morgan1522
Hello. I am looking into buying life insurance policies for myself and my husband and have some questions that maybe you all could help me with. First, here is some background info: I am 31 and a teacher. I will be receiving a pension from work and have not yet started an IRA for additional retirement (that is step 2 after purchasing life insurance). I earn $47k a year. I have a 150k group term policy through my employer. My husband is 34 and earns about $25K a year. He has a very small IRA (10K), no life insurance and no pension. We have an 18 month old son. We owe about 105k on mortgage, 20k on boat,10k on car, 8k on motorcycle, 60k on student loan, 4k on credit cards. We have about $700 left over each month. Oh, and we do not have savings yet. We do not have a college fund for our son yet, either. Ok, now my questions: What kind of life insurance should I get? I'm guessing term for 30 years (some compaines have said they have 35 year available, too). I'm also thinking of 250k policies for each of us. Is that enough? I don't mind spending money on insurance, but I still need money left for savings, IRA, and college fund. What do you think of these return of premium policies? The idea of getting back what I paid into them seems nice but I also think maybe my investments should be separate from my insurance. Who is a good company? I'm leaning towards AIG because of their "quality of life" life insurance where you can use it for serious illnesses while alive (have not read the fine print yet). ING and Hartford looked decent, too. Am waiting on John Hancock to get back to me. Also, should I get a small policy or child rider on my son? Sorry for writing a novel here it's just that am new to this and need some direction. Thanks in advance for all your help!!!