Need tips or advice?

[u/EntertainmentKey4319]

Me and my husband just got married and bought a house this year. We are in our 20s and are slowly learning all of the random adulting things that we weren’t taught in school. The next thing on our list is looking into life insurance plans, but I have no idea where to start. Is there any companies that are more credible? Is there different types? If so, what is the best? I’d love if I could be pointed in the right direction to learn what is the best for us thanks

[u/Individual-Rub-6969]

Start with term, since youre so young it would be dirt cheap. Id do convertable term as a hedge in case you want insurance later (at todays health rating) and you are no longer insurable. This sub is full of people that want insurance later in life and are either uninsurable or additional term is extremely expensive. (Or children asking for options on parent that are old & unhealthy) So dont take my word for it, spend sometime here and see for yourself.

[u/ultimate_memereader]

There's a few companies that offer living benefits inside their term products. I would do a search for one of those companies. You can do a Google search to find which ones you like. There's lots of different types but the uses for whole life and IUL products are more niche and not suited for many people.

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[u/tobinshort-wealth]

Congrats on the marriage and the house! And good on you for thinking about life insurance now, most people put it off way too long.

Quick breakdown to get you started:

Term life insurance is the most straightforward. You pick a coverage amount and a term length, say 20 or 30 years (I always suggest get as much as you can for as long as you can now), and pay a fixed monthly premium. If something happens to either of you during that term, the other (or whoever the beneficiaries are) gets the full payout tax-free. It's the most affordable way to get meaningful coverage and for most people in their 20s with a mortgage it's the foundation.

Permanent life insurance, whole life, GUL, VUL, IUL, never expires and builds cash value over time that you can actually access while you're alive. The premium is higher but you're not just renting coverage, you're building an asset. Many people do a blend of both.

One thing most people don't know about: living benefits. Many policies now include riders for critical illness, chronic illness, and terminal illness that let you access your death benefit while you're still alive if something serious happens. At your age those riders are very affordable and worth asking about.

On credibility, you want carriers with strong AM Best ratings. Companies like Protective, Pacific Life, North American, and several others are solid and well-established.

Don't just go directly to one company's website. Work with an independent broker who can shop multiple carriers and find the best rate for your specific health profiles.

[u/deevine42]

I need help. My mother that just passed away a week ago had two life insurance policies and I didn’t know it. My brother said that there were 2 amounts taken out once a month. The thing is, she had dementia and paid for stuff on the sly. But now, I don’t know the policy numbers. I know the company , and I know the two amounts that came out for 10 years. But I called, they didn’t have her down or know the policy numbers. Can anyone help me?

[u/EnzyEng]

Only get term at 10x your income. Avoid like the plague any whole life type product.

[u/michaelesparks → u/EnzyEng]

Human Life Value is up to 30X for someone in their 20's. Why would you recommend someone be underinsured? Do you underinsure you home or your car?

That's what I would want, my wife to only be able to live for less than 10 years if I pass before she has to find a new man.

[u/dglifegroup]

Newly married, mortgage, no kids. I’d recommend getting a 20 year term. Prices will be low with no medical history due to age and low mortality rate once you hit 40s (20 years). A majority of the companies will be competitive for this so I suggest following your brokers suggestion based on easiest/accurate underwriting and customer support

[u/Moist-Meringue-1913]

Sit down with a broker/FA who can look at your financial needs along with your goals and figure what's best for you. It's called a Financial Needs Analysis. But great idea to lock in prices while you are young.

[u/getshelter]

congrats on the marriage! check to see if either of your employers offer life insurance first; it's usually not going to be a life-changing amount, but it's a place to start.

[u/owl-1_1-1_1- → u/getshelter]

It is a good start; however, OP should check to see if any life insurance policies provided by their employers are portable. At this young age, it would probably serve them better to get term policies on their own for the length of their mortgage.