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msf32
LIF Infant
Member since 7/08 62 total posts
Name:
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Umbrella policy and life insurance
Hi all,
If you don't mind my asking, how many of you have an umbrella policy and/or life insurance? The topic came up today between myself and DH. He thinks umbrella policies are scams; I don't. He wants life insurance, but I don't think we need it until we have children. I'm just curious how others handle this.
In addition, how much does your umbrella and/or life insurance policy cost?
Thanks for helping me wrap my brain around this.
*****
Whoops, I should have added:
Homeowner, car, and life insurance (no umbrella) as a choice. Can you edit polls on this site?
Message edited 7/28/2008 10:46:31 AM.
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Posted 7/28/08 10:44 AM  |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Umbrella policy and life insurance
HO, auto, umbrella and life insurance (no children).
Message edited 7/28/2008 10:49:31 AM.
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| Posted 7/28/08 10:48 AM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Umbrella policy and life insurance
Posted by skew
HO, auto, umbrella and life insurance (no children).
Same for me.
ETA: We wanted to get life insurance when we bought the house because if something happened to one of us, the other wouldn't be overburdened with the mortgage.
We opted for the umbrella policy to have extra liability.
Message edited 7/28/2008 10:56:19 AM.
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| Posted 7/28/08 10:53 AM |
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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Umbrella policy and life insurance
I have homeowners, umbrella and auto. My umbrella is through my auto policy.
It is very worth it, for an extra million dollars coverage at around $300 bucks a year.
Why does your Dh think Umbrella policies are a scam? God forbid someone sues you why not have extra coverage?
Message edited 7/28/2008 12:09:24 PM.
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| Posted 7/28/08 12:08 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: Umbrella policy and life insurance
HO, Car, Umbrella and Life.
I have an extra million. Umbrella policies are excellent a cheap. I pay $400/year.
If you are in an accident and hit someone you are covered for injuries that pass your limit on your car insurance. If you are at fault, they can sue you and take your house. It's worth it.
We have life insurance due to our mortgages. We don't want each other to have to sell to have somewhere to live.
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| Posted 7/28/08 12:32 PM |
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JodiBabe
Married for 9 yrs!!!!!!
Member since 5/05 6672 total posts
Name:
Jodi
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Re: Umbrella policy and life insurance
Homeowner, car, and life insurance
same for us!
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| Posted 7/28/08 1:05 PM |
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msf32
LIF Infant
Member since 7/08 62 total posts
Name:
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Re: Umbrella policy and life insurance
Posted by Goobster
I have homeowners, umbrella and auto. My umbrella is through my auto policy.
It is very worth it, for an extra million dollars coverage at around $300 bucks a year.
Why does your Dh think Umbrella policies are a scam? God forbid someone sues you why not have extra coverage?
DH thinks it's a scam for a few reasons:
1. He's thickheaded
2. He's never heard of anyone he knows who has it (meaning essentially his parents or aunts/uncles)
3. He's a copywriter who writes for diff. insurance companies and he thinks they are all out to get money and have no interest in actually protecting people.
Yes, this is the opinionated male freak I live with. I might just pay for the umbrella myself, whether he wants it or not.
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| Posted 7/28/08 1:31 PM |
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Smileyd17
kids
Member since 5/05 20997 total posts
Name:
Mommy
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Re: Umbrella policy and life insurance
Posted by msf32
If you don't mind my asking, how many of you have an umbrella policy and/or life insurance? The topic came up today between myself and DH. He thinks umbrella policies are scams; I don't. He wants life insurance, but I don't think we need it until we have children. I'm just curious how others handle this.
Umbrella policies are not a scam, They cover you above and beyond the limits from autos and home, esp if there is some major liability lawsuit.
I have seen way to many ppl go through accidents without one, not good.
As for life insurance, most do see it that children are more of a reason to get a policy.
Most should also see it for the signigicant other, god for bid, and that there could be a mtg behind as well as bills, cc debt and other expenses.
A life insurance policy can help with all that.
HTH
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| Posted 7/28/08 3:59 PM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: Umbrella policy and life insurance
Posted by Smileyd17
As for life insurance, most do see it that children are more of a reason to get a policy.
Most should also see it for the signigicant other, god for bid, and that there could be a mtg behind as well as bills, cc debt and other expenses.
A life insurance policy can help with all that.
HTH
Definately agree. And keep in mind that most companies give very limited bereavement leave, even for a spouse. Do you think all the 911 widows were ready to go back to work a week after the fact, because the mortgage needed paying? Having that cushion to let you apply for a leave of absence and still pay the bills will let you get your life back together should something tragic happen.
Also - get the insurance before you're pregnant - don't wait until you are, otherwise you may not be covered for death relating to pregnancy-related issues.
Another thing to keep in mind - you can't guarantee your good health - if you get diagnosed with something next month that could prevent you from getting life insurance (ie: cancer, a heart attack, etc.) then you'll be SOL because you waited. And all you need to do is read these boards to see how many people are unexpectedly hit with illnesses and accidents - it happens a lot more than you think.
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| Posted 7/28/08 7:15 PM |
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jen919ifer
LIF Adolescent
Member since 7/08 803 total posts
Name:
Jennifer
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Re: Umbrella policy and life insurance
I am an Insurance Broker and I recommend an umbrella policy to anyone who owns property. You get excess liability of a million plus, and at the rate people sue today over nothing the $200 a year is sooooo worth it !!!!!!!
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| Posted 7/28/08 7:56 PM |
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