By: Revanche

$222K in life insurance costs $600/year

July 30, 2010

That’s the rather steep fee I’ve been paying since the summer of 2009 (last year).  The reason I took that pricing was because I got sick of dealing with price quotes during a pretty stressful layoff anticipation and it was so much easier to just extend my existing policy as a rollover plan.

Now that I’ve got an employer sponsored policy again, I’m wondering if it’s worth carrying both policies for a combined near $500K in coverage.  I don’t want to become reliant on being employed to be insured – that’s why I was scrambling last year for an independent policy.  But is it worth carrying this much more expensive policy for yet another 3 months at $150 for the privilege of being lazy?

5 Responses to “$222K in life insurance costs $600/year”

  1. Hm. Can you find another private policy that might be cheaper? Or cut the coverage a bit? You probably belong to a trade group…sometimes these offer members various kinds of insurance at decent prices.

    Really, considering the situation with the parents, a half-million bucks is not too much. It will cost a lot to get care for them in their extreme old age, especially if you’re not around to oversee things.

  2. Since you do want to make sure you’re always covered, I’d keep two policies. But, $600 does seem high. Do you have time to price shop for a better deal now?

  3. $600 for $222K coverage for a 20 something sounds very high. Somebody is happy with that policy, but is probably not you. I replaced my employer provided policy through where I think I got a pretty good deal. So, go on and call them. It won’t take much effort and time.

  4. Nicole says:

    I pay something over 500/year for 500K and DH pays around 500/year for 500K. DH has no health issues and I got dinged for a few things. We’ve got liberty mutual.

    That may be a bit expensive now, as I’ve heard prices have dropped. We were thinking of shopping around, but haven’t got a round tuit.

  5. Becky R says:

    Hi! I am 31 and pay about $450 a year for 1/2 million dollar policy. You should look into a lower policy.

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