How much should I look to pay for a low cost life insurance quote and can you recommend a company

Posted in Life Insurance Quotes over 4 years ago, 5 replies

I'm 35 years old and have a wife and 2 small kids (age 2 and 3). I'm starting to feel the need to protect them because I'm the only provider of income to the family right now. I checked with my company and they don't offer a life insurance policy option.

I only make $50k a year but we are very careful with our money so we do have a decent amount leftover every month that we have been saving. How much insurance can I get? I feel like I do need to look for a low cost solution.

Oh and would I be able to increase it if I were to get a new position and raise later on?

THANKS!

submitted by George in Wisconsin

George, I believe you should check some online quotes first, something like term life quote Canada, to get basic idea what would you like to and what you can afford. You have to generally choose between permanent and term life. You should also think about your needs and your familly. Do you have mortgage? Does your wife has a good job? How old are your children? Then you should know how big coverage do you need...
Lorne

submitted by Life Insurance Canada in http://lsminsurance.ca @ June 29, 2008 - 06:02 PM

I'm in Wisconsin. Why would I want to check term life in Canada?????

submitted by George in Wisconsin @ June 29, 2008 - 07:20 PM

Term life insurance is probably the best solution for you. If you're healthy (and a non-smoker) you can probably get $500,000 in coverage for under $400 a year for a 20 year policy. If that's too expensive you can lower the amount of coverage or even the term legnth. Check out online quote sites such as accuquote.com to get free quotes. This site also has a life insurance needs calculator to help you determine how much you neeed.

submitted by Byron Udell in Chicago, IL @ June 30, 2008 - 01:16 PM

Hi George
I ran your basic info through our instant quote engine (you can do the same in the yellow box at the top of this page) and I found that you can get $500,000 of 20 year term life insurance for as low as $255 a year!. Attached is a screenshot of the quote I just ran for you.

Please feel free to contact me if you have any questions.

submitted by Ronald Belham in Philly @ January 20, 2009 - 11:02 AM

The Internet is now the place to find life insurance quote services. These sites can offer comparisons of the most affordable life insurance policies available in the market at a time. But take care in choosing a site. Look for sites that have been recommended by media stalwarts such as CNNMoney or The Wall Street Journal. Check that the site is accredited by the Better Business Bureau. Make sure that quotes are received only from reputed life insurance companies. For an unbiased opinion, choose sites that are not affiliated to a specific life insurance company. Sites that offer you the chance of personal communication with their agents are always preferred. Remember, the more you know, the better your choice will be.
If you are planning a life insurance policy, there are a number of factors to consider when deciding on the amount of coverage you need. These include funeral expenses, education loans, any pending mortgages or debts, and the financial support your family would need in your absence. Five to ten times your annual income is the normally recommended amount suggested. It is preferable to get a professional opinion about this before signing up for anything and many insurance providers and companies offer a personalized analysis of your financial needs, as part of their service.

Denise at AccuQuote
Disclaimer: I work for AccuQuote and this is my personal opinion.

submitted by Denise in US @ April 17, 2009 - 01:32 AM

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