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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Life Insurance Through Your Employer
How much do you have?
We have open enrollment and I was looking at the coverage. I have $500,000 with my job and DH has only $150,000. It's that time of the year where I re-assess all of our coverages and I was wondering what other companies provide.
Some do 3 or 4x times base salary others you can pick an amt.
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Posted 11/13/06 10:09 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Life Insurance Through Your Employer
1.5 times my salary- so not that much- but I am not the main bread winner
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| Posted 11/13/06 10:10 AM |
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Lisa
I'm a PANK!!!
Member since 5/05 22334 total posts
Name:
Professional Aunts No Kids
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Re: Life Insurance Through Your Employer
I have 1.5 times my salary...as does my DH....but we also have private life insurance
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| Posted 11/13/06 10:11 AM |
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baghag
:P
Member since 5/05 10278 total posts
Name:
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Re: Life Insurance Through Your Employer
Message edited 12/27/2006 7:37:27 PM.
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| Posted 11/13/06 10:11 AM |
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MikesWife
Wanting...........
Member since 1/06 6887 total posts
Name:
Karen
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Re: Life Insurance Through Your Employer
I have 4X my salary (2X is automatically done by my employer and I added on an additional 2x)
My DH is only covered under mine for $25K.
We just met with a life insurance agent on Thursday to get additional Whole Life insurance coverage.
ETA: We also have $500K in accidental death/dismemberment coverage through my work.
Message edited 11/13/2006 10:30:22 AM.
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| Posted 11/13/06 10:13 AM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Life Insurance Through Your Employer
$125K
Dh has $400K
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| Posted 11/13/06 10:15 AM |
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nrthshgrl
It goes fast. Pay attention.
Member since 7/05 57538 total posts
Name:
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Re: Life Insurance Through Your Employer
Posted by Lisa
I have 1.5 times my salary...as does my DH....but we also have private life insurance
Same here
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| Posted 11/13/06 10:19 AM |
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pinkandblue
Our family is complete, maybe
Member since 9/05 32436 total posts
Name:
Stephanie
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Re: Life Insurance Through Your Employer
I have life insurance at 1x my salary that my company pays for. I am getting private life insurance for us as well, especially with the baby coming 
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| Posted 11/13/06 10:34 AM |
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leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
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Re: Life Insurance Through Your Employer
I have 5x my salary.
DH only took out 2x last year. 
Needless to say, this year I'm making him up that. 
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| Posted 11/13/06 10:40 AM |
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Bxgell2
Perfection
Member since 5/05 16438 total posts
Name:
Beth
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Re: Life Insurance Through Your Employer
Until we had Alex we always took what our employer's gave us - for DH I think it's 2X his salary, for me it's 1.5X my salary. Now that we have our daughter though, we purchased individual insurance through a broker that is about 10X our salaries, each.
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| Posted 11/13/06 10:42 AM |
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JavaJunkie
Someday, Somehow
Member since 6/05 5857 total posts
Name:
Lois
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Re: Life Insurance Through Your Employer
DH has 2x's his salary plus we have private insurance also.
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| Posted 11/13/06 10:48 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Life Insurance Through Your Employer
Yep-for sure the employer sponsored plans don't cover enough.
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| Posted 11/13/06 10:58 AM |
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eroxgirl
My Loves
Member since 5/05 15697 total posts
Name:
Rebecca
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Re: Life Insurance Through Your Employer
I think mine is 2x my salary. My company pays for 1x my salary, I pay for the other.
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| Posted 11/13/06 11:50 AM |
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Kate
*****
Member since 5/05 7557 total posts
Name:
Kate
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Re: Life Insurance Through Your Employer
Mine is free, but it's only 1x my salary. We have other private life insurance.
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| Posted 11/13/06 11:53 AM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: Life Insurance Through Your Employer
We both get life insurance through our employers for no charge. Mine is 1.5x my salary and DH's is 1x his salary. We don't have private insurance since it's just the 2 of us. I don't feel it's necessary yet.
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| Posted 11/13/06 12:16 PM |
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hazeleyes33
LIF Adult
Member since 5/05 13060 total posts
Name:
Ginger
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Re: Life Insurance Through Your Employer
The free one at my job is 1x my salary
The one we pay for (about $2/week) is 1x my salary for me and 2x my salary for my dh.
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| Posted 11/13/06 7:50 PM |
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Tine73
Member since 3/06 22093 total posts
Name:
*********
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Re: Life Insurance Through Your Employer
I forget how much I have through work, but I also have 2 other policies with other companies outside of work.
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| Posted 11/13/06 8:29 PM |
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LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
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Re: Life Insurance Through Your Employer
I'm not full time at my job, so I don't actually get it through my job. Though I do work for a life insurance company, and I can tell you that most of the insurance policies employers offer usually is not enough...especially if you are married, have children, or own a home. The best thing I can suggest is always get supplemental that you pay outside of your job. Most companies will discontinue the insurance if you leave or get laid off...that happened to me. Since you don't know when that will happen or if that will happen, you should get it while you're young and healthy. I can't tell you the amount of people who wind up getting denied or rated because they waited too long and are not in perfect health anymore. My DH got rated and he is in better health then I am! Even something like a bad back can get you rated! And even if you aren't the bread winner, you have to consider if your salary being lost from the household would have an impact on your familiy's ability to function and not struggle. Sometimes you really don't realize how much you really contribute. Especially since MOST people can't make it on LI without 2 salaries. Ok, I'm off my soap box now
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| Posted 11/13/06 8:58 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Life Insurance Through Your Employer
Posted by LittleBlueBug
I'm not full time at my job, so I don't actually get it through my job. Though I do work for a life insurance company, and I can tell you that most of the insurance policies employers offer usually is not enough...especially if you are married, have children, or own a home. The best thing I can suggest is always get supplemental that you pay outside of your job. Most companies will discontinue the insurance if you leave or get laid off...that happened to me. Since you don't know when that will happen or if that will happen, you should get it while you're young and healthy. I can't tell you the amount of people who wind up getting denied or rated because they waited too long and are not in perfect health anymore. My DH got rated and he is in better health then I am! Even something like a bad back can get you rated! And even if you aren't the bread winner, you have to consider if your salary being lost from the household would have an impact on your familiy's ability to function and not struggle. Sometimes you really don't realize how much you really contribute. Especially since MOST people can't make it on LI without 2 salaries. Ok, I'm off my soap box now
I was just about to post essentially the same thing. You can't rely on your employer's insurance being there forever - they can drop the benefit or you could leave that position and you may not be eligible for private insurance. It's not like health insurance where a pre-existing condition is ignored if you previously had coverage.
Also, you can't rely on the old adage of a set amont X your salary - you should do a "needs analysis" - look at what you want to cover - mortgages, debts, child care, education, income replacement, etc and figure out what all that will cost in order to come up with a true figure of what you'll need. I see lots of posts about 2x - 5x salary, but you need to consider what you'll do beyond that as well.
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| Posted 11/13/06 9:40 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Life Insurance Through Your Employer
I agree that it's important to have life insurance policies aside from your employer, however, some policies are full portable especially if you are paying for them after tax.
I was just curious to see how much companies are offering. I think my company has a good life insurance plan but DH's stinks.
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| Posted 11/13/06 10:38 PM |
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LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
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Re: Life Insurance Through Your Employer
Posted by Blu-ize
I think my company has a good life insurance plan but DH's stinks.
I agree, $500k is pretty decent
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| Posted 11/13/06 11:47 PM |
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evenedan
Need a little sunshine
Member since 9/05 3843 total posts
Name:
D
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Re: Life Insurance Through Your Employer
Posted by baghag
Mine is free through the company, its 2x my salary.
I have the same.
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| Posted 11/14/06 12:17 AM |
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VirginiaDeb
Don't eat me, hippo!
Member since 5/05 9252 total posts
Name:
Deb
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Re: Life Insurance Through Your Employer
Free and 2x my salary. We'll probably get more through a private company next year when DH has a more than just an internship.
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| Posted 11/14/06 6:59 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Life Insurance Through Your Employer
DH and I need to look into this... some of the info posted on here was very enlightening!
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| Posted 11/14/06 8:34 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Life Insurance Through Your Employer
Posted by LittleBlueBug
Posted by Blu-ize
I think my company has a good life insurance plan but DH's stinks.
I agree, $500k is pretty decent
Yeah, I was surprised too. It's also on an after tax basis so it behaves like an individual policy except I didn't have to take an exam or answer health questions. I probably will supplement it and we definitely need to have DH supplemented. Probably some term insurance.
We don't have kids but we have two mortgages.
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| Posted 11/14/06 9:02 AM |
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