Saturday, October 9, 2010

Term Life Insurance

How many 20 somethings have term life insurance? I'm just asking because I hear Suze Orman talk about it all the time and on her segment How am I doing it is one of the types of insurance that make up the " insurance" score.

When I logged into my mint account today it also recommended term life insurance from the company ING Life Insurance which is a subsidiary o f ING Direct. From doing the free quote it seems that I can receive a 20 year term insurance policy of $600,000 for only $302.00 a year.

Because I'm married with a house, lots of student loan debt, and the possibility of children coming soon, I think I need term life insurance to take care of my family in case of my death. However, I'm not sure and am going to do a little more research.

Are they are any other 20 somethings that have term life insurance?

FYI: As I was writing this post a commerical for Suze Orman came on and next weeks show will be devoted to insurance.... Hooray!!!

5 comments:

Frugalista said...

we probably need to look into this for us. It probably is a good idea but like you said-more research.

Broke by Choice said...

I am 29 now and I got a term life policy at 26. I pay $190 per year for $400,000. A recommendation I got from a financial advisor is to check the cost in blocks of $250K.


Check out Zander Ins. They are like Progressive in the fact you can fill out information once and browse many companies.

Broke by Choice said...

I forgot the website.
https://www.zanderins.com/term/instantquote.aspx

Laila said...

I have insurance through my job but have thought about getting term insurance since I have a kid. It makes sense!

Susan said...

This is exactly when you need term insurance, to make sure if something does happen to you and/or a second wage earner, the rest of the family won't have to make compensations for the loss of income.

Older people, people without children or mortgages, do not need any kind of life insurance (there are extenuating circumstances).