Getting Insurance

After playing phone tag for nearly 4 months I finally met with an insurance agent today. I've been meaning to get disability and life insurance for myself and the wife and today I got some good quotes.

For me a $1000/mo disability policy thats indexed to inflation costs only $29/mo. Term life insurance that starts out at $300k and eventually reaches $600k in the 10th year only costs about $248/year. It increase every year but its not a lot. In the 10th year it'll be around $745/year. The advantage with this plan over a fixed premium product is that this plan is good until I'm 80. The fixed premium product is only good for 20 years.

The cost for my wife's policy is cheaper by about $50-60/year. We're not getting disability for her since her company has awesome coverage already.

Since I'm getting insurance as a safety net for my family and future kids, I want to keep up my policy until they're atleast out of college. Since I don't currently have any kids, we're talking atleast 20-25 years. Getting a policy that lasts for nearly 50 years is a good way to ensure this, since I won't have to go through medical check-ups again and there's no chance of my failing to qualify for insurance because of bad health later on.

Insurance is cheapest when you don't need it! If you're planning on having kids you need to get life insurance. If you have a decent job you need disability. Get it now!