeframe, your kids will be out of the house and your family finances will be under control; therefore you have no further need for life insurance.
Where To Get Term Insurance
I bought mine through Zander Insurance, an independent agency that can price shop for the best rates. For $75/month, both me AND my wife have 20-year policies that pay out $1,000,000 upon death. We’d better sleep with one eye open!
Does anyone have term, or other life insurance products? Are you satisfied cost-wise?
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