DIY Term Life Insurance

[pb4uski]

... Plus, I think any death (even non-bread winner) interrupts the household and the other spouse's ability to earn. Thus it's MANDATORY when they are kids.

While I agree with what you say, at the same time I'm afraid that it's just a matter of time before some do-gooder legislator comes along and proposes that if you don't buy life insurance that it is child or spousal abuse.

 

[njhowie]

And this is exactly why they should get it while they are young and not wait until they have kids or are able to fully justify it at the time:

www.early-retirement.org/forums/f29/change-view-on-money-after-cancer-scare-101800.html

Completely agree with CaliKid, as I've indicated in my prior post - it's cheap when they're young. Take the maximum term they'll offer. The payments become easier over time and the financial responsibility likely increases.

 

[ncbill]

Yep, getting ready to insure my youngest kid...~$100/month for $2 million...30 year term.

Oldest kid is purchasing $1 million (supplemental to their SGLI) for ~$40/month:

https://militarymoneymanual.com/navy-mutual-life-insurance-review/

 

[OldShooter]

Maybe I need some education, as I have not looked at life insurance for many decades.

What I used to buy had, I guess, a one-year "term." Beginning in my early 20s when I bought, the premium increased every year. This was fine with me, because I expected (and it turned out to be true) that my income would be rising, too, and the increasing premiums would be more affordable. This went on until IIRC my early 40s/about 20 years when I reached the point where I didn't need the insurance any more.

When I read here about 20 and 30 year "terms," I think these must be level-premium policies. If so, I don't understand why people want to saddle young folks with higher premiums when they can least afford them. Also, level premiums imply that the later-year premiums are being prepaid and that the insured will be wasting these prepayments if he/she cancels the insurance early. If those things are true (maybe I am misunderstanding) then I don't see any reason that these young insureds would go with anything except annually renewable, guaranteed renewable, term insurance as we did.