I need to get life insurance.

Just depends on how you want to handle it, but we used an insurance guy that we knew who ran quotes for us with different companies and then we chose from there. We already knew what we wanted though, (waded thru all that with our financial advisor).

It can be a pain but it's worth it in the end.

Quote from Brandon01 : H has some on me through his employer, but not enough.

Most employer sponsored life-insurance can be increased. I can go pretty much as high as I want on my wife's through my job.

IF your young your better off going through an insurance guy, they can help you figure out how much you need, time period etc and show several different companies. Also, rates are non-negotiable so it doesn't matter where or who you use for the insurance quotes. There's a lot of planning involved but worth it. IT doesn't have to be expensive if you dont want it to be.

Quote from Brandon01 : It just seems like such a hassle! But my job doesn't offer it. H has some on me through his employer, but not enough. So... where to even start? Ugh.

That's OK that your employer doesn't offer it because employer-offered life insurance is most often inferior to individual-purchased life insurance.

Life insurance can be confusing, especially when an insurance agent is involved. They tend to like to promote policies that line their pockets which are, unfortunately, in most cases, not the best policies for the customer.

Unless you make upwards of $350,000 or more per year, stick with level term life insurance which simply pays in the untimely event of your death. It's simple to understand and simple to compare from one company to another.

Here are some guiding factors that can help simplify this shopping process and help get you the best policy for you:

1. First, consider if you need life insurance. If you don't have anyone who depends on your income, then you don't need life insurance.

2. Only get quotes from companies that are rated A++ (and possibly A+, but I'd stick with just A++) by A.M. Best. You want to make sure the company you go with is financially strong enough to be around years or decades down the road when your beneficiaries might need them.

3. Keep it simple and simply get 10 times your annual income.

4. Get a policy that covers you until you plan to retire.

5. The easiest and best place to shop for level term life insurance is on the internet so you avoid an insurance salesperson trying to up-sell you from level term coverage to whole life. There are a number of sites where you can shop for level term such as Insure [insure.com] and AccuQuote [accuquote.com]. Most comparison sites will show you the company's A.M. Best rating beside the quote.

Finally, keep in mind that we are three times more likely to become disabled than we are of dying before age 65, so getting disability insurance is more important that getting life insurance. However, historically, we have been more likely to buy life insurance than disability insurance.

have you got wife and kids then you need it,

Quote from KPS : It can be a pain but it's worth it in the end.

Ok, Am I the only one that thought this was hilarious?

Quote from Brandon01 : It just seems like such a hassle! But my job doesn't offer it. H has some on me through his employer, but not enough. So... where to even start? Ugh.

first you need to decide if you want term-life or whole life/variable life?
before contacting any agent, do your own homework.
Else most of the agents will be more than happy to convince you why you need their company's life insurance.

Quote from Brian1 : That's OK that your employer doesn't offer it because employer-offered life insurance is most often inferior to individual-purchased life insurance. Life insurance can be confusing, especially when an insurance agent is involved. They tend to like to promote policies that line their pockets which are, unfortunately, in most cases, not the best policies for the customer. Unless you make upwards of $350,000 or more per year, stick with level term life insurance which simply pays in the untimely event of your death. It's simple to understand and simple to compare from one company to another. Here are some guiding factors that can help simplify this shopping process and help get you the best policy for you: 1. First, consider if you need life insurance. If you don't have anyone who depends on your income, then you don't need life insurance. 2. Only get quotes from companies that are rated A++ (and possibly A+, but I'd stick with just A++) by A.M. Best. You want to make sure the company you go with is financially strong enough to be around years or decades down the road when your beneficiaries might need them. 3. Keep it simple and simply get 10 times your annual income. 4. Get a policy that covers you until you plan to retire. 5. The easiest and best place to shop for level term life insurance is on the internet so you avoid an insurance salesperson trying to up-sell you from level term coverage to whole life. There are a number of sites where you can shop for level term such as Insure [insure.com] and AccuQuote [accuquote.com]. Most comparison sites will show you the company's A.M. Best rating beside the quote. Finally, keep in mind that we are three times more likely to become disabled than we are of dying before age 65, so getting disability insurance is more important that getting life insurance. However, historically, we have been more likely to buy life insurance than disability insurance.

I found your post to be very helpful. Thank you. +rep.

Quote from Brian1 : That's OK that your employer doesn't offer it because employer-offered life insurance is most often inferior to individual-purchased life insurance. Life insurance can be confusing, especially when an insurance agent is involved. They tend to like to promote policies that line their pockets which are, unfortunately, in most cases, not the best policies for the customer. Unless you make upwards of $350,000 or more per year, stick with level term life insurance which simply pays in the untimely event of your death. It's simple to understand and simple to compare from one company to another. Here are some guiding factors that can help simplify this shopping process and help get you the best policy for you: 1. First, consider if you need life insurance. If you don't have anyone who depends on your income, then you don't need life insurance. 2. Only get quotes from companies that are rated A++ (and possibly A+, but I'd stick with just A++) by A.M. Best. You want to make sure the company you go with is financially strong enough to be around years or decades down the road when your beneficiaries might need them. 3. Keep it simple and simply get 10 times your annual income. 4. Get a policy that covers you until you plan to retire. 5. The easiest and best place to shop for level term life insurance is on the internet so you avoid an insurance salesperson trying to up-sell you from level term coverage to whole life. There are a number of sites where you can shop for level term such as Insure [insure.com] and AccuQuote [accuquote.com]. Most comparison sites will show you the company's A.M. Best rating beside the quote. Finally, keep in mind that we are three times more likely to become disabled than we are of dying before age 65, so getting disability insurance is more important that getting life insurance. However, historically, we have been more likely to buy life insurance than disability insurance.

Brian1 provides some insightful tips and unfortunately that's how the financial industry is nowadays. There are more salesman then actual educators when it comes to their clients finances. Plus there are so many options out there that sometimes you do have to consult with a financial professional to weigh in the pros and cons of each individual plan and how it will work towards your financial goals.

But first and foremost, we all need to be educated so we can build the proper financial foundation that not only suits us, but is affordable too as well. And like what Brian1 says, we are more prone to becoming disabled so you need to consider the living benefits of having a life insurance rather than just the death benefits itself.

If you have any questions, my wife is in the industry

Is disability insurance optional if i get level term life insurance or it is separate by itself? Thanks.

Quote from softspoken408 : Is disability insurance optional if i get level term life insurance or it is separate by itself? Thanks.

You'll want to get it as a separate policy.

Also, the longer you can go without having it start paying you following a disability, the cheaper the policy is. So, a policy that starts paying out after six months is cheaper than a policy that starts paying out after only three months. Make the decision on when the payout should start based on how long you could live without income. A simple example would be, if your the sole income earner in your household and you have a six month rainy day fund established, get a policy that begins paying out after six months following a disability.

Also, make sure the policy has a much more generous definition of "disability" than that of how Social Security defines it. You'll want a policy that defines "disability" as a disability that prevents you from doing your current duties at your business or job. You do not want a policy that defines "disability" as a disability that prevents you from doing any duty in any work capacity.

Is it better to start now with the life insurance and disability insurance? Im in my early 30s non smoker, drinks socially. And can i borrow or withdraw from it if i need to? Sorry im new to this. Thanks.

Quote from softspoken408 : Is it better to start now with the life insurance and disability insurance? Im in my early 30s non smoker, drinks socially. And can i borrow or withdraw from it if i need to? Sorry im new to this. Thanks.

Yes, it's best to start now. You cannot borrow or withdraw from it. You do not want an life insurance policy that doubles as an "investment" vehicle. You want a simple level term policy that simply pays out upon the untimely event of your death.