Life Insurance: Buying a Term Policy

As responsibilities have grown my wife and I have gone forward with getting life insurance for both of us. We have been married for about 15 months and have owned a home for 4 months so we should have started this process earlier, but we didn’t.

We each are going with a 20-year term policy for $500,000. When the policy expires, hopefully we will no longer need to consider the life insurance money necessary to pay for bills. Plus, hopefully we will not have to used it either.

So about a month-and-a-half ago we set up a life insurance physical for each of us. The insurance physical was about 45 minutes for each of us. During this time they draw blood, take measurements and ask a lot of health-related questions.

Unfortunately, my health background caused my policy to be 3x as expensive as me wife’s, but they said within a year that price could be lowered. We have hard from our insurance agent and he will be meeting us soon to sign the papers.

I considered Genworth Life Insurance as well, but we stayed with Erie Insurance because of my wife’s long relationship with them.

Written by Nagel on March 26th, 2007 with no comments.
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