I have been meaning to purchase a life insurance policy for my husband for months now. We purchased a robust disability insurance policy awhile back, but I never got around to looking into a life insurance policy for him. I have a policy through my employer, which given my health issues, is probably the only way I could have gotten a policy.
Last night I finally decided to look into policies and ended up logging on to www.accuquote.com. I filled out information for husband, disregarding fields for social security number, driver’s license, etc, which I always avoid filling out over the internet and clicked submit. Less than a minute later the system returned five quotes from five different life insurance companies. The price for a $500,000, 20 year policy ranged from $345 to $365.
My husband and I have a 15 year mortgage, which will be paid in full by the end of 2018. Once the primary mortgage is paid off we will probably discontinue the policy. By the year 2018 I hope to double our net worth. Between paying off the primary mortgage and the increase in our retirement and non-retirement accounts we should no longer need life insurance policies. At least that’s the hope. In the mean time for roughly $350 a year my husband and I will have greater peace of mind.