Life Insurance Question..

DeniseMang Posted: Feb 01, 2005 12:50 PM

Life Insurance Question..

Hi Mommies,

Our friend and financial advisor came over last night to go over life insurance. Boy is it expensive. He recommends we get at least $500,000 with $400,000 Term Life and $100,000 Universal. So we can convert the term down the line..

It will cost us $1,200 a year... Not so bad..

Just wondering what everyone else has, sorry if I am asking TMI.

Thanks,
Denise
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QueensBride Posted: Feb 01, 2005 02:22 PM

Re: Life Insurance Question..

I would like to know this too. I am looking into Life Ins. as well and don't know much about it.

corinne7477 Posted: Feb 01, 2005 03:06 PM

Re: Life Insurance Question..

its good to have a combo of both. as you have children or own a house its important to have term to cover both. i used to sell life insurance. my husband an I both have universal life which is a permanent policy this covers our house and a little extra. when we have children it makes sense to cover each by 100k to get them through college god for bid.

DeniseMang Posted: Feb 01, 2005 03:09 PM

Re: Life Insurance Question..

Thanks so much for the advice. Do you think the price I was quoted is reasonable. The company is New York Life.

corinne7477 Posted: Feb 01, 2005 04:20 PM

Re: Life Insurance Question..

actually i think that seems very high. i thought you had 500k in universal. my friend still does sell life insurance if you want a second opinion no pressure to go with him let me know if your interested. good luck.