Should I use a broker to buy term life insurance?

Hi. I’m considering purchasing a term life insurance policy. My husband (34M) is also planning to buy one. We both earn around $160,000 annually and have two kids aged 4 and 7. We are also looking to mortgage a $500,000 house.

Do you think purchasing $2 million each of 20-year term insurance is a good idea?

Should we use a broker to find the best deal? If so, how can we find a reputable broker? Aren’t brokers biased or limited to the insurance companies they work with?

I wouldn’t prefer a broker if I were you. But I get it that they have the best deals, or they are just looking out for themselves.
Anyway for $2 million, you would probably pay $100 per month, as per the industry’s best practices. Good deal in my opinion

There’s nothing a broker can do that you can’t do yourself really.

If you want one, use the local help option of healthcare.gov

Hi TheElizabeth!

When considering a term life insurance policy, a $2 million 20-year term can be a suitable choice for individuals with a substantial annual income, such as you and your husband.

This amount aligns with the recommended coverage of 5 to 10 times your annual income, providing a financial safety net for your children and covering mortgage obligations.

Engaging a broker can offer valuable insights and assistance in finding a policy that matches your needs. A reputable broker can be found through referrals, checking their licensing status, and reading reviews.

It’s important to inquire about their compensation structure and their ability to compare policies from various insurers to ensure they can provide unbiased options.

Ultimately, the right insurance policy is one that fits your unique financial situation and goals.

It’s wise to conduct comprehensive research and possibly consult with a financial advisor to align your insurance choice with your overall financial strategy.