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Old 04-28-2021, 01:20 PM
 
Location: North Carolina
3,018 posts, read 1,988,500 times
Reputation: 11228

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My nephew and his wife just had a baby and wanted to know how much term life insurance would cost for 18-20 year term (baby grows up). I did a search city-data and no good thread showed up and google looks like sales pitches.

Is there any un-attached (to seller) calculator to give some ranges of costs online. I am not gonna give my email address out to get bombarded but would like to help them. We never owned any life insurance as two-income no kids so no experience. Maybe they can get it through job? affiliations? where should they look?

Does term life do "couple" insurance like annuities do? That policy would cost less because chances of both parents demise is very, very low.

Last edited by twinkletwinkle22; 04-28-2021 at 01:34 PM..
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Old 04-28-2021, 02:49 PM
 
Location: NJ
31,771 posts, read 40,567,759 times
Reputation: 24590
im pretty sure this info is here but i dont mind repeating myself.

i got term life insurance twice. both times i used websites where i would get multiple quotes. i used "lifequotes" first and then "selectquote" the 2nd time. i now have insurance from those times from Voya and Mutual of Omaha. you should just tell your nephew to find some websites that will get multiple quotes and fill out their forms (i see selectquote is still around, not lifequotes). its a pretty simple process. i dont know about "couples" insurance, i am the only one insured and i got 20 year term policies.

here is what i pay:
policy 1: 1 million - 38.69/month
policy 2: 3 million - 102.71/month
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Old 04-28-2021, 06:35 PM
 
Location: Florida
6,606 posts, read 7,285,706 times
Reputation: 8133
Be sure to define what you want the insurance to do.
If one of you died today the insurance would:
Furnish day to day support for part or all of the families needs? How long?
Provide for the Childs education?
Pay off current debts?
Help with major purchases over x years
Help with retirement. Probably not at your ages.
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Old 04-28-2021, 09:05 PM
 
Location: North Carolina
3,018 posts, read 1,988,500 times
Reputation: 11228
Another question: do insurers allow relative to buy a term life policy for him (he's major income producer) we'd make monthly payments with his wife/child as beneficiary? It would be a gift. I know very little about life insurance rules.

OK I just googled that issue and maybe/maybe not. You can only buy insurance for someone else if you have an insurable interest, meaning your own finances would be impacted on their death. For us, no direct impact since both 30-somethings have parents living but we would of course want to give financial support since we have a small family, not many next generation.

So we'd give them money to purchased a policy but that's it. And hope every year we'd remember to ask how much to give to keep it going and that they did so.
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Old 04-29-2021, 08:28 PM
 
Location: Censorshipville...
4,408 posts, read 8,086,027 times
Reputation: 4966
Quote:
Originally Posted by twinkletwinkle22 View Post
My nephew and his wife just had a baby and wanted to know how much term life insurance would cost for 18-20 year term (baby grows up). I did a search city-data and no good thread showed up and google looks like sales pitches.

Is there any un-attached (to seller) calculator to give some ranges of costs online. I am not gonna give my email address out to get bombarded but would like to help them. We never owned any life insurance as two-income no kids so no experience. Maybe they can get it through job? affiliations? where should they look?

Does term life do "couple" insurance like annuities do? That policy would cost less because chances of both parents demise is very, very low.
I also used selectquote and was happy with them connecting me to mutual of Omaha. At 35 I got a 500k 30 year term since we were having our first child. I pay about $45 monthly.

If they are planning on other children in the future, they should consider a longer term.

I also have life insurance through work, but be aware that can go away if you lose your job or move on.
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Old 04-30-2021, 08:20 AM
 
Location: Censorshipville...
4,408 posts, read 8,086,027 times
Reputation: 4966
One thing to also take into consideration is that social security will pay survivor benefits to the child and and father/mother left of the child is under 16. There is a cap and it's based on formula including the income of the deceased. You may not need as much life insurance if this pays some of the expenses.
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Old 04-30-2021, 06:22 PM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,028 posts, read 7,419,985 times
Reputation: 9750
Why not just shop?
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Old 04-30-2021, 07:08 PM
 
Location: USA
8,981 posts, read 6,012,259 times
Reputation: 29416
Each parent needs their own insurance since they provide different and independent value to the family.

Regarding employer sponsored or provided life insurance, this can be valuable but should not be the primary insurance for the family since it will not be available if jobs change or employer alters their benefit plans.

They should probably get the maximum they can afford since their future health is uncertain. They may not qualify for insurance at a later age should they be stricken with a disqualifying disease. It will be interesting to see if insurance underwriting changes post-covid.
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