I'm a single mom with three boys aged 26, 20 and 16. I can opt for additional life insurance through my employer for $240,000 for $829 a year. I'd like to know if there are better options to purchase insurance individually.
Go to www.Accuquote.com and quote 20-year level term insurance, based on your age and health. (Or you can call them at the number on their website, and they will walk you through the process.) That will let you compare the deal that your company offers. If you have health conditions, your company plan might not require a physical exam, and that could influence your decision, as well.
Also, note that you can’t really leave life insurance to a beneficiary who is not of legal age. You might want to set up some form of trust to be the beneficiary, with an adult as trustee, and issue instructions about when/how the proceeds are to be distributed if you should die before they reach the age of majority (could be 21) in your state.