Do you have/are you getting life insurance? - Mothering Forums

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Old 02-25-2009, 11:17 AM - Thread Starter
 
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My DH has a great life insurance policy through the military, but I've never thought about it. I don't contribute huge amounts to our income, but it is some...and if I were to die, I guess there would be costs to that, eh? I know my parents had/maybe still have a small policy on me, since up until a year ago I was a full time student and they were helping support me.

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

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Old 02-25-2009, 11:37 AM
 
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Well I got one because we travel alot and you never know. If something were to happen, I would never want my child to ever have to worry about paying for his education, or living expenses or care, so I went quite high with the pay out.
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.

Mama to one very active DS (5.5) Loving wife to my wonderful DH and our baby girl arrived on December 10, 2009
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Old 02-25-2009, 11:51 AM
 
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Definitely get one when you have a family. Should something happens to you or dh or both, you know that your children are taken care off. The rate depends on so many factors, your health, age, gender, term of policy, amount to be covered, etc.

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.
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Old 02-25-2009, 11:54 AM
 
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My husband and I both need to get some, so I can't help you out on the cost.

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.
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Old 02-25-2009, 12:00 PM
 
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I have a 25K whole life and it is $12/mo. I think I got it when I was starting college. I also have 2 $250K term life policies. One for the family and one for the bank They each are about $400/yr for 30 years. The whole life policy is to cover my funeral and stuff like that. I have DH insured much more than he has me.

eta-
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

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Old 02-25-2009, 12:30 PM
 
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Both my DH and i had some to cover funeral costs and grieving time ect. beforehand, but we just got 20 year term policies $250K for me and $500K for him.
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.
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Old 02-25-2009, 12:31 PM
 
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Yup, we both got independent life and disability insurance after getting pregnant. Our insurance agent pointed out that disability can be just as important as life, if not more so, and that work sponsored disability policies are really pretty meager (and if you leave a job you are SOL and may not be able to get decent insurance). Also, I am planning to stay home after the baby is born and the amount of disability insurance that you are able to buy is based on a percentage of your current salary. So I was able to "lock in" disability insurance at my current income level, I'm not sure I could have gotten disability at all once I don't have an income - and as a SAHM, if you got sick and could no longer take care of the kids you would still need to find a way to pay for daycare/nanny. Someone else alluded to the huge amount of money that would be needed to replace everything a SAHM does - over $100k/yr by one recent estimate, as I recall!

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.
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Old 02-25-2009, 12:33 PM
 
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I have insurance through my current job, so I will apply for term insurance for when that is done this summer (quitting). We used www.zanderins.com to get DH's - great site. You can get quotes and ratings from many insurance companies. We plan to use that to get mine.

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.

Alicia, wife to an loving and faithful DH, and mama to three fantastic though nutty children (cs, then an HBAC, then a VBAC!!).
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Old 02-25-2009, 12:53 PM
 
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Yes, we both have good policies through work (2x our annual salaries) but we also got our own seperate policies because if we were to lose our jobs, we'd lose the life insurance as well. Our individual policy is just enough to pay off the house and the debts (I was advised not to over insure) and the work policies would be on top of that.
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Old 02-25-2009, 01:00 PM
 
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We both have term insurance (20 years I think). DH also has a policy through work, which is double his salary. I'm working right now, but I stayed at home for 2+ years and I'll stay at home after this baby is born. I got a $500K policy, and it was under $400 a year. A nurse came to our house and took blood, weight, blood pressure, and medical history. Being female, healthy, with a low BMI and blood pressure, makes the life insurance very cheap.

mama to DD (7), DS (3.5), and another DS arriving in August!

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Old 02-25-2009, 01:01 PM
 
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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

2 Rainbow babes, PPH/Hysterectomy survivor!
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Old 02-25-2009, 01:16 PM
 
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We took out term life policies before DS was born. We have about 800k for DH and 300K for me. Our thinking is, if I die, DH will continue to work so will need to pay for childcare. If DH dies, we have lost our family's main source of income, so will need more to pay off the house, college savings, etc. We pay about $50/ month for both policies. We also both have some extra through work - 60k for me, 200k for DH. Since we may not be with our companies for the long-term, we generally pretend that these do not exist.

Mama to DS1 (2/08) and DS2 (9/10).
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Old 02-25-2009, 01:30 PM
 
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Yes, we have life insurance. It doesn't matter how much you contribute financially. But if something were to happen to you how would your dh take care of the child/ren? There are expenses to that.

Expecting #9.  Always busy hsing.
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Old 02-25-2009, 01:31 PM
 
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we have policies for both of us. DHs is independent since he was off work for a while. I think we have him insured for about 300k.
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

Pernille, Married to : mom to my 2 littel boys :4/12/07 and : 8/24/09
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Old 02-25-2009, 02:27 PM
 
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Oh, btw, I was told that it can be hard to get life/disability while pregnant, but did not find that to be the case. Several agents I interviewed said it was no problem and wouldn't raise the rates. However, I was glad that I went through the application and physical early on and didn't have any complications - they definitely did ask if I had any pregnancy related complications, and I assume that would have raised the rate.
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Old 02-25-2009, 02:33 PM
 
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I have life insurance - my husband would have to pay someone to take care of the kids if something happened to me. (Until he finds a new wife, of course)

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.
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Old 02-25-2009, 02:38 PM
 
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We had some before but after DS was born we increased it substantially. Even though I bring in very little income, if something were to happen to me, DH would need a fully time nanny for two little kids.

Mama to DS (6/07) h20homebirth.gif, DD (6/09) h20homebirth.gif, and DD (07/12) homebirth.jpg..

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Old 02-25-2009, 04:47 PM
 
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I get free life insurance through my employer. It's only $50,000 but would be enough to clear my debts and funeral costs. DH has something similar through his employer, I think $100,000 for 50 cents a week. We're going to increase our employer-provided life insurance policies in a few weeks here since we'll be having baby #1. For us, it'll only be a matter of a handful of dollars out of our paychecks, but will be so worth it should the worst happen. Also, my employer covers each dependent of mine at $3000 at no cost to me. The only catch is that I have to enroll them within 30 days of birth. I can always upgrade the policy out of my own pocket, but it's nice to know that I have free coverage simply for taking the time to enroll and it's there should I ever unfortunately need it.

But yes, I definitely think life insurance is a very wise thing to consider when you start a family
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Old 02-25-2009, 07:24 PM
 
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I have life insurance through the military- it is spousal insurance and comes right out of DH's paycheck along with his life insurance. It is for $100k I believe. I believe that is standard and all spouses have it- I would look into it to make sure you have it.

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.

Kirsten, mama to Monkey since May 2007 and Bean born 11/7/09
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Old 02-25-2009, 08:24 PM
 
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Yes, we have 20-year term life policies and are both insured to about 10 times our income. Even if you don't make an income, you would still be costly to lose. How much would it cost just to pay for daycare for your kids if you weren't there to watch them, or to replace other services you contribute (ie, cooking or cleaning for the family).

Erin, mom to DD (1/06) and DS (10/09)
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Old 02-25-2009, 08:42 PM
 
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Yes, absolutely get some - even if you don't contribute much to the family income, that's an even more important reason. If you died, your DH would have to get childcare to be a single working parent, take off work for an indefinite period of time, pay for your funeral, etc. Also, some policies can be cashed in if you are terminally ill or die after lots of medical treatment (say after an accident); you wouldn't want to die leaving your spouse with medical bills to pay off and kids to take care of.

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.
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Old 02-26-2009, 02:05 AM
 
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Quote:
Originally Posted by teeg1973 View Post
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
Depends on who "owns" the policy. If your company pays for it (usually 2x income) then the policy is void when you are no longer working for them. If you paid for it out of your paycheck for additional coverage then I believe that you can port it. Either way, you need to confirm this with your provider. Especially in these economic times, you never know what will happen. DH just told me that his company is about to lay off more workers by the end of March.

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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Old 02-26-2009, 10:32 AM
 
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My DH has had life insurance for quite some time now. I don't have any on me.

Proud *single* mom to 3 amazing kiddos
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Old 02-26-2009, 10:37 AM
 
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I think i have seen waaaay too much TV abd I don't want anyone killing me to collect my life insurance

Mommy to our Twin Miracles babygirl.gifbabyboy.gif born on 29/1/12

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