|
additional life insurance- good idea?
| Posted By |
Message |
aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
|
additional life insurance- good idea?
My husband and I have term life insurance with the option to convert afterwards. $500k on me and $1m on my husband. The term ends 2019.
My work is offering life insurance with NO medical underwriting for up to $100k on me, $50k on my spouse and $10k on children (we have 3). I can do $350k on me with 4 medical questions if I want as well.
My husband had cancer 5 years ago. Just thought I’d mention that part.
Would it be worth taking this extra life insurance? any opinions because I'm not sure what to do. TIA!
|
Posted 7/18/16 11:57 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource |
chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
|
additional life insurance- good idea?
There are a lot of variables to factor - how much will the extra insurance cost? Are you planning on staying at this job long-term? Does the life insurance go with you if you leave or is the policy terminated if you are no longer an employee? Also, would your family be able to get by and have the dame lifestyle, with the existing life insurance if (god forbid) something happened? Can you increase the amount of your term policy instead?
|
| Posted 7/18/16 1:29 PM |
| |
|
aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
|
Re: additional life insurance- good idea?
Posted by chilltocam
There are a lot of variables to factor - how much will the extra insurance cost? Are you planning on staying at this job long-term? Does the life insurance go with you if you leave or is the policy terminated if you are no longer an employee? Also, would your family be able to get by and have the dame lifestyle, with the existing life insurance if (god forbid) something happened? Can you increase the amount of your term policy instead?
For me it would be $9 a month, husband would be $4.50 a month and kids would be $1.70 a month.
If I leave my work, the life insurance does go with you and you can convert it to whole insurance. I've been here for 12 years and I'm not planning on going anywhere.
|
| Posted 7/18/16 2:15 PM |
| |
|
LSP2005
Bunny kisses are so cute!
Member since 5/05 19458 total posts
Name:
L
|
Re: additional life insurance- good idea?
If it can go with you, then yes I would add it for those prices. However, I would shop for yourself a term policy that would pay off your mortgage and the cost of college for you. Your husband may not qualify so this might be the best he can get.
|
| Posted 7/18/16 3:53 PM |
| |
|
DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
|
Re: additional life insurance- good idea?
I always take the highest I can get on work policies
|
| Posted 7/18/16 4:24 PM |
| |
|
alexb
LIF Adult
Member since 5/13 960 total posts
Name:
|
additional life insurance- good idea?
We have term with the option to convert as well and i decided to increase the amount when we had our second child. The amount is minimal so i say go for it!
|
| Posted 7/18/16 9:59 PM |
| |
|
Currently 169886 users on the LIFamilies.com Chat
|
