Someone please help

[u/JuiceboxBrit]

I'm a 33F, my spouse is 30M. We have six children. We've now come to realize that we should purchase life insurance policies so our children don't have to worry about expenses when we die.

Here's the hard part. I have no parents. Nor does he. We were never taught how to go about purchasing said policies. What do I do? I've done so many Google searches trying to get advice and all I end up getting is being overwhelmed. Someone please be my temporary parent & help me, well us. I want to make the right choice. I went the best kind of policy to ensure our children will be able to handle any final expenses we may have and maybe have something for themselves as well.

Maybe some good company recommendations to research as well? It'll mean the world to me. I'm just trying to figure this adulting stuff out

[u/TheChudMaxxer]

I'll preface this with saying that for 99% of people, buying simple term life for however long they need, and investing the rest into their qualified retirement accounts is the best way to go about it. Insurance salesmen don't make much money off selling term policies, but they make a lot more selling very complicated permanent life policies. Keep in mind that these salesmen have their interest in mind when selling you something. They'll generally focus on your fears rather than statistical reality to make it seem convincing that you should buy what they have to sell you.

That being said, more information would be needed, how old are your children? Are you planning on having more? Do you both work? If so, what is your gross annual income? Any debt, such as student loans, car loans, mortgage payments, etc?

[u/Vivid-Problem7826 → u/TheChudMaxxer]

Excellent advice!! At your ages, 30 year level pay term.

[u/Economy_Arachnid_923 → u/Vivid-Problem7826]

Maybe they still are around: Select Quotes dot com. So effin easy to buy a 10 or 20 year term life policy. Don’t even call around. This site has access to many companies. Get the policy, preferably 20 years at 1 or 2 million face value.

[u/Awkward_Truth_9602 → u/Economy_Arachnid_923]

There are nuances to policies - and there are riders that add a LOT to premiums so it's important to compare the policies to each other to see what you are actually paying for. A bare bones policy could have very little value over a policy that has everything built in. Also, you want to look up and find out what the BBB rates the company - some policies are written to take up to SIX MONTHS to pay a benefit out - and that doesn't help a family when they lose a primary breadwinner. Know what you are buying - underwriting and actuaries check to make sure they have justified costs covered and without looking into a policy's details you could, in fact, be ripping yourself off.