southcarolinamom Posted August 13, 2011 Share Posted August 13, 2011 He has a life insurance policy that would provide for myself and the kids for at least 10 years, comfortably. I've been working pretty much full-time since we were married, so as long as I could keep my current job (medical transcription at home) going, we'd be secure financially. Quote Link to comment Share on other sites More sharing options...
Nestof3 Posted August 13, 2011 Share Posted August 13, 2011 We have no mortgage or other debt and we have life insurance (500,000). I would sell all business equipment, truck, etc and live simply. We also have some inheritance coming since dh's parents are 90. Quote Link to comment Share on other sites More sharing options...
meggie Posted August 13, 2011 Share Posted August 13, 2011 I would look at less than 500K. And if you have to choose one--life or health insurance--choose life for now. Also is your dh self employed? ok, feeding baby while he reads to the boys and put them to bed. The conversation is going pretty well so far. We've come to the conclusion that we can practice splitting up the responsibilities for a monthish as if I did have a job. Then it wouldn't be so chaotic when I do. $250k would be $25/month each. I didn't check out each of the prices in between, but I would assume it would be on a similar scale. No he's not self-employed. Yet. We're trying to get a production company started, but that will take awhile. He was helping his producing partners with contracts on a film they're doing. They will be done shooting tomorrow, then they'll have to do some post production stuff, then he'll be able to work on the business plan again, then try and get investors, etc. Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted August 13, 2011 Share Posted August 13, 2011 I asked dh last night what he wld expect me to do if he were to die tomorrow. Personally, I think that a more important question. He said I would get a lump sum benefit from his employee life insurance policy that pays 3x his annual salary at time of death. I had no idea he was paying into that - so good to know! I didn't think we had any life insurance other than a burial plan for each of us of $5k. The policy would be enough to pay off the house, IF I felt that was best with enough left for me to pay the bills for about a year. Of course, this presumes his job stays. No job would mean no further benefits. Tomorrow looks okay. Who knows about next month. Other than that. Cry a lot a guess. Try to continue our lives as close to how it is now even with a huge part of our lives forever empty. Quote Link to comment Share on other sites More sharing options...
2squared Posted August 13, 2011 Share Posted August 13, 2011 Yes, we're pretty young. He's almost 30 and I'm 27. I got a quote from Xander insurance on the Dave Ramsey site and it said we could get $500K 30 yr policy for $50/month. This seems like a high quote. Was it term insurance? We got our insurance around 35yo, and at $500K on each of us, we pay less than $50/month. Dh even has expensive insurance since he's military. I would tell my dh that life insurance is a non-negotiable for me. Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted August 13, 2011 Share Posted August 13, 2011 This seems like a high quote. Was it term insurance? We got our insurance around 35yo, and at $500K on each of us, we pay less than $50/month. Dh even has expensive insurance since he's military. I would tell my dh that life insurance is a non-negotiable for me. It depends on the plan and their health. There is no way we have EVER been able to get it as low as double that for my dh. (type 1 diabetes) As for nonnegotiable. Pfft. Or what? You'll divorce him? Ultimatums tend to be bad ideas unless you don't care about following through to the often bitter end. Quote Link to comment Share on other sites More sharing options...
Scarlett Posted August 13, 2011 Share Posted August 13, 2011 It depends on the plan and their health.There is no way we have EVER been able to get it as low as double that for my dh. (type 1 diabetes) As for nonnegotiable. Pfft. Or what? You'll divorce him? Ultimatums tend to be bad ideas unless you don't care about following through to the often bitter end. :iagree: My non negotiables are.....you can't have a girlfriend! LOL You can't be a lazy bum. I'm so easy. But life insurance is important. Quote Link to comment Share on other sites More sharing options...
Murphy101 Posted August 13, 2011 Share Posted August 13, 2011 Yes. Sure it's important. Lots of important things aren't important enough to make my top 20 marriage needs. And how important something is doesn't make money spontaneously grow in wallets either. Such is life. *shrugs* :) Quote Link to comment Share on other sites More sharing options...
Scarlett Posted August 13, 2011 Share Posted August 13, 2011 Yes. Sure it's important. Lots of important things aren't important enough to make my top 20 marriage needs. And how important something is doesn't make money spontaneously grow in wallets either. Such is life. *shrugs* :) Yes. I agree. But most people can come up with $20 a month for life insurance on a young healthy man with small children that need to be take care of. Quote Link to comment Share on other sites More sharing options...
meggie Posted August 13, 2011 Share Posted August 13, 2011 This seems like a high quote. Was it term insurance? We got our insurance around 35yo, and at $500K on each of us, we pay less than $50/month. Dh even has expensive insurance since he's military. I would tell my dh that life insurance is a non-negotiable for me. Yes, it was term insurance. I know not to ever do cash value or whole life or whatever it's called. The only health questions it asked was to put yourself in a certain category. I chose the second highest one for both, since he's overweight and since my mom had cancer. Those were with the parameters given. Type 2 runs in both of our extended families, but neither of our parents have it, just grandparents and aunts and uncles. Other than that, we're both really healthy; we never really go to the doctor. We don't need to. It depends on the plan and their health.There is no way we have EVER been able to get it as low as double that for my dh. (type 1 diabetes) As for nonnegotiable. Pfft. Or what? You'll divorce him? Ultimatums tend to be bad ideas unless you don't care about following through to the often bitter end. Yeah, ultimatums usually backfire. With a speech about commitment and all.:tongue_smilie: My non-negotiables are don't be lazy, treat me and the kids kindly. Everything else we can usually work out. I was pleasantly surprised how well the conversation tonight went; we have a game plan, we have some goals, we are working together. As long as disaster can hold off for a few more months, *knock on wood* we should be fine. Quote Link to comment Share on other sites More sharing options...
kitten18 Posted August 13, 2011 Share Posted August 13, 2011 Life insurance, enough that I would never have to work. I would sell this house and move closer to family, either to NE or PA. The housing price there would be about 1/4 the price of our house here. Quote Link to comment Share on other sites More sharing options...
2squared Posted August 16, 2011 Share Posted August 16, 2011 As for nonnegotiable. Pfft. Or what? You'll divorce him? Ultimatums tend to be bad ideas unless you don't care about following through to the often bitter end. Nope, divorce is not needed. I would go back to work if we couldn't afford $50/month for life insurance. Life insurance is included in my list of basic necessities. If dh can't provide for those basics with his 1.5 jobs, then we need more income. I am fortunate since my dh agrees with me. Quote Link to comment Share on other sites More sharing options...
reign Posted August 16, 2011 Share Posted August 16, 2011 Financially I'd be better off. Insurance would pay off my house and provide for us till the girls are 18. I could probably pay for most of the rest of my degree too. Oh and all our debit paid off. Quote Link to comment Share on other sites More sharing options...
eternalknot Posted August 17, 2011 Share Posted August 17, 2011 Before every deployment we had to have those uncomfortable conversations, and a game plan in place. Our plans haven't changed much over the years. I work outside of the home, and always have. My job is flexible enough that I can work as much or as little (even zero hours) as I want or need to -- that's part of why I've held on to it all of these years. If my husband died tomorrow, I could go back to work full-time and earn enough to support myself and our kids. His insurance would be enough, though, that I could continue my current schedule of zero- and part-time work (depending on the time of year) which would allow me to still homeschool. Alternatively, his insurance would allow me to return to work full-time and send the kids to private school. But even aside from my job and his insurance, my own family would never let the kids and me go without. We'd live with family, share resources and expenses, and be just fine financially. TBH we do this now, even with DH alive LOL. Quote Link to comment Share on other sites More sharing options...
NotSoObvious Posted August 17, 2011 Share Posted August 17, 2011 Life insurance, and quite a bit of it, thank goodness. Best money we spend each month. Depending on how we were all feeling I'd either keep homeschooling and move closer to my family, or I'd go back to work and put my kids in private school. Quote Link to comment Share on other sites More sharing options...
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