Life Insurance

[tinkabells]

Hiya,

I've been thinking of getting some sort of life insurance for myself as im a single parent, i wanna do something, but i have no idea what i need or how to go about it?!
Has anyone does this, and is there a difference cos im a single parent?!
Thanks xxx

 

[dj's_wife]

Call around to a few different insurance places that do life insurance and you should be able to give them some basic information and they should be able to give you an idea of what it would cost. I say call around because rates can be different.

There is term life insurance and there is perm life insurance. If I were you I'd go with term as you can get more for less $$.

I probably wouldn't go with anything less than $200K. That's what me and dh are getting, but if we had a mortgage we would likely buy more.

 

[Sarahkka]

Life insurance is basically you trying to provide financially for baby should you die prematurely, so one of the best things to do is to figure out what it will cost you to raise him as you would like and to maybe also provide money for education?
We have close to $1 million by the time I count up our work benefits policies as well as our private policy. For us, that covers the cost of raising our two children with plenty of travel, extra-curriculars (sports, music lessons, etc), tuition for university (estimated to be ~$134k just for tuition and books by the time our 1 year old turns 18 ), and a modest inheritance - basically, what we would like to do for them if we were living. Not everyone needs that much. Some need more if they have lots of debt, etc.
We have private term insurance and our policy costs us somewhere around $150/month for $700k worth of insurance, if that helps give you a ballpark figure.