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LisaW
Time for me to FLY!
Member since 5/05 13199 total posts
Name:
Did I ever tell you that I hate people?
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Life Insurance
We always said we were waiting until we had children to get life insurance, but since that is not happening, I think its time to work on this..
What do you guys have, and approximately how much is it?
TIA 
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Posted 5/4/10 7:39 AM  |
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thewinterone
You make me happy
Member since 5/05 2474 total posts
Name:
cause you are gray.
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Re: Life Insurance
Message edited 9/17/2011 2:28:48 AM.
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| Posted 5/4/10 4:58 PM |
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DirtyBlonde
*****
Member since 11/07 7344 total posts
Name:
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Re: Life Insurance
i have term life insurance - $500K - I pay $335 a year for it
i also have something through work but it's not a ton. maybe $150k.
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| Posted 5/4/10 5:01 PM |
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ihilani
LIF Adolescent
Member since 9/07 858 total posts
Name:
alias
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Re: Life Insurance
I know we should get more, I just don't want to lay out any more money for it!
We each have something like 4x pay through work, which is equal to 2x our mortgage balance. I have a 20 year term policy on me that is 1.5x our mortgage balance. (Took that policy out the day after I found out I was pg the first time. DH was supposed to get his own policy, too, but I miscarried before he got the chance.)
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| Posted 5/4/10 8:53 PM |
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Re: Life Insurance
We don't a whole lot...figure we'll add more if need be. DH has $300K (plus 3x his salary from work). He was over 40 when he got the term and pays about $50 a month.
I only have $250K (need more) but have had it a long time, my premium is like $85 a quarter.
Try select quote, they helped us a lot with DH's plan.
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| Posted 5/4/10 9:31 PM |
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KimberlyScott
Graceyn=My World <3
Member since 10/08 4173 total posts
Name:
Kimberly
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Re: Life Insurance
We each have a term policy for 500K each and we pay 600 a year for both.
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| Posted 5/6/10 4:51 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Life Insurance
Posted by BaseballWidow
We don't a whole lot...figure we'll add more if need be.
DH is in the business and unfortunately he runs into this misconception that they'll always be able to get it all the time - people wait and then a health situation arises that makes them ineligible for insurance. Lots of health issues can either give you a highly rated (more expensive) policy, or keep you from getting insurance altogether, and not just obvious things like heart attacks and cancer. Asthma, diabetes, and a lot of other health issues can keep you from gettting a policy. He always tells people that they'll never be younger than they are now and health can change so don't wait.
Now, off my soapbox and to answer Lisa's question - DH has a lot more than I do, twice the mortgage and then some. I have less but enough to keep the status quo for DH.
His company advocates determining policy coverage based on need. Look at the debts you need to cover (mortgage, student loans, cc bills) then look at what else you need to cover to keep the surviving spouse (and children where applicable) secure - basically income replacement and anything the deceased took care of. In example, if DH took care of the yard, you may need to now pay for lawn care, if DW took care of children (ok - not applicable here, but for the lurkers) then DH may need to hire childcare while he's working. Then the extras - do you want your spouse to be able to retire, have time off to grieve, do you need to pay for college for kids, etc. Tally up what needs you have to cover and that gives you a good starting point.
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| Posted 5/7/10 8:02 AM |
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inshock121
LIF Infant
Member since 3/10 86 total posts
Name:
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Re: Life Insurance
I don't know much about it, my DH took care of it for us. What I do know is to get it before your 40! After 40 the rates sky rocket.
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| Posted 5/7/10 4:46 PM |
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