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LadyS
LIF Toddler
Member since 8/11 382 total posts
Name:
Vicki S
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Spinoff: SAHM and life insurance?
My DH has a policy, but I do not and was thinking of getting one, if at least to just cover expenses and for my kids.
I saw on the other thread that the suggested amount to get was 8-10x your current salary.
But what do other SAHM's do/have? Are there special policies for those that do not have an income/don't work? Or policies that don't cost a lot?
I'm completely clueless about this stuff!
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Posted 4/28/14 10:40 AM  |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Spinoff: SAHM and life insurance?
You should get a policy based on your financial needs. As a stay at home mom you should figure out the cost of hiring people to do what you do each day. Child care, cooking, cleaning, etc as well as the cost for a funeral. You should look into getting some quotes.
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| Posted 4/28/14 10:46 AM |
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KarenK122
The Journey is the Destination
Member since 5/05 4431 total posts
Name:
Karen
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Spinoff: SAHM and life insurance?
I don't know what is the correct thing but for us we have a $300,000 policy for myself. My DH would still be working but would need help with expenses to care for my daughter. For us that is enough. He on the the other hand has million dollar policy and an additional 50,000 just because he had that policy since he was younger.
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| Posted 4/28/14 10:47 AM |
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SweetSarj
LIF Adult
Member since 10/09 1592 total posts
Name:
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Spinoff: SAHM and life insurance?
I am a SaHM and I have a policy, it think it's 600.000. Needs to cover child are etc... My DH has a much larger policy.
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| Posted 4/28/14 12:10 PM |
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Puppy-Love
LIF Adult
Member since 7/10 1394 total posts
Name:
J
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Re: Spinoff: SAHM and life insurance?
Yes we thought about how much to replace me as a caregiver either with a nanny or daycare and of cruise after school care etc when DD or other children are older. We did a term policy that ends when I am 50-60 I think.
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| Posted 4/28/14 1:16 PM |
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IVFmiracle
Complete
Member since 12/12 4088 total posts
Name:
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Re: Spinoff: SAHM and life insurance?
SAHM with a life insurance policy. My DH is very involved with our DD but if something happened to me, my DH would be totally lost. The policy on me is 3x DH salary I think. That would allow him to find child care, a cleaning lady and a part time cook for a while.
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| Posted 4/28/14 1:31 PM |
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Hofstra26
Love to Bake!
Member since 7/06 27915 total posts
Name:
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Re: Spinoff: SAHM and life insurance?
We just got enough to pay for funeral expenses, pay off our bills, and cover child care expenses if god forbid anything should happen to me.
We got $250K.
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| Posted 4/28/14 1:39 PM |
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cds58019
The loves of my life :)
Member since 6/08 4276 total posts
Name:
Candice
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Spinoff: SAHM and life insurance?
Im a SAHM and I have the same policy and amount as my husband (1 million) I was fairly young when we got it so it's only a little over $500 a year for me. It might be a little much but since it was affordable we went for it.
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| Posted 4/28/14 1:54 PM |
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LadyS
LIF Toddler
Member since 8/11 382 total posts
Name:
Vicki S
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Spinoff: SAHM and life insurance?
Thanks! it never even occurred to me to factor in what it would cost for childcare, etc. The ballparks you've all provided give me a good starting point too
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| Posted 4/28/14 2:54 PM |
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WannaBeAMom11
LIF Adult
Member since 1/11 7391 total posts
Name:
Name
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Re: Spinoff: SAHM and life insurance?
Posted by LadyS
Thanks! it never even occurred to me to factor in what it would cost for childcare, etc. The ballparks you've all provided give me a good starting point too
If possible you should be insured for as much as your husband is. You don't bring in an income but your services are just as helpful and as expensive as his. Plus what happens if you both pass away and your child has to go live with someone else. You don't want that to be a financial burden on the caretaker.
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| Posted 4/28/14 3:16 PM |
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pnbplus1
Family
Member since 5/09 5751 total posts
Name:
Mommy
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Re: Spinoff: SAHM and life insurance?
I am now a SAHM and I have a $1 million policy. I do know that the ins company questioned something about it but bc I have a doctorate, my earning potential supports the policy amount. Not sure why they cared.
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| Posted 4/28/14 3:48 PM |
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JJN4
LIF Adult
Member since 5/09 1109 total posts
Name:
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Re: Spinoff: SAHM and life insurance?
Posted by MrsG823
You should get a policy based on your financial needs. As a stay at home mom you should figure out the cost of hiring people to do what you do each day. Child care, cooking, cleaning, etc as well as the cost for a funeral. You should look into getting some quotes.
This. I have a $500,000 policy. It's very inexpensive-like $18 a month.
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| Posted 4/28/14 7:25 PM |
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babymakes3
Almost there!
Member since 7/06 7376 total posts
Name:
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Re: Spinoff: SAHM and life insurance?
You can choose whatever amount you want despite not having an income, you just have to be comfortable with paying the premium.
For us, we figured in live-in childcare in for x amount of years because my DH doesn't work a 9-5 job and can be called out in the middle of the night. We figured in a housekeeper. There's more for DH to take some time off and to make things easy on him for a while (he could pay off the mortgage/invest it, meal delivery, spoil the kids). Plus we wanted extra as a gift to the kids when they are older.
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| Posted 4/29/14 8:58 AM |
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