SO, now that you have a baby to think about, are you getting life insurance? Did you already have it? If so, what's a good amount to get? What does it usually cost per month?
Single mama to S ~ 6/09
You can contact several companies and they will come to your home and give you a quote. Alot of types of policies will depend where you live. I picked up something called "term insurance" which is for 20 years and nothing changes, not the rates nor does it effect the policy if I become ill.
It's free to investigate so go for it.
Even if you have a policy through work, I recommend getting one independently. The policy through work is void once you are no longer with the company, not sure how the military works though. Call them to get the details.
For us, we don't have a mortgage so the amount both dh and I are insured covers funeral costs (approx 10-15K), tuition for kids, and care until they are 20yo.
Do shop around for good rates.
And don't forget to write a will specifying how the proceeds should be spend should your children be left in the care of a guardian.
I was wondering if we'd need a policy on me since I'm a SAHM, but then I realized the amount of money my husband would have to come up with to pay someone to cover what I do. It would mean he had to pay for daycare or a nanny, preschool, after-school childcare and probably someone to clean once a week or so. So figure out what the costs would be to at least cover childcare over the course of your kids' lives. I'd like to get enough to be able to cover our mortgage, too, just so hubby wouldn't have to worry about that. Covering college would be great, too, but it depends on how much the policy ends up costing. I figure DH can save if he doesn't have to cover a mortgage and the kids can always get scholarships/loans if they need to.
The most important thing IMO is making sure my husband can continue working and our kids have excellent care.
I don't know what the cut off in $s is- but for both of my term life policies a nurse had to come to my house and do a medical workup. I am in super great health so mine are cheaper than if you weren't in so great of health.
Iowaorganic- mama to DD (1/5/06), DS1 (4/9/07), DS2 (1/22/09), DS3 (12/10/10), DD2 (7/6/12) and a new kid due in early 2014
We figure that will cover the entire time our kids our young, and pay for college. (even in we have 3 kids which is my limit! ha ha )
We also got DH a disability policy, since more often than not you don't die, you just get hurt and can't work.
DH used to be an insurance agent, so we kinda knew what we needed, but we did meet with a financial advisor to make the most of our $$ and options. Term policies are not that expensive (depends on health/age ect of course).
Next on the list is to get wills......sighhhh being an adult isn't all that fun
SAHM to 4 cats, DS 5/09, DD 3/12 and 3# due 4/15. Home birthing, non vax, anti circ, co-sleeping, breastfeeding, real food eating pretty darn crunchy mama.
We took out large policies on both myself and DH because we have a huge mortgage and live in a high COL area. You can find quotes online to get an idea of what it might cost for you. I would highly recommend actually buying the insurance through a trustworthy agent, however. I got a recommendation from a neighbor and worked with someone at northwestern mutual and was happy with him. There were a lot of nuances to the different policies and options that he was able to explain and illustrate with numerical printouts that I wouldn't have understood otherwise. He did not charge us anything (he gets a commission) and the total cost was on par with the estimates we were looking at online.
DH's took a while to get in place - a few months, partially because he kept forgetting to send some needed info in, and just with processing.
mama to DD (7), DS (3.5), and another DS arriving in August!
Now we need to seriously think about drawing up our wills. No fun
Right now I have my policy through work that i will be able to carry over should I leave. I think I am covered for $500k. I think I need more but am waiting until I bounce back from this pregnancy to get it. I started the process when I was pregnant with DS but the rates were higher because I was pregnant so it made sense to wait.
We did the search though matrixdirect.com - you get rates for a bunch of different carriers. I had a whole spreadsheet worked out at the time to determine what the cheapest option was. BUt then again I am a nerd who loves spreadsheets
I got life insurance when I was pretty pregnant - the lady came to the house and took blood and pulled out her scale - I couldn't believe it. I thought she was kidding. They still insured me.
Mama to DS (6/07) , DD (6/09) , and DD (07/12) ..
But yes, I definitely think life insurance is a very wise thing to consider when you start a family
DH has another policy in addition to his military life insurance so he has total $750k in life insurance. I just have the one but am pricing for another since losing my income will be a hardship for DH.
We got enough on me to pay off the mortgage, pay for a year of childcare for two kids, put some away for them to go to college, and pay final expenses, and pay for a year of DH's salary so he could take off work if he needed to if I died. Its a 20 year term policy, because hopefully in 20 years I'll either have a job that pays for life insurance, and my kids will be somewhat more self-supporting. ETA - I had no problem whatsoever getting insurance while pregnant. They didn't even bat an eye. They just wanted my pre-pregnancy weight.
Horrible thoughts, sorry! But its worse not to prepare.
Interesting about those of you who loose your insurance when you loose your job...I still have policies for both DH and myself from a job that I have not had since 2003. I also have a small term policy and DH has something that he took out from who know where. Now, if we actually had to access this money if either of us died, that would be tricky...I am not the best book keeper!
Now we need to seriously think about drawing up our wills. No fun
Also remember that $100K today may not be worth the same 10yrs later. Think inflation. Do talk to a reputable insurance agent/company to get a clear picture of how much you need to meet your goals.
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