General Question

saservp's avatar

Best life insurance for young couple?

Asked by saservp (286 points ) July 28th, 2010

I’ve been married for a little over two years, am still young, and am very healthy and not expecting to bite the dust anytime soon. But that said we don’t have a massive savings account and I’d like the peace of mind of knowing that if I get hit by a bus my spouse will be taken care of. Googling for life insurance is a mine field. Can someone give me any straight-talk advice on what kind of plan I should get and what I should be expecting to pay? I don’t need a 10 million dollar plan, just something that could allow someone to live for say 6 months to a year to get on their feet.

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9 Answers

Adirondackwannabe's avatar

The easy answer is a cheap term insurance policy. The better answer is ask around and find a good, experienced insurance agent that you can trust. You’re going to need a lot of different insurance over the years, and a good agent is almost as good as money in the bank. The term insurance might not be the best bet, based on all the different scenarios that may come into play. It’s a great idea to get the insurance while you’re young because there’s no telling what tommorrow might bring.

Austinlad's avatar

The first decision to make is, do you want the policy to be an investment (whole life) or simply one that pays out upon death (term). @Adirondackwannabe is right. Find a company and agent you trust.

saservp's avatar

Definitely looking at term only, I can invest on my own ;)

janbb's avatar

Cheap term that can possibly be converted to whole life later. Look for a good independent agent who can show you different products.

saservp's avatar

If I got a long plan, say 30 years, do I have to have yearly medical re-evaluations or anything like that? Or am I “allowed” to say get a really nasty cancer in 5 years and still pay my same rate? :P

Adirondackwannabe's avatar

You should be able to get a policy that locks in your payment. I got one that allowed me to up the insurance at regular intervals with no medical exam. This is why you need a good agent that knows the business. And watch out for the crooks. I speak from experince when I said that last part.

BoBo1946's avatar

Yes, cheap term is the way to go if you are very disciplined with your savings. If not, maybe a term policy than can be converted later into whole life. Also, find an agent that you can trust. Very important. Plus, a good company with AAA ratings.

Adirondackwannabe's avatar

@saservp I had a brain cramp. See BoBo for any insurance question. He’s our fluther sage!

BoBo1946's avatar

@Adirondackwannabe your answer was “cool as the underside of my pillow” my friend. I’ve been around it for a longtime, but my deal was the claims aspect of the business. My job was to clean up the agent’s mess. loll They made all the money and i caught all the grief. But, I enjoyed it. 25 good years with a great company.

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