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Thread: Life Insurance

  1. #11
    Nihongo dame desu villanelle's Avatar
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    We have way too much insurance because it's a thing for DH, and since it's not too expensive, I humor him.

    Final expenses can be really cheap, if you want them to be. A few thousand, maybe less. If you want a silk-lined mahogany casket and a big production funeral, it can be much more, but it really doesn't have to be expensive.

    The big things to consider would be replacing his income, and perhaps covering some time away from your practice if you aren't up to returning to work right away. Honestly, $50k is probably enough. That pays for a modest funeral, gives you some time off work, and buys you some time to adjust to your new, slightly decreased income. If you feel like you need more, and extra $50k wouldn't be too expensive if it gives you some peace of mind, but any more than that seems really unnecessary. $250k seems like way more than you need. Yes, it's cheap. But can you get half that coverage for a third the premium?

  2. #12
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    18 days b4 DH was diagnosed with terminal brain cancer his life insurance policy increased by $500 per year (he had just turned 50) we debated canceling it as he was in great health & had paid the house off a few years b4 that. I decided to pay it with the intent to find a cheaper policy. I'm ever so thankful we had it & so far it's in an accounting earning interest. My situation is a bit different having DD diagnosed with autism & living with me until I decide a group home is the next step. Our accountant doesn't think life insurance is necessary once the kids are grown & the house paid off. What I'm saying is we didn't need it but I'm thankful we had it.
    Life may not be the party we hoped for...but while we are here, we might as well dance!

  3. #13
    Full Sponsor GiftOfFlavor's Avatar
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    We don't have any kids but DH does have a parrot that'll live at least 30 years () and we've only had the house for 3 years so got a few left to pay that off. The $300/year seems really reasonable to me financially and if something bad happened I wouldn't have to worry about the house or a student loan payment for a while. I think we'll do it coz we can def afford $25/month for it.

  4. #14
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    I'd do it for that price just for the peace of mind. The premium is quite reasonable because he is young and healthy. If either of those factors changes, it will be more expensive to initiate a policy.
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  5. #15
    Member jjchris's Avatar
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    We are the same as Vill. We have a LOT of insurance on DH, but he is the primary breadwinner & we have 3 colleges and 3 weddings potentially. I have a huge policy on me from when I had the business & we borrowed $$ from his dad. That was one of his loan stipulations that we get an insurance policy on me with him named as the beneficiary. I'm keeping the policy, but thank you for reminding me I need to change the beneficiary!

  6. #16
    I flunked typing coachgrrl's Avatar
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    Dh and I both have life insurance that would cover our mortgage and pay for our 2 kids to finish college. I am changing to per diem status in the fall and will most likely lose my life insurance at that time. Since we have only a small mortgage and money from my mom and my 401K, dh would be ok without my life insurance.

    As a reference, my mom's funeral cost about 12K but that was a high end with flowers and lots of people affair.

  7. #17
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    DH funeral was around $7000 I think? He was cremated &'we didn't do a burial plot. I only have about 30,000 on me with DS being the beneficiary. I doubt I could get any more since having DCIS? That's another thing to consider is getting it while your healthy.
    Life may not be the party we hoped for...but while we are here, we might as well dance!

  8. #18
    I flunked typing coachgrrl's Avatar
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    Yep, my cancer nullifies me for insurance at this point. Certainly something to think about for those who are younger

  9. #19
    Turtle killer STLouisMom9800's Avatar
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    We used to have a large policy on DH since he was self employed and the kids were young at the time. We changed it once I started working. I've maxed out what I can get on myself through work because they pay part of it and what I have to pay is pretty cheap. I got the max on DH as well and we lowered what we had on him previously. We'd have enough to pay off the house but I wouldn't do that. The oldest starts college in the fall and the youngest is going into sophomore year of HS. The plan is to sell the house we're in now and downsize once she's out of school in 2 years. If something happened to one of us now there is enough life insurance to continue to make the payments until it's time to sell in a few years.

    I also have life insurance on the kids. I can get it really cheap through work (it's like $30/year) and it's $20k/kid. I figure it's enough to cover a funeral and give me more time off of work than I'd get using my vacation time but still have some money coming in while I was off. Because I'm sure I'd need to be off for awhile to deal with losing a kid.

  10. #20
    Full Sponsor GiftOfFlavor's Avatar
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    Quote Originally Posted by justthinking View Post
    I'd do it for that price just for the peace of mind. The premium is quite reasonable because he is young and healthy. If either of those factors changes, it will be more expensive to initiate a policy.
    This is kinda my thought. Plus if DH leaves his job he loses that 50k policy and we'd have nothing for him at all, I figure better to get it now when it's less expensive.

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