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Teach me re: life insurance

This is something that is on my plate to figure out and finally take care of. Right  now i have my salary in life insurance provided free from my work. There is also the option to purchase insurance through them.

What are the pros and cons of getting insurance through your company vs. a private agency? If I were to leave I would lose the insurance right? So why would I want to do that? Where did you get your LI? If you don't mind sharing how much you pay etc. that would be helpful since I have NO clue.

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Re: Teach me re: life insurance

  • I would HIGHLY recommend you read a little bit of what Dave Ramsey has to say about life insurance.  He succinctly explains the wheres, whys, and whats of life insurance. In a nutshell you want 10xs your income in TERM life insurance (not whole). He often recommends buying privately for a variety of reasons although going through work is often more convenient and sometimes less expensive.  He will refer you to who will provide you with quotes from several reputable companies.

    Life insurance is important to have. Good for you for doing what a lot of people don't want to think about or spend the money on. 

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  • Pro of getting it through work: It's Cheap.  I think 5x my salary is like $2 a month or somthing.

    Con:  Like you said, you leave and can't take it with you.

    I would recommend starting your LI search with whoever you have home/auto insurance through to start getting some rates.

  • I have l.i. through my work, but then DH and I also have a private policy through Nationwide.  It's term, I think 10 or 20 years, I can't remember offhand and runs us each about $30 a month.
  • I don't know if your company offers Aflac or not, but I have a policy through them that is a 20 year term and it's only $10 a month and covers both DH and myself. I have a $100,000 policy on me and $50,000 on DH. We both also have coverage provided by our employers. The Aflac policy is through work in order to get the discounts but it's YOUR policy and you can take it with you if you leave and still only pay the discounted rate. I am looking at that LI policy as a saving account becuase if we don't use it in the 20 years (hopefully NOT) we get back every penny we paid in to it. I want to look in to getting another policy for us, I just haven't done it yet.
    6/28/10: Lost our sweet baby Addyston at 18wk 1day to pPROM 7/24/11: Michael William born at 24wk 2d due to IC after an emergent cerclage at 18wks, 4wk home BR and 2 weeks hospital BR. Grow strong our little Miracle! 9/17/11: Michael joined his sister in heaven after 8 amazing weeks with us on earth. He fought a very hard fight but NEC was too much for him in the end. Lilypie Angel and Memorial tickers Lilypie Angel and Memorial tickers Lilypie Pregnancy tickers
  • I pay about $20 for me ($300,000), DH ($20k), DS ($10k).  It is through Prudential.  It is super convienent and I think it might be pre-taxes too, but I can't remember if that is true or not.

    I mostly got it b/c they didn't want any health screenings and DH is a smoker so I thought that would increase our rates.


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