How Much Should I Be Paying For Life Insurance?

KingEleven · Jun 20, 2016

41 year old male smoker

What should I be paying for life insurance?

100k policy?
300k policy?
500k policy?
1m policy?

Should I be looking at term or whole?

Appreciate it.

shdw01 · Jun 20, 2016

I think a lot depends on your situation.

Wife? Kids? Mortgage? Other debt? Lots of disposable income?

KingEleven · Jun 20, 2016

shdw01, I meant how much should those cost me, not how much do I need

GoBlue34 · Jun 20, 2016

Whole life is one of the worst products out there do not buy it no matter what your agent says.

Price depends on your age and health so it's hard to say what it should cost. Contact zander insurance for starters and look into a 20 year term, I would look at around 10x your income and it's not that expensive

EDIT just saw your age, I would get quotes on 15 & 20 year term. Will be higher because you smoke

KingEleven · Jun 20, 2016

Blue, do most/all require a physical?

GoBlue34 · Jun 20, 2016

You can get a non-physical policy but it will be more expensive (some carriers don't do them at all). And if you lie or stretch the truth at all you can get denied on a claim when you die.

KingEleven · Jun 20, 2016

GoBlue34 said:
You can get a non-physical policy but it will be more expensive (some carriers don't do them at all). And if you lie or stretch the truth at all you can get denied on a claim when you die.

got it, thanks Blue. Let's assume I am "fairly" healthy, give me a ballpark of pricing.