Decreasing Term Insurance for the Young

Recently, I asked for quotations for Decreasing Term Insurance for my three children. The sum assured is $300,000 decreasing over 30 years, i.e. reduce by $10,000 a year.

The premium rates are quite competitive. Most of them are around the benchmark indicated in this FAQ:

http://www.tankinlian.com/faq/term.html

Here are the benchmark premium rates taken from my FAQ and adjusted to show $300,000:

Annual premium to insure $300,000 reducing over 30 years
Age   Male   Female
25     225       117
30     345       186
35     561       312

The actual quoted for females are higher than my benchmark but below the rates for males of the same age.

Conclusion: If you earn $30,000 a year, you can cover 10 years of salary at a premium of about 1% of your salary.