That’s a *lot* of money.

I totally agree that it is important to plan now for life insurance needs.

My husband is older than I am by several years so it is really important to him that we plan for lots of insurance on him. It is just the acutal sitting do and making the arrangements.

Thanks for the great post and your link to Zander. We have some from my job, but need to buy additional policies as well.

Take Care,

Trixie

I can’t think of a good reason for buying life insurance on a child. The products are unnecessary, overpriced and sold using scare tactics. (What if little Sammy is uninsurable later or if something happens to him?)

The truth is that very few people are uninsurable when they first require life insurance, although I would guess that a lot of people subsequently become uninsurable (due to illness, lifestyle choices, etc.) at other points in their lives. Why waste 20 years worth of premiums? Invest that money for your child instead.

Two key points when buying insurance are to only buy term insurance (and make sure it is renewable and convertible) and to always, always check to make sure you qualify for a new policy before you cancel any existing insurance. It doesn’t matter if you just want to switch to get a non-smokers discount or a lower premium, get approved first before you cancel the other policy.

Sonia’s last blog post..Monday Shopping