Originally Posted by
usmc-sgt
I saw the recent thread about where someone found some good life insurance but I am looking for more inputs/experience.
With owning a home and a little one now as well as a bit more income I need to protect my family and am looking into life insurance.
I know it can be a bit tricky as an airline pilot and likely even more so since I still fly part 91 as well. Im looking for probably around 500K with a term of 20-30 years or so. Does anyone have any input as to who they use or what they know?
Is 500K enough as a homeowner and one child? Are you going to have more children? Have you sat down and figured out how much your wife, child, and perhaps future children would need if you died tomorrow? College? Day care for years if your wife will have to work? Health insurance premiums for your family? Don't forget to include the Social Security benefits your wife and children may be entitled to upon your death.
Insurance agents may try to sell you whole, universal, and variable universal life policies, and variations thereof. They will want to sell them to you not because that is what is best for you, but because their commissions are higher for those types of products vs. selling you a straight term policy. It is unlikely that those are the best type of policies for you and your family. They are typically high cost policies with high surrender costs. Beware.
I did not realize term policies without aviation exclusions were so high nowadays. I had no problem finding competitive prices for term life insurance as an airline guy when I was in the market. Have you checked out websites like
Term4Sale.com - Term life insurance comparisons (over 100 companies) ?