I m looking to get life insurance on me and my two kids. Any suggestions on good affordable insurance?

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  • 28AKO
    Lv 5
    6 months ago

    Global or through your employer or something

  • 6 months ago

    You can take a life insurance for you. For your kids to have life insurance, they need

    to be Earning and have dependents. If yes, you can take insurance. Else you can have health insurance or other forms of insurances.

    Read this article on must have insurance policies https://www.arthayantra.com/blogs/must-to-have-ins...

    Source(s): WWW.ARTHAYANTRA.COM
  • 6 months ago

    I'm a former Life Insurance Agent. I guess I'm not supposed to endorse any specific insurance company, but choose a Mutual company, which means the policy holders own the company, not the stockholders.

    You may wish to use an outfit called Select Quote on the internet to help you. They have a range of companies to choose from to help you find one that's priced right for you. Do Find a company that's at the upper end of the financial strength ratings according to Moody's, S&P, and AM Best.

    Term Insurance is always more affordable than Permanent Insurance like Whole Life, but Whole Life offers some benefits as well. Back when I was an agent, I'd often recommend a mix. Say if we determined you needed 1 Million of coverage, I might recommend $200K of Whole Life and $800k of Term. But if Whole Life doesn't sound like a good fit, at least always get the Term Insurance.

    Choose life insurance that will provide for your family until your kids are done with college. So if your youngest is a 4 year old, look at a 20 year policy

    • Anonymous
      Lv 7
      6 months agoReport

      A mutual company would serve zero purpose for a term insurance policy.

  • 6 months ago

    You add a rider to your own life insurance policy. It runs about $60 per year for $10,000 of coverage. Kids dies and kids' funerals aren't free. "I doubt your kid will die" is just a stupid response.

    Yes, term life can get you a lot more coverage at a lower cost during your working years. But, I talked to a guy just last week whose 20 year term expires later this year and he's had a few heart attacks. So, telling someone to buy just term life insurance is idiotic. If they choose to take that risk, but to suggest it's the only option is dumb.

    Plus, if you did well and want to keep your assets, what are you using to pay a long term care need? Long term care policies are expensive and unpredictable. Life insurance with a long-term care/critical illness rider makes much more sense.

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  • 6 months ago

    Whatever insurance needs and requirements you have in life, Life Insurance ... are moderately priced, with most policies requiring one-time payment, Affordable ... Individuals looking for short term protection can opt for these plans ..... Section 80C of the Income Tax Act. Irrespective of whether your child is a minor or no

  • TedEx
    Lv 7
    6 months ago

    DO get at least some insurance on your kids. Kids DO die, unfortunately, and no one would want to have to choke up $ 7000 for more to bury a child.

    Life insurance company ins do have life ins for children, at a very modest cost

    -

    You need to see a life insurance agent rather than listen to the ""experts" on yahoo

    • Uncle Pennybags
      Lv 7
      6 months agoReport

      That's the silliest thing I've ever heard. Yes, fine, insure the kids to handle funeral expenses, but you make it sound like she shouldn't insure herself. Those kids will need that insurance money if she passes.

  • 6 months ago

    You could buy life insurance on your kids, but I wouldn't suggest it. Just take whatever you would have paid and put it into an account you do not touch.

    As for you, yeah, get some term coverage.

    • Anonymous
      Lv 7
      6 months agoReport

      And, if you only sell whole life (or other cash value plans) for estate planning, what do you do for long term care?

  • Anonymous
    6 months ago

    Don't buy life insurance for the kids. Most kids make it through life. Insurance is a numbers game and the insurance companies have it all figured out. Term is the least expensive and it makes sense for most adults. Most companies cut you off at age 80. Keep your life insurance and your investments separate, or you will be paying way more than necessary. Except with annuities. Check into an "indexed annuity with a death benefit". You have the benefit of an investment that will not go under what you put into it, yet you get a death benefit too, and a sign on bonus. Check it out. Just for you - not the kids. And they don't cut you off unless perhaps, you live to be 120 years old.

    Source(s): Was an insurance agent for a few years & I have an indexed annuity with a death benefit.
    • Anonymous
      Lv 7
      6 months agoReport

      "Most kids make it through life." - most people don't have their houses burn down, most people don't die until they're in retirement, most people don't get into car accidents.... ugh...

  • 6 months ago

    There is term insurance that covers a certain number of years, for a young adult and kids it is pretty cheap. The issue is once the term is over you have nothing. You need to check out whole life for at least your kids.

    • Casey Y
      Lv 7
      6 months agoReport

      I don't like links, guessing that is deterring people from buying whole life...which is a smart thing. I only sell whole life for estate planning purposes, term is enough "protection" when you need it.

  • R
    Lv 4
    6 months ago

    Why would you get life insurance on your kids????? That is a ridiculous financial decision. Life insurance is to provide for the loss of income after a provider dies.

    Buy level TERM life insurance equal to 10x your annual income. Do not buy whole life or universal or anything else that includes an investment with your insurance.

    You can get quotes here: https://www.selectquote.com/landing.aspx?sCode=N9M...

    • Uncle Pennybags
      Lv 7
      6 months agoReport

      As for kids insurance policy, I have a policy thru work. It's less than $2 a month and it pays off $10k for funeral expenses. I think it's worth it to make sure I have the cash to properly bury my kid should that ever arise.

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