I currently have life insurance through Northwestern Mutual but it is expiring. I think it was a 20 year term policy.
Any suggestions on who to get quotes from? I'm 51 and interested in maybe 10-15 years.

combustion artist said:

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I currently have life insurance through Northwestern Mutual but it is expiring. I think it was a 20 year term policy.
Any suggestions on who to get quotes from? I'm 51 and interested in maybe 10-15 years.

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I have a 20 year fixed term that expires in two years when I'm 61. after that the premium escalates with age.

I think you might have a hard time finding anything fixed greater than 10 years that is reasonable in price. just a guess.

Do y'all go through a specific broker or just shop individual shops?

southernskies said:

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Do y'all go through a specific broker or just shop individual shops?

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I had a friend that was a Farmers insurance agent 18 years ago that got me a decent deal through Farmers.

Any independent broker can find good term insurance or you can shop online.

I used Select Quote online, but I don't think they had a tool at the time to let me play with different scenarios.

Zander Insurance will let you play around with numbers and should give you an idea on costs for different time lines and values.

https://www.zanderins.com/term-life-insurance/instant-quotes?itm_campaign=simpaltlan1&reffrom=aw_15597196937&network=g&campaignid=15597196937&adgroupid=128079743501&targetid=kwd-1033132194&keyword=dave%20ramsey%20life%20insurance&placement=&target=&device=m&devicemodel=&geo=9027599&ad=570073294291&ace=&extensionid=&utm_source=google&utm_medium=cpc&utm_campaign=CC_Ramsey_Life_new_page&utm_term=dave%20ramsey%20life%20insurance&gclid=CjwKCAjwtuOlBhBREiwA7agf1rV1rtk0jO25noh4uDts-dB6nmy8txIhHpB98xFjkihoXItcsUtK9RoC21wQAvD_BwE

txaggieacct85 said:

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A guy at my brothers church died at 30 and left his wife and three kids with basically no savings and no life insurance. And she wasn't working. imagine how that worked.

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Two of the kids each got about 3500/m tax free until out of HS...that's how that one worked out.

mosdefn14 said:

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txaggieacct85 said:

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A guy at my brothers church died at 30 and left his wife and three kids with basically no savings and no life insurance. And she wasn't working. imagine how that worked.

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Two of the kids each got about 3500/m tax free until out of HS...that's how that one worked out.

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how do you figure fella?

Whatever the max family benefit is. Wasn't gonna look it up. The point is a family with young kids isn't near as destitute as many would think due to the SS benefit. That's the equivalent of what $41k pre tax? Lots of people live in less than that.

Yeah, mom probably has to go back to work to make the suburban payment, but it's a huge help. But yes, most folks who are married with young kids or married pre-kids who don't have a term policy needs their brain checked.

mosdefn14 said:

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Whatever the max family benefit is. Wasn't gonna look it up. The point is a family with young kids isn't near as destitute as many would think due to the SS benefit. That's the equivalent of what $41k pre tax? Lots of people live in less than that.

Yeah, mom probably has to go back to work to make the suburban payment, but it's a huge help. But yes, most folks who are married with young kids or married pre-kids who don't have a term policy needs their brain checked.

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take home pay of $33,000 with three kids is nothing.

Make the suburban payment?

She would barely be above the poverty level.

my point, as you agreed, is that it's irresponsible for a breadwinner not to have life insurance unless you have enough savings to cover your family when you pass.

I'm 59 and my 20 year fixed term will expire in two years.

I don't need the insurance anymore, but its cheap enough to keep it. Once it's starts escalating after the fixed term, I will drop it.

We agree completely (heck, I am even licensed to sell life insurance), my points are simply:
1) The take home equivalent were spitballing is what a lot of families in small towns (where all sides of my family are from) live on,
2) Income is in kids name, not mom, so she can still qualify for benes right?
3) Assuming the kids are young, so household gets the income for 15-18 years and gets SS COLAs (greater than 5% annualized the last 3 years)... 5-6% withdrawal rate to adjust for inflation for the duration, that SS payment is somewhere in the $650k-$750k life insurance lump sum equivalent range.
4) Of the % of the population who even own life insurance, how many have more than that? I would wager not many, meaning for most young families, SS becomes a substantial part of the families benefit. Not saying that's how it should be, just how it is.

then don't get life insurance, you make a great case for living at the poverty level.

My family came from a small town too.

My VERY biased opinion.

You're 51. Find a 15 year or 20 year term policy. Do not convert to a whole life policy.

Life insurance should be in the same bucket as car insurance and home insurance. It's there if you need it, but in the long term, you hope you never need to collect.

Again, in my very biased opinion, Whole Life is for those who don't understand investing. Whole Life pays you...but what's your return based upon what you paid in? You'd be better off to buy a term and put the difference into a four star ETF.

I'm 66. I've had two $500,000 term life insurance policies. One expired a couple of years ago...the beneficiary being my first wife. The second expires next year. I can't tell you how many phone calls I get asking me to extend. The purpose of LIFE Insurance is to cover your family in the event of your premature death.

I got my last term policy at 52. $500,000. I pay $70 per month. It will expire next year. Wish it would expire now because we don't need it.

Good Luck with whatever you opt to do.

ToddyHill said:

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I got my last term policy at 52. $500,000. I pay $70 per month. It will expire next year. Wish it would expire now because we don't need it.

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Then stop paying for it.

The odds are in the banks favor early in the term and in your favor later so they have no problems if you cancel now. It's like betting don't in craps, once the button is on the odds swing in your favor so the casino will let you pick up that bet and walk away if you want.

"Wish it would expire now because we don't need it."

Term life isn't a guaranteed contract for the insurance provider.

You can exit any time you want with no penalty.

I agree about the whole life insurance. I did a whole life policy when I was young and naive.

Fortunately it wasn't much money.

Anytime something is confusing to understand or overly complicated, it always benefits the company selling the product.

If someone needs life insurance, get term and leave investments as investments and don't mix the two.

Life insurance proceeds are generally NOT taxable to the beneficiary, so factor that in with your financial and estate planning.

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I don't need the insurance anymore, but its cheap enough to keep it. Once it's starts escalating after the fixed term, I will drop it.

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Isn't that the damn truth. I'm getting to the last 2 years on a couple of 20-year term policies where I pay a couple grand per year a piece.

I looked at the 'chart' they supplied in the policy and if I want to extend the term (no questions asked) the first year premium rises to $33,000!

Does anyone know if there are still buyers for term life policies that are about to expire? I'm certainly not as insurable as I was 18 years ago and somebody might want to take a chance that my time here will be short, although I certainly hope that's not the case.

I'm not a superstitious person, but I've often thought it would be my dumb luck to cancel a $70 premium months from its termination, and then I bite the big one in a car accident, negating a $500,000 payment for my wife.

Since you're in the insurance frame of mind, it wouldn't be a bad idea to have conversations around long term care concerns too…maybe as part of whatever you're going to do with this next policy.

What do you guys think about only having coverage through your employer? My employer gives us 100K of coverage at no cost. Additionally, I pay around $10 a month for an additional 200K in coverage for myself and $2 a month for $50K in coverage for my wife.

Should I look for a term life policy outside of what my employer provides? I am in my late 20's and healthy with 2 young kiddos.

Shallowminded14 said:

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What do you guys think about only having coverage through your employer? My employer gives us 100K of coverage at no cost. Additionally, I pay around $10 a month for an additional 200K in coverage for myself and $2 a month for $50K in coverage for my wife.

Should I look for a term life policy outside of what my employer provides? I am in my late 20's and healthy with 2 young kiddos.

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Generally, it's cost effective to use what your employer offers. Those prices are good, not amazing, but probably better than open market.

But you definitely need more than $300k. Even if your wife doesn't work, you need way more than $50k for her.

Shallowminded14 said:

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What do you guys think about only having coverage through your employer? My employer gives us 100K of coverage at no cost. Additionally, I pay around $10 a month for an additional 200K in coverage for myself and $2 a month for $50K in coverage for my wife.

Should I look for a term life policy outside of what my employer provides? I am in my late 20's and healthy with 2 young kiddos.

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Yes. Yes. And to be clear, yes.

Another yes if you are the main provider, but still yes if you and your partner work.

With two young kids you goal is to provide for them until they can provide for themselves in the event of your untimely demise. Given your age and health, it should be super cheap.

I am diabetic but was able to get a well-rated policy 15 years ago... a policy I simply not only would be much more for today but would likely be denied outright.

One of my employees found out he was diabetic when he went to apply for term policy. Still got it, but it cost him a bit more.

Healthy and young means dirt cheap policy vs middle-aged with developing conditions.

You need a million on yourself and probably half million on your wife. At your age get a 20 year term policy where the premium is fixed for 20 years

txaggieacct85 said:

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You need a million on yourself and probably half million on your wife. At your age get a 20 year term policy where the premium is fixed for 20 years

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I always gauged the non-working spouse in terms of childcare in the event of their demise. We never pulled the trigger and with only one 13-yo child and plenty of family support its just not needed, but for a young family with multiple kids I would absolutely encourage coverage for the non-working spouse. Its oft-overlooked.

I have four adult kids. Got. 20 year term at 41 years old. I'm 59 and don't need the insurance anymore, but it's still cheap. When the 20 year term expires at 61, I'll terminate the policy since the premiums will escalate

Yes you should. Having coverage through your employer is always a good idea, and it's relatively cheap. You also don't know what will happen with that job and typically if you are fired/laid off/disabled and can't work anymore, that life insurance policy will not go with you when you're no longer working for them. Always good to take out more term life with a different provider to protect your family in case of the above mentioned instances.