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SAHM: Do YOU Have life insurance? - Page 2

post #21 of 65
Life insurance for children is meant to cover funeral expenses, though many directors will bury children at cost and infants for free. It's also to give the parents some money to live on if they feel they cannot go back to work for a while. If we can afford it, I plan to get ins for our children.
post #22 of 65
Everyone in this house with two legs is insured. Fortunately.
post #23 of 65
With insuring our kids we made sure it was enoght to cover all expenses & enough so that dh if needed can stay home a full yr after to cope. i am at home so it doesn't affect that part for me. As far as others, we even have our dog insured. Its with that pet health though... Its not life insurance but it does pay for final expenses if your dog should get ill & burila/ cremation as well.

We are by no means rolling in money either. We too kout affordable yet GOOD insurance palns. It is a priority to us to have addequate coverages. I have seen to many poeple not have enough & struggle. I don't want that to be be me.
post #24 of 65
Dh has insurance through his work for both him and me, though mine is much less. We also have a policy for each of us (small one) that includes a rider for the children. I hate having that, but since our youngest is medically fragile and would be uninsurable if we switched, we're leaving it for now. We are looking into bigger policies for both of us, though.
post #25 of 65
I have life insurance, we both have a private policy & DH also has one through work. Our mortgage would be paid off and there would be enough for the surviving parent not to have to work and to pay for DSs education
post #26 of 65
Thread Starter 
Thank you for explaining the children insurance to me. It does make sence. We will have to look into it, though I don't look forward to it. What an aweful thing to even think of, though, I know it is better to be prepared.
post #27 of 65
nak

We plan on starting policies for our kids when they turn 16. My mom did this for me. When I moved out on my own I took over paying the premiums. So I've always had a 10k policy on my life which is now almost paid off and will start paying for itself this fall. We figure that since life insurance is the last thing an 18-25 year old thinks of, but premiums go up as you get older; this would be a nice gift to them to get them started. Besides, they have a cash value they could use too.
post #28 of 65
Since I'm a SAHM and made a lot less than Mr. Bleu when I was working, his is a lot more than mine. I've definitely done the run-through of what I would do if he died, but it was more to figure out how soon I would have to get my sh!t together so I could work and we wouldn't be homeless. Would I have to sell the house right away? Would I be able to afford another house or would it be back to an apartment? Could I finish my degree first so I'd be able to get a better job? If I were already working outside the home, well, I would keep on doing it. But I can't imagine how horrible it must be for SAHMs to lose their partner and have to leave their kid(s) to go work in a McJob that they hate.

I was pretty surprised the other day when we happened to be talking about this and Mr. Bleu said he would look into quitting his job or maybe just working part-time for a year or two if I died, so he could stay home with Bleuet.

This is sort of depressing.

***rapid*subject*change***

Happy Mother's Day, everyone!
Think some happy thoughts now! It's springtime and your kids love you! :smooch
post #29 of 65
Neither dh or myself has insurance :
post #30 of 65
Well you can find some term insurance to atleast get some coverage!!! Plus alot of times you auto insurance companies offer great rates for their customers. Put it this way. with my 3 kis policies through or car insurance {statefarm} we pay less a month now with 2 cars & 3 kids whole life policies thne we did prior to haveing them. You get multi line multi discount & alot of timesthe dicount covers the insurance costs!!! It works the same with adults..

Look into it. It is so important.
post #31 of 65
DH has a big life insurance policy on him, but we just have a small one on me.
post #32 of 65
We only have $200,000 for my husband and $100,000 for me... we pay about $34.00/month.

Warm wishes,
Tonya
post #33 of 65
I'm not sure of the exact amounts, but we have enough that (living frugally) either one of us would be able to be a sahp until the youngest was old enough for school. (We are homeschooling, so I would likely try to get a wahm business started up before that.) Mine is worth more because I have less schooling than dh and would likely need to get some kind of training to support our family well -- unless, of course, I did well with a wahm business.
post #34 of 65
Quote:
Originally Posted by AbigailsMomSarah
What is the advantage of having life insurance on a child, as a child is not contributing to the family finances?
We have a $25K policy on our son. It costs next to nothing as an "add-on" to my own policy. The idea being if anything happened to DS it would pay for a funeral, some time off work, and grief counseling.

DH and I have individual $500K policies for each of us. Whenever we have another child we will probably increase those amounts. We want the surviving spouse to be relieved from working for as long as necessary, to pay off student loans and mortgage etc., and pay for education for the child(ren). If both of us were to go that would leave a million for DS' guardians (SIL & BIL) to care for him, pay for his college, etc.
post #35 of 65
Quote:
Originally Posted by Greaseball
Is it common for insurers to decide the wife is "worth" only half?
We decided the amounts, not the insurers.

We decided to get more insurance for dh, because I would need more if he died.

He is already employed--has a steady income that is already supporting the household. If I died, he would need the ins money for childcare and additional household expenses.

If dh died, I would need more money because I am not in the workforce. I would need money to support us while I readied myself for the workforce (getting the necessary education, job searching, etc).
post #36 of 65
About fantasizing "what to do with the money....".....we don't really have a lot of "extra" insurance. We bought the insurance that we feel we would *need*, to continue in our current lifestyle (not glamorous, lol). So it wouldn't be a windfall--it would be a large sum at once, but would be replacing dh's life-long savings potential. Lots of it would get allocated to retirement and college savings!
post #37 of 65
We have 250K on each of us. We should probably raise it, but its expensive. $45 a month is a lot of money.

We figured it would cost more for me to die, actually. Though that will change in a year when both kids are in school fulltime.
post #38 of 65
$250k on me, about 900k on my dh. None on the children.
post #39 of 65
Here are some questions I have had; maybe someone here knows:

- What is the difference between "term" and "whole"?
- Are there any policies that cover suicides? I doubt it would be an issue for my family, but if some poor depressed man kills himself, don't his wife and children still need something to live on?
- What if the body is not found? (This did happen in my family once!)
- If you have ins on your children, can it be transferred over to their spouses when they marry? If my adult child dies, I think her spouse and children will need the money more than I will.
- What does it mean to "cash in" the policy?

Also, a bit off topic...why is there no "divorce insurance" beyond alimony and child support, which are hard to get? Aren't marriages more likely to end because of divorce than because of death?
post #40 of 65
Someone may know more but I'll give it a shot:


- What is the difference between "term" and "whole"?

Whole is basically a policy you have until you die - no matter what age. The premiums are usually higher but will stay the same no matter what. The older you are when you take out the policy, the higher the premiums. Therefore, its best to get it while you're young.

Term goes for a term of time. Like 10, 15, or 20 years. The premiums are smaller (for the term) so you can get more coverage with smaller premiums. Term works well for families with dependents. Like I need at least 500k for my family if I were to die now, but not when they are adults and out on their own. (even though I'm sure they wouldnt mind :LOL ) Think of it in terms of a mortgage - the amortization is your life, the term is like your 5 year term on your mortgage. Make sense?
So after your term is up, you can continue with the amount of coverage but it will cost you. Like our term for 500k each (for 15 years) has a premium of $86 but after that, the premiums hike to $425! But by then, I wont need as much coverage.
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