Buy Term Life Insurance

I bought term life insuarnce recently, through SBLI. 500,000, 30 years, about $530 a year.

My wife bought through another company. 400,000, 30 years, about $450 a year.

Usually, if you bought both from the same company, they will offer you a discount. But SBLI offers are unisexm which means sex does not play a role in determining the rate. Thus it is good for male, but not for female.

Why bother to buy life insurance if my employer offers me one?
First, the amount is not enough. Second, when you leave the company, you can not carry it any more. When you want to apply at that time, your rate will be much higher, becase you are older.

Why Term?
If you talk to insurance agent, they will recommend you to buy whole life. The point is if you die, no matter how old you are, you will get coverage. I talked to financial advisor, actually one of them was a insurance agent before. He said, always to buy term life insurance. First, the agent will not get much of your money. Second, term is much cheaper. If you have extra money, setup a separate investment account, the overall return will be much better.

Remember, insurance is insuarnce, it is not for investment.

Where to Buy?
The best is in your mail and on the web.

SBLI has a promotion. I received many mails from them. That's one of my options.

Also try to call the insurance companies you have relationship with, such as car insurance company. They may give you a discounted rate.

Also go to google.com to search for "Life Insurance", you will find many sites. Some of them can provide you with instance quotes.