Buying Life Insurance (Again)

I mentioned the other day that my wife and I are having second thoughts about the value of our term life insurance policies. After stewing over that for a few days, we’ve decided to re-do our policies — but this time we’re putting more thought into the amount that we’re purchasing so we won’t go through this again in a year.

I don’t have time to go into the specifics right now, so I’ll just say that I’ll be insured at roughly 20X my current annual salary, and we’re also increasing my wife’s policy amount substantially — she’s a stay-at-home mom, so it’s harder to put a specific dollar amount on her contributions. But it’s a lot. I actually have an entire post on buying life insurance in a one income family percolating in the back of my head, but that’ll have to wait for another day. Anyway, back to the story at hand…

As we did the last time we re-worked our term life insurance policies, we went through to find our new policies. We ended up selecting policies from ING ReliaStar Life (yes, that ING). They’re A+ rated, they had by far the lowest price when it came to my policy, and they came in second (by a hair) for my wife. Thus, we decided to go with them for both policies to make it easier to keep track of things.

I’ll be updating regularly as things progress just as I did last year. That way, those of you that are following along can get a feel for what the process entails.

2 Responses to “Buying Life Insurance (Again)”

  1. Anonymous

    Watch out…they are highly unprofessional and use stall tactics to process business. They will attempt to hold money and hold money. As a teacher I am trying to swap my ING account to a different provider and they are just taking forever to process my transfer. They are horrible customer service and are just unprofessional and lack prompt service. My new investment company processes business in 24 hours and sent them the forms the next day and they are holding MY MONEY

  2. Anonymous

    You may want to check out setting up Irrevocable Life Insurance Trusts (ILITs).
    Have them own the policies (you give the money needed for the premiums each year.
    If you pass on, the proceeds bipass your estate.
    Good luck.

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