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Do you have life insurance?

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Yes, we've had it since we first got married, over 21 years ago.  We buy it from USAA. 

 

(Plus, we had term life insurance from the military, but that disappeared when DH retired.)

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We have term life through dh's employer. He has 1x his salary provided, and we added more that we pay for, for me and the boys as well as more for dh.

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We have term life through dh's employer. He has 1x his salary provided, and we added more that we pay for, for me and the boys as well as more for dh.

Why do you have it on your children?

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Why do you have it on your children?

 

Not the person you quoted, but we have it on the kids to pay funeral expenses, etc. 

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We have term life through dh's employer. He has 1x his salary provided, and we added more that we pay for, for me and the boys as well as more for dh.

 

We have that too through dh's work.  For him, me and the kids.

 

I just think I want to add more.

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We insure against things we can not afford.  I can afford funerals.  I can not afford to support my family if DH dies.  Not the way we live now.  He can not afford to replace my (small) income and my (huge) unpaid contributions to our household.  So yes, we have insurance on him, and a bit less on me.  Privately purchased.

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I have 100k on myself through State Farm. I just renewed for a ten year term which will get my kid completely launched. Dh has $50k at State Farm and more at work.

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Yes, DH and I both, from Hartford.  20 year term that will be up in a few years.  DD will be 20 at that time, that may change things.

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My husband and I are insured, term policies till the youngest child is 25. The kids are not insured; we could pay their funeral expenses. 

Edited by marbel

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My husband and I are each insured through State Farm for very different amounts of money. If he died I'd still be supporting a minor and since my husband's only sibling has stage 4 cancer at age 43 it's likely I'll have to help care for his parents in addition to mine. 3 of our parents have parents and grandparents who lived decades beyond the average for their generations and two died in their mid 90s due to an accident and foul play, not illness. I could have quite a few people to care for for a loooong time.

I don't contribute financially to the household so it's about a year's salary plus enough to cover the cost of private school for the youngest.  No policy on the kids.

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We have term life through dh's employer. He has 1x his salary provided, and we added more that we pay for, for me and the boys as well as more for dh.

Same for us as far as employer, my parents also have a policy on each of our children through Gleaners Life Insurance. Dh's parents have a Thrivent policy on him & my parentshave something smal on me I think from a long time ago as well.

Edited by Prairie~Phlox

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Yes absolutely.  We got whole life through USAA the year we got married, but have added term policies also as our life circumstances changed.

 

We have enough on DH so that I could keep homeschooling until the kids graduate without having to sell anything or get a job, and enough on me to hire a maid, groundskeeper, personal chef, laundry service, and send the kids to private school if DH needs to.   

 

Because we own a family business, the brothers also each took out insurance on one another so that, should the unthinkable happen, they would have enough to buy the outstanding shares, and/or hire several employees to take over the empty position.

Edited by Plink
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Yes, we have a pretty substantial policy on DH and I have a small one on myself. In the event I died, DH could use mine to replace some of the domestic care for a year or two. As the kids grow up, though, it is becoming less necessary (mine, not his).

 

My policy is through Allstate. DH has a policy through Allstate and one through Shenandoah Life.

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We have term life policies through Savings Bank Life Insurance plus DH has some nominal amount on him & the kids through his job.

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The kids are not insured; we could pay their funeral expenses.

Yes, that's exactly my thought process also. We have insurance for things we can't afford, like trying to replace my husband's salary.

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Yes.  I got mine through a local insurance agent/friend.  My dh had to get his from a special company that specializes in pilots.  I can't remember the name.  What really saved us was the long-term disability insurance that my husband had taken out.  

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Why do you have it on your children?

 

I work part time. If one of my boys died I would want the flexibility to stop working altogether to be with the other.

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Yes.  We have our own policies through Primerica.  A larger policy on DH and a smaller one on me.  DH also has it through his employer (one years' salary I believe).  FWIW, we also carry disability insurance on DH.

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Dh and I each have several hundred thousand. We first got it through LifeQuotes or something similar about 20 years ago. Dh's is due to renew soon; I'm not sure of the status, but he has health issues that cause me to wonder if we will be able to afford to continue his.

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Yes. When I was teaching I had it through my school board insurance. Now it's from dh's employer. His is higher than mine, since he's the wage earner (plus as the employee he gets more for less), but mine is a decent amount.

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We have various policies (through work, etc.).  The main bigger policies are from Liberty Mutual.  Those are 30 year term life policies.   Whole life policies for large amounts are a lot more expensive.  Those did require a physical. They send someone out to the house to do that.  Rates are based on various health factors.

 

 

 

 

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We have half a million on me and a million on dh, outside of his work's amount (a complicated formula). He has a succession plan signed and in place; if he were to predecease me when still working, his partner would pay me a certain sum over a period of years.

 

Ds23 now has life insurance through work, 1x his salary I believe.

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We have a substantial amount on both me and dh. Because if I die, he would want to stay home and take care of the kids so we needed the same amount on both of us. It isn't as important now that our kids are older, but we haven't cut back. Dh also has some through his work.

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Yes, that's exactly my thought process also. We have insurance for things we can't afford, like trying to replace my husband's salary.

We could pay for our children's funerals but it would still be a burden. Also, having that would give a nice buffer if dh wanted to take time off for an extended period of time if we lost a child. The way the life insurance for them works is it's an additional $4 a month no matter the number of kids we have. All 5 are covered for only 4 dollars a month. Once our 6th is born they will be covered as well but the price won't go up.

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My husband has 15x his salary. It's term for 20 years because that's when the last child will be out of the house and then he won't need as much. I don't currently have any, but I will get some soon. Probably equal to 4x his salary. The kids had small policies for burial because it's a rider on my husband's policy for a few bucks a month.

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MY dh has both term and whole from USAA.  He also has a policy at work and I am also covered with a policy from his work.  I probably could not get life insurance for myself without the work insurance since I have a few chronic illnesses and conditions that can affect lifespan.

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We both have 10 times our full-time working annual salaries, even though I don't work full time. We don't have anything on the kids... I had never thought of it, it's true the mind avoids some things...

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We each have $500,000 through Allstate. Then we also each have one year salary through work and some additional small policies that are basically burial funds. We also have private policies on the children that my grandmother purchased, and they have a rider on one of our life insurances as well.

 

We wanted to make sure that all debt would be paid off and enough left over to live on for a few years.

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Yes! We just got some last year. Just on my dh and myself. DH's policy is pretty decent sized, mine a bit smaller. We just got term that will cover until the kids are adults. Ours is through AAA.

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Yes. More on DH, but enough on me to cover quite a chunk of what DH might need to do to make up for kid/house care till the kids are grown.

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Yes, my work automatically does 2x my salary.  I choose to pay for another 2x on me and DH.  I also have 20k for the kids payed for through work.  If I had to face losing a child I'd like the financial ability to take time off without worrying about losing the house.

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We have more than enough on dh and I. For me, it's about paying for help around the house and when the kids were younger, for private school. For dh, it's to fully pay for a house and replace his income until I am old enough to be of retirement age. The only reason we have life insurance on the kids is because it costs less than $15 per year for them to each have $15,000 in coverage. Otherwise, we wouldn't do it.

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We each have some life insurance through employers and through our respective pensions (teacher and police). We have purchased additional life insurance through Knight of Columbus.

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Yes, I have life insurance that I bought separate from work 20+ years ago.  I don't actually remember who it's with, LOL.  They take the premium out of my checking account each month.

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We have several policies - one through State Farm, one through the NRA, and one through DH's employer. The coverage is substantial and cheap because of our ages. DH also has one on me :)

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My brother sells life insurance. Offhand I don't know the specifics of my policy because I trust and leave that to him, but I know the kids and I are all covered. 

 

My ex-husband has life insurance, too. Our decree specifies the amount and that I'm to remain the sole beneficiary. His girlfriend isn't thrilled, but I watch enough Lifetime for Women movies to believe he ought to thank me ... on the off-chance she has nefarious intentions LOL.  I try to be considerate that way!

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You betcha.

It's one form of investment. At this point we view it as enough to bury us and leave enough for our ds to have a decent wad for a house down payment. That lets us feel free to spend the rest. Lol.

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Not the person you quoted, but we have it on the kids to pay funeral expenses, etc.

We have it for the kids but it's an automatic benefit from my husband's employer. Hypothetically the value for me is that I could see being too distraught to get back to work ASAP and it would tide us over until we were ready to rejoin the the world of the living. It would allow

for an unpaid leave of absence to just be with family and regroup/mourn without the added stress of lost income.

Edited by LucyStoner

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Yes. Through work and a private company. We bought when young, thin and healthy so it is super duper cheap. I advise younger adults to get it just so they can lock down a tiny term rate (if no prior serious illness) before they have kids and mortgages and NEED it but will pay a lot more because the rates are much higher when even a little bit older or a little bit heavier or after a health matter arises.

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We have enough life insurance to pay off the mortgages.  This will reduce costs enough that the survivor can live on the income from the rental property if they sell the big family home and move somewhere more sensible.

 

My employer also provides life insurance/pension: a 3 x salary lump sum, plus half the pension that I would have received if I had lived to 65.

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We could pay for our children's funerals but it would still be a burden. Also, having that would give a nice buffer if dh wanted to take time off for an extended period of time if we lost a child. The way the life insurance for them works is it's an additional $4 a month no matter the number of kids we have. All 5 are covered for only 4 dollars a month. Once our 6th is born they will be covered as well but the price won't go up.

 

Having lost a baby and worked with grief support groups, I think this is important to consider.  Some people can pop right up and go back to work, but others of us can't.  Dh ended up taking a month (some vacation, some holidays, some just kindness from employer), and if I had been working, I would have likely needed three.  In addition to your own grief, you might have other children at home that need more parent time to work through their grief.  In general, with kids, people don't take a couple of days, have a funeral and then just go right back to work.

 

We have a substantial emergency fund, but when dh's job has had the super cheap insurance for dependents, I've signed up for it.

 

And we do have insurance on both of us through Allstate.

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Yes. Through work and a private company. We bought when young, thin and healthy so it is super duper cheap. I advise younger adults to get it just so they can lock down a tiny term rate (if no prior serious illness) before they have kids and mortgages and NEED it but will pay a lot more because the rates are much higher when even a little bit older or a little bit heavier or after a health matter arises.

 

Ds is 18 and I'm thinking about trying to get a 30 year term for him.  I developed auto-immunes that made me pretty much uninsurable.  Fortunately, I did get one 20-year policy for myself (quite expensive) when I only had one condition.  Dh added on a higher value for himself 10 years later, but I couldn't.  I think my kid has his dad's health genes, but I would hate if he couldn't get insurance to protect his kids later.

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