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Readers, I need some help.  I am looking for your experiences with life insurance.

Long story short, my employer of the past seven years has offered enough life insurance that I have been able to provide enough coverage for both myself and my wife in the event that something happened to either of us.

mb-201312foldersSince we are being in-sourced, my employer will switch on January 1st, so we have all new benefits offerings.

Unfortunately, the maximum coverage available is substantially less for both of us.  The maximum available for me drops 60%, and for my wife it's worse as her coverage drops 80% with the maximum coverage available.

This leaves a gap, so I'm curious what people out there have done.

I'm 39.  My wife is 31.  We're both in good health, at healthy weights, and non-smokers.

I've done some looking around and I'm just not sure where to go.

  • Allstate – We have most of our other insurance through Allstate (homeowners, auto, etc.).  I contacted my agent, and he has someone else in his office that handles life insurance and financial type stuff.  I love my agent, but talking to this other agent didn't give me a great feeling.
  • Online – I looked at which seemed to compile quotes from many different sources.

The online pricing seemed to yield some results that would cost us around $30 per month to get us to where we want.  However, that's only a 10-year term, meaning that after ten years we would have to get new coverage, and since we'd be older, the cost would likely go up quite a bit. A 15 or 20 year term increased the monthly payment.

A brief conversation with the Allstate agent seemed to provide some higher prices (he had a ‘rough' quote of around $50 per month), and he really tried to guide me to a longer term.  He also tried to set up a face to face meeting, and got a little uppity when I suggested that I would be the one to request that, not simply agree to let him come in before providing any quotes.

I guess I'm sort of looking for anybody who has gone out into the marketplace and purchased insurance, to find out your experiences and recommendations.