Hi Money Minder,
I’m thinking about getting life insurance for my family. It’s just us three right now, but we have a little one on the way in January. I’ve done some digging and I think term life insurance is the way to go.
Should we only take it out for my husband and myself, or should we also consider coverage for our kids?
Which companies do you recommend for this type of coverage? I’m looking for a 40-year plan with a $5 million policy. We’re all in good health, though I do have one autoimmune disease (ulcerative colitis) that’s been under control since 2021 thanks to medication.
What do you think would be the best option for us?
Farewell from Concerned Parent
Response from THE MONEY MINDER:
Hello There,
Congratulations on the upcoming addition to your family in January! Taking out life insurance is a responsible decision to ensure the financial security of your loved ones. In your case, considering term life insurance for a 40-year period and a $5 million policy seems like a prudent choice.
When it comes to who should be covered under the policy, it’s common to have both spouses insured. This way, if something were to happen to either one of you, the surviving spouse is financially protected. As for including your children, term life insurance for minors is usually more to cover funeral expenses in case of an unfortunate event. So, focusing on you and your husband might be more beneficial.
Given your health conditions, it’s great to hear that your ulcerative colitis has been in remission since 2021. While this may impact the premium for your policy, it shouldn’t prevent you from getting coverage. It’s essential to disclose all relevant medical information to the insurance company for an accurate assessment.
As for the best companies, it’s advisable to shop around and compare quotes from different insurers. Companies like New York Life, State Farm, and Northwestern Mutual are often recognized for their life insurance offerings. Make sure to consider their financial stability, customer reviews, and the specific terms of the policies they offer.
In conclusion, focusing on a term life insurance policy for you and your husband for 40 years with a $5 million coverage amount is a solid plan to secure your family’s financial future. Remember to consider your current health condition when exploring options and choose a reputable insurance provider that meets your needs. All the best from THE MONEY MINDER!
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