We have decided to get term life insurance to protect us financially in case one of us. . . well, you know.
My wife found $500,000 10 year term life insurance from Farmers for $20.68/month for me and $18.60/month for her. We made sure there is an option to increase coverage for when we buy a home as well as to renew the policy at the end of the 10 year term.
We are also switching our condo insurance and my truck insurance from AAA to Farmers. The condo insurance will increase $35/year ($451/year vs. $416), but my truck insurance will decrease $254/year ($626/year vs. $880/year). Both policies will have the same coverage and deductibles as before. The money we’re saving on the truck insurance will help offset some to the cost of the term insurance. Plus, it just makes sense to have all of the policies with one company.