Gerber Life Insurance Kids
How much for term life insurance? compared to whole life?
im married, age 27 and interested in buying life insurance for me and hubby.
for just myself how much would my monthly be approx? im healthy dont smoke and dont want to pay too much money….
does term life give you an option of continuing on with them after the 20+ years term? would the premium go up?
i only need around 100, 000 i think. since i dont plan on dieing anytime soon but wouldnt want my family with no funeral money if i did. do my kids need any? they are 2 and 4 and i was considering the gerber life for them?
please help!
oh hubby is 27 and healthy non smoker as well
The Term vs. Whole Life is an odd debate. Most people often recommend term and forget about all the details becuase they’ve read “Buy Term and invest the rest” so many times. Sadly, most people that Buy Term, don’t invest the rest and when they hit 50 years old they are now paying hundreds of dollars a month for insurance and have nothing for savings or they don’t have the disapline and knowledge to invest to ’self-insure’ themselves. Then when they hit age 75 or 80, if they are still paying the $500+ dollars a month (this in not an exaggeration…if you have term insurance check your policy…it will be at least that exprensive when you are older) for their term insurance, they are forced to bet $500 a month that they will die before age 80 or they get nothing. Buy Term and Invest the Rest is a good strategy in theory, but it’s a terrible strategy when you look at it from a practical standpoint. Most people don’t have the time or commitment to invest and get the returns that this strategy requires to make it work. Keep in mind…Whole Life was created becuase most people got hosed with Term insurance being either too expensive to pay for or it expired when you need it the most.
In reality, Term insurance should be used for a temporary need (making sure the kids will be taken care off, making sure the mortgage is paid off, etc.). The cost will start out small when you are young and after the term is over it will increase (IE: If you are buying 20 year term, at the end of 20 years you will have the option to renew it and a substantially higher price for another term). You build no cash value and it will expire ussually around age 80 (Average life expectancies are increases every year with advancements in medicine) if you haven’t died by then. Think of this like renting a house…it’s cheaper than buying one (whole life), but when you move out (cancel the insurance), you just hand back the keys and you get nothing in return.
Whole life should be used for the expenses that will not go away whether you die tomorrow or 50 years from now (funeral costs, taxes, legal fees, etc). While the inital cost is slightly higher than term premiums, Whole Life will never go up as long as you live. It will also build cash value and will never expire. Basically, not only will it be there when you need it when you are 85, but it will be very inexpensive ($50 40-50 years from now will be pocket change when you look at inflation rates). Some companies offer a limited pay option where you only make your payments for a specific time frame then it is completely paid up (similar to a mortgage…you only pay for 20 years and then you keep the house).
If you only plan on covering needs for 20 years or less (IE taking care of the kids, paying out debts, etc), buy term, but if you will have a need of longer than 20 years (IE final expenses, charity or legacy fund) buy whole life to cover than need.
With the right Whole Life insurance you will likely never pay more than 30% of the total benfit amount. IE: through the next 20 year I will pay a total of $13,200 into one of my life insurance plans and never a penny more and it will pay out $100,000 at some point. At the very most I will pay roughly 13% of the total payout amount.
As for the amount, most of the people I work with in your situation (late 20s, 2 young kids) look at $50,000-$100,000 of whole life coverage (the cost of a final expenses…funeral, legal fees, taxes, etc…range anywhere from $20,000-$30,000 where I live right now…factor in inflation and it will be substantially more by the time you are 80) and around $500,000 of joint first to die (pays out once when the first one of you or your hubby dies) 15 year term insurance ($200,000 to pay out the mortgage/debts if you have and $300,000 to make sure the kids have proper child care and living standards, and have their post secondary paid for). Again, this is ball park on most that I work with. If you google search “Life Insurance Needs Analysis” you should get a whole pile of different calculators that will help you determine how much you need.
Insurance on kids is more of a planning for their future. The odds of a child passing away are very slim, but there is a chance. If you can afford it, buy a limited pay whole life plan and when they are old enough to make the payments they take it over. If you select the 20 pay option, it will be completely paid up for them by the time they are ever done university and they won’t have to do through as much of the questioning as you are. 
Try this site http://free-best-life-insures-comparator-usa.blogspot.com/
Here you can get quotes from different Life Insurance Companies in your area, its the best way to find an affordable life insurance with a reliable company.
Sorry for the novel…hope this helps…
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