2020 amiright?

It has been so long since our last blog post. I am excited to be back with the help of our brand new assistant, aka Baby Banana, who arrived in June 2020, which explains our absence. Little Banana has been the brightest spot in our quarantine life. 

The arrival of our baby girl, together with the events of 2020, has made us realize the importance of thinking ahead and securing a financial future for our loved ones. 

Who needs life insurance?

If you have dependents be it, children, parents, siblings, you should get life insurance. If anyone will suffer financially from the loss of your income, then you should get a policy. 

How much insurance is good enough? 

Most gurus will tell you 10x your income or enough to pay off your mortgage and or pay college costs for your kids. I spoke to a financial planner recently who said they encourage people to get $1 million.

The truth is somewhere in what you can comfortably afford. The cost of a policy is based on many factors, including your health, age, and occupation. Can you believe that insurance companies are charging teachers more? 

I also know that many people have lost incomes or, as in our case, face salary increment freezes. COVID sucks. You want to be prudent in your decision making. For a generally healthy 30 something male, the cost of $1 million coverage is about $60/month for a 35-year policy from most insurers. The price is a little higher for women. 

Policy rates tend to be lower when you are younger and healthier. However, today is an excellent time to get this taken care of regardless of your age. I suggest getting a term policy instead of whole life insurance. A good term is anywhere between 25 and 35 years. 

Where do we buy insurance? 

I use policygenius.com to compare rates. My husband and I have also taken the maximum coverage we can get through our employers because the rates are often lower. The downside is that you can’t take the policy with you when you change jobs. However, this is a good start if you are still trying to figure out finances. 


Life comes at as fast. So much has happened in the last six months that we never anticipated. Protect yourself and the ones you love. 

Before you go

I know many of you know more about this topic than I do. Please share your thoughts and tips. If you recommend a particular insurer, do let us know.