Do you have life insurance?

For some reason I always thought life insurance was kind of a scam because every financial planner & insurance company tries to push it on you.
I had basic life insurance at my past job & so does DH.
We went to a financial adviser this weekend & DH is completely sold on getting it.
I don't think it's necessary to purchase more then he has, which is a basic amount - can't remember how much.
Of course if anything ever happened, the extra money would be nice but I think the basic plan is fine.
Just wanted to hear thoughts on it.

Re: Do you have life insurance?

Depends on your situation.
We both have jobs where if one dies, the other can support the kids (with cuts in lifestyle).
We have basic life insurance. Costs maybe a dollar or two.
We do pay a fair amount for disability insurance.

Do you have life insurance?

Absolutely. We could survive temporarily on one income but not for the long term (if one of us died). It's essential to us to have this protection.

We have enough to pay for a funeral, pay off our mortgage, help with kids college and possibly take some time away from work. While the surviving spouse would likely have to make some lifestyle adjustments, it was important to us to be able to afford to keep life as normal for our kids as possible (not have to move, keep going to activities, affording college, etc)

Do you have life insurance?

DH has life insurance but I currently do not- I am planning to get a policy soon. I think life insurance like any other form of insurance is something that does not get much thought until you need it. I want to be able to ensure that if something happens to me or DH or both of us my DD is cared for- why do you feel it is a scam? Do you feel this way about other types of insurance?

Re: Do you have life insurance?

Yes. We both have added life insurance. If we don't use it by a certain age, we can cash it out or keep it accruing.

Do you have life insurance?

Whole life insurance is generally a rip off ( there may be some exceptions to this as I'm sure I'll get my head ripped) but term is worth it.

You may have life insurance for a small amount through your job but what if you have a prolonged illness, lose your job and then pass away?

The general reccomendation is 8-10x your annual salary, in my life this would help the surviving spouse pay off the house, pay for kids college, pay for additional household help- like I would likely need a lawn service and my husband might need a housekeeper and nanny.

In my situation, which I think is common, we need two incomes. Neither of us could maintain our life without the other persons income.

Do you have life insurance?

I see it as peace of mind. I know if something happens to one or both of us my family will be taken care of.

We both have term policies. My husband also has/d smaller policies through his job.

I think having at least a basic plan is important.

Do you have life insurance?

As someone who has seen family and friends pass away without substantial or no policies its extremely devastating to the surviving spouse/family. Especially when both parents pass away from an accident. If you can afford a cell phone bill, cable etc then you should have 8-10x your salary to act as a buffer. If your Dh passes its highly possible you could get so depressed that you can't work or vice versa. If you both pass that money will provide living expenses for whomever takes your children in. What happens if you lose your job tomorrow then you have nothing. What if you or your Dh gets cancer neither of you would be eligible for life insurance for many years and then your premiums would be sky high. I'm getting off my soapbox now but from firsthand experience not having policies is selfish.

Re: Do you have life insurance?

Absolutely

And dh is a financial advisor.

Re: Do you have life insurance?

Yes!

Re: Do you have life insurance?

Yes dh and I both have it. I have a smaller policy than he does because I'm a sahm. He has a policy from work and than has an additional policy to cover his salary for 5 years. My policy would cover childcare for our girls and give him some extra money. We also have wills to make sure our final wishes are known.

My best friends father died when she was only 12. Her dad had minimal life insurance and eventually they had to sell their home and went through a lot of financial hardships. I always knew after that I would get life insurance.

Re: Do you have life insurance?

We just got it, we put it off for too long as soon as I got pregnant with #2 we did it, honestly I have such peace of mind having it.

We both have policies through work but IMO they are not sufficient we each have a large policy now that would take care of everything and leave us with plenty to get us through.

Re: Do you have life insurance?

Yes we both have it. DH has one through work in addition to our policies. You should always have your own, in case you lose your job. And get it while you're young for the best rates.

Re: Do you have life insurance?

We have term insurance, 30 years I believe, on me and my dh. We got it right before our dd was born.

Do you have life insurance?

yes

Do you have life insurance?

We each have a policy and some supplemental through my job

Do you have life insurance?

We each have a policy, plus DH has supplemental through work.

Do you have life insurance?

We both have term policies. So important, in my opinion. If either of us died, the other wouldn't have been able to pay the mortgage. Also, balancing work and taking care of our kids. There is just no way we could do it on 1 salary.

Also, I know first hand what it's like to be left with nothing because my father died with no insurance when I was a kid and my mom really struggled having 3 kids to take care of alone. I swore I'd always have insurance.

Term is not expensive & the younger you get it the cheaper it is.

Re: Do you have life insurance?

DH has life insurance through work but we also took out a substantial policy on our own. God forbid anything ever happens to him I would be financially devastated. I need to make sure I can take care of myself, our kids, our home, etc. It is so important to have adequate insurance.

Because I'm a SAHM we got a much smaller policy for me.

Re: Do you have life insurance?

Absolutely! Not only do we have policies we also purchase whole term policies for our kids the week they are born! My husband's whole policy was purchased by his father when he was very young and it's been paying itself off since at least I've known him. I want to make sure my kids are also in that position and they can supplement with term policies if they wish to have higher limits. I wish my parents did that for me too!!!!

Also, you can borrow against whole policies and if you ever are in a position where you are in financial trouble it's a great security.

I used to think insurance policies were scams til I met my husband. His father passed away and his family did not suffer.

Re: Do you have life insurance?

Yes we both have policies and I think it's super important! Especially if we both pass for some reason - I want to make sure DD is set up and will have expenses paid for, college paid, wedding etc.

Do you have life insurance?

Yes we have term policies.

Do you have life insurance?

Both DH and I have policies which would enable the surviving spouse to pay off the house, cars, and have enough money for college, wedding, etc. In the event that the other passed, we wanted the surviving spouse to be able to maintain as stable a life for our DD as possible without having to struggle financially.

What you need to think about is, let's say god forbid something happened to your DH. How would you survive financially? Would you be able to keep your house? Would you be able to make your car payment? Would you be able to afford childcare if you work? I think your DH is wise to consider it.

Re: Do you have life insurance?

Absolutely we do!
We have enough on both of us to be able to pay off the house in full so not one person didnt have to carry that expense and worry about it. Added to that cost, we factored in the cost to care for each child until they are 18, plus approximate college costs and then some cushion. That way, if something were happen to BOTH of us, we didnt cause a financial hardship on my sister and her family if they had to take in our children, god forbid.

We have a million on DH and 750K on me.

Re: Do you have life insurance?

yes, bought it when i was pregnant. we both have term policies.