How much do you pay for life insurance?

[lazysundays]

I'm wondering if we are overpaying. We got ours in early 30s. I had no health issues and dh had slightly elevated cholesterol. We now pay $400 and $800 per year, for $500,000 each. Too much? Just right?

[yogiii]

How long is the term?  I can't remember if ours is 20 or 25 years but we both have $500,000.  We got them at about age 29.  Neither of us has health issues.  DH pays $325 a year, I pay $450 a year.  Mine is higher because my Dad died from a heart attack at a young age.

[azucena]

Use term4sale.com to shop to get term rate quotes across the market - I work in insurance and recommend this site to anyone who asks.

[cronewitch]

I pay zero because I don't have any. No kids, parents or spouse so leaving life insurance isn't important to me.

[The Captain]

I pay $100 a month for whole life that had a value of $500K on me and $50K on DH.  Yes, I know now that whole life isn't necessarily the best but I'm pretty much uninsurable for life insurance outside of work so I keep the policy.

[cronewitch]

Pat don't forget you have value to the family too. If you died your husband wouldn't get your SS plus might need to hire help to take care of DD and chores you do. Not having a paid job doesn't mean you don't need life insurance. Think what your family would have done if you died 10 years ago. You taking care of home and rentals and things means a lot financially.

[Sam_2.0]

I have a term with a rider for conversion to whole at the end of the term policy. I pay $195/yr for $500k. Converting to whole once the term is up because of health issues in the family and all of the great unknowns.

[❤ mollymouser ❤]

I have $100,000 of life insurance through the military (my wonderful DH is active duty.) It's $13 a month.  (I have too many health issues to ever hope to get life insurance on the open market.) Once he is out of the military, we won't worry about life insurance for me.

My wonderful DH is active duty military and a pilot ~ which means it isn't simple for him to find life insurance coverage that doesn't exclude war zones, combat deaths, etc.  He has a group policy through the military (SGLI), a supplemental state policy since he's National Guard (SSLI) and a term policy through AAFMAA.  I'm not sure of the premium costs for the AAFMAA policy since he is switching from the policy he originally had to a new policy since he's approaching the age of 50 AND will be retiring from the military in a few years. He also has a smaller policy through USAA. When he's retired from the military, he will replace the SGLI and SSLI policies with ones for veterans (VGLI).

(Yes, that's a lot of initials, isn't it?)

[Deleted]

I have a group policy at $135/month for $250K. It is not subsidized but it was the optional insurance that I had through a former employer. It has some good provisions so I keep it, but the rate goes up each year I get older. The overall rate is based on the pool that is covered. I think people must be dying because it was $77 a month 4 years ago. It was a good deal then, but it is starting to approach a not so good deal. I guess it is time to shop LI again.

[alabamagal]

We pay about $30 a month for me and $45 a month for DH for $70k and $90k.  We are 51 and 53 and DH has health issues (blood pressure and diabetes).  Our kids are young adults (youngest is 19).  Basically enough to pay for funeral and small amount of debt.

[Deleted]

I got my policy when I was 55 right before I married DH. It's $150,000 worth of term and goes until I am 70. The purpose is to pay off the house so he wouldn't be burdened by it.  By the time I am 70, we won't live here or the pay-off would be negligible.  I'm 60 now, and we only owe $88,000 on it.

Anyway, I came in at the second-best level for rates.  I only pay $28 a month.

There's additional insurance through work . . . $150,000 provided by my BOE and $150,000 in lieu of my pension if I die before collecting.  But that doesn't count in my book because it is tied to my job and disappears when I retire.

[TheOtherMe]

Another person who pays 0.  Never married, no children and no spouse.  Dad has enough $ at age 90 to take care of himself.

[NastyWoman]

May 22, 2014 11:57:41 GMT -5 cronewitch said:

I pay zero because I don't have any. No kids, parents or spouse so leaving life insurance isn't important to me.

My kids are adult and earning 3-5 times what I do respectively. So no need for insurance and, like crone, I pay zero. I believe in insurance but only where needed

[Knee Deep in Water Chloe]

I thin DH's is up to $90 per month. It's two separate policies, one for his XW and one for me. He's 50. 

[thyme4change]

I pay $375 for $500k for a 20 year term.  I got it when I was 36-ish.  My husband's is $775.  He was overweight when he applied and his family history is a little problematic.  I've asked him to go see if it was his weight or his family history that made his premium so high.  

[Knee Deep in Water Chloe]

I was not correct.
It's up to $110/month!!!