Hyena Girl (oats_a_plenty) wrote,
Hyena Girl
oats_a_plenty

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Life Insurance Questions

I was really considering getting life insurance before, but do to recent events, I'm convinced that I should get it. It would make sure the house is paid off, cover final expenses for me, and some more to take care of my pigeons and dogs. I don't want a funeral and just want to be cremated, plus I can always make my own urn ahead of time (which I think would be fun), so that cuts down a lot on expenses. Really I want $200,000-250,000 worth of term life insurance. I don't want whole or universal, because I personally thing that's not a good investment and you're better off just putting the extra money you'd pay in the monthly premium in a jar. 

At any way, according to MetLife's tables, I'm in "excellent health"- hooray. I might need to give them a blood and urine test, but I'm under 35, so I don't need a physical exam, not that I wouldn't mind anyway. So my question is, do I go for 10, 20, or a 30 year term? I'm thinking maybe 20 year? I'm sure some of you would be able to provide me insight on what term would be best for me. If I got a 30 year term, I'd be 60 when it would expire. Though there's a significant price increase from 20-30 years. HMMMMM. With a 10 year policy, I can get like $730,000 at 10 years for around $10 a month. Now what am I going to need $730,000 for? Well my beneficiaries would certainly be able to put that money to use. Really though to pay off the house, at what I owe today, plus final expenses and a little bit left over for my pets if they survive me, $200,000 would be just fine. $250,000 would be enough to pay off my student loans posthumously (do I even need to worry about it if I'm dead?) and offer a little more cushion room (which is what I want to go for). 

TL:DR 10 or 20 year term is really the question. It's just a couple more dollars a month. Maybe 20 year? That's what I'm thinking. 
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