Cost & Coverage
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Buying life insurance might not be the first thing you think of when you’re a young newlywed with no children on the horizon, but it should be on your to-do list.
Josh Wishnick, a 30-something living and working for Policygenius in Manhattan, decided to purchase a $1 million life insurance policy before starting a family. Wondering how he went about it and what he learned along the way? Read on.
After getting married, it was just the two of us, but for the first time in my life I felt like I was making financial decisions for more than just myself. I knew people typically buy life insurance when they have kids, but given that we relied on each other to cover monthly expenses and accumulate savings, I wanted to make sure my wife wasn’t put in a stressful position if I was no longer around.
I was also relatively healthy and knew that pricing was based on age and health so it was important to lock in some coverage at a competitive price. In the end, we both ended up buying a policy and I’m really glad we did.
Since life insurance is not a one-size-fits-all purchase, I had to look into the different options and decide which one is right for me. I was debating between whole life insurance and term life insurance, but I chose term life since it’s the most affordable and provided enough coverage for my needs.
I was initially intrigued by the investment component that whole life insurance provides, but after some deliberation, I decided I’m better off not mixing the two since permanent policies can get complicated and expensive and it might not be the most effective way to grow my savings.
Compare and buy life insuranceGET STARTED
Figuring out how much coverage I needed required some research. Fortunately, I work at Policygenius, an online insurance marketplace, so I was able to walk across our office and ask for guidance. Our experts generally recommend people buy coverage in an amount up to 10x their income with a term long enough to get them to retirement.
I used this recommendation to estimate how much coverage I needed. Along with factoring in my salary, I considered my monthly living expenses and current debts. Once I added that together, I subtracted my current assets. That got me to the amount of money my family would need to be OK if I wasn’t there to support them anymore.
Policygenius’ life insurance calculator can help you easily estimate how much coverage your family needs.
Policygenius lets you compare quotes from over a dozen companies within a couple of minutes. After I selected a policy, I had a phone interview and took my medical exam. A lot of the process took place over text or email and was surprisingly easy. After a few short weeks, I was fully covered.
Not sure how much life insurance you need? Our licensed experts can help. Policygenius makes it easy to compare and buy life insurance online.
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Yes, we have to include some legalese down here. Read it larger on our legal page. Policygenius Inc. (“Policygenius”) is a licensed independent insurance broker. Policygenius does not underwrite any insurance policy described on this website. The information provided on this site has been developed by Policygenius for general informational and educational purposes. We do our best efforts to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes or ranges displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application. Savings are estimated by comparing the highest and lowest price for a shopper in a given health class. For example: for a 30-year old non-smoker male in South Carolina with excellent health and a preferred plus health class, comparing quotes for a $500,000, 20-year term life policy, the price difference between the lowest and highest quotes is 60%. For that same shopper in New York, the price difference is 40%. Rates are subject to change and are valid as of 2/17/17.
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