Shopping For Life Insurance

I’ve begun the shopping for life insurance. There are tons and tons of websites which allow you to enter (varying amounts) of information, and receive life insurance quotes. Most sites return basically the same quotes for the same policies, so I’ll be working with our local independent life insurance agent. He’s a good guy, goes to our church, and he’s really easy to work with. Depending on the amount of insurance that I plan to purchase, my annual cost will be between 300 and 700 dollars. I will be purchasing between 400K and 600K in term insurance, for a term between 20 and 30 years. My current policy runs through October of 2007. Hopefully, by that time, I’ll have lost a considerable amount of weight, and be able to get a better deal! Term Life insurance, in my opinion, is a great, great product. I can be sure that my family will be taken care of should something happen to me. This is not a topic that most people like to discuss, but it’s a very, very important topic, nonetheless. Most sites recommend 8 to 12 times your annual income in life insurance. For me, currently, I make about 40K, so I would need roughly 400K. (My wife could invest the 400K, at 10 percent, and draw out 40K per year, thus replacing me (sad!) and my salary.) But, I hope to be making more than 40K in the next few years. So, I’ll probably go with the 600K policy. But, I don’t want to be “insurance-poor”. I’ll let you know whenever I decide what to do!