Life Insurance

My dad just mentioned to me that DH and I should look into life insurance. So since I know very little about it...

Who has it?
What type of policy do you have?
&
How much do you pay?

Thanks mucho.

ETA: If you dont have it through your job, what company do you have it through?

good thinking dad!! i have no idea but would be nice to know.

I know FH and I both have a policy through work, but not sure about where to go to get additional.

i want to say aflack? i think FFIL has it through there but im not completely sure

FH has it both thru work and a second additional policy. I actually just graduated law school and focused on trusts and estates law, so here is some stuff from my class notes that you might find helpful...Note, though, that the stuff about the 'yearly renewable term life insurance' was recommended by the Professor more for people who would be leaving behind a lot of money and would want their life insurance to cover their estate taxes:

C. Life Insurance
1. Generally
a. Life insurance is meant to create a sum of $ to handle those expenses that will be required to get your loved ones through without you being there.
2. Yearly Renewable Term Life Insurance
a. You’re paying for a year’s coverage. If you die in the year, your beneficiaries win. If you don’t, they lose.
b. This is cheaper and allows you to get a higher pay out for your beneficiaries if you die w/in the year. Re-sets at the end of each year – you must renew.
3. Whole Life Policy
a. You pay into this over time to get one payout amount.
b. Often used as an investment vehicle because you might be able to cash out early. Prof. says this is bad – you should be using it to create funds at the end of the road, not to cash out prior to death.