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Do you have life insurance?


mommyoffive
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Dh and I have always had small policies through each of our jobs, but when I became pregnant with ds 13 years ago, we bought term insurance through an insurance company. It is important to us to have life insurance not tied to our jobs so that we will still be insured whether working or not.

 

I did the math yesterday, and each of us has about 6.5 times our annual incomes in insurance. I would prefer to have 10 times our annual incomes, so I may need to look into adding more. Sadly, I doubt I can be insured for more, as I had open heart surgery as a child and insurance companies don't like that at all! It was really difficult getting my policy 13 years ago, so I don't know what would happen if I try again now.

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It can be hard to look at something so horrible and emotional in a logical way but here's something people may not consider when deciding how much insurance to take out..... how long will you, the surviving parent or spouse, need to take off from work to grieve before you can function again? Do you have enough in savings to cover all that time? What if you lose your job due to overwhelming depression and missing work?  How will you support your family?  So yeah, we carry insurance on the kids, myself, and DH.  

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We have enough money for funerals for the children too and time off.  I just figured to pay the tiny amount of money through dh's work for extra.  I would be nice not to have to dip into savings at a horrible time like that.

 

So no some more questions.

 

What company is your insurance through?

 

How much do you have on yourself and your spouse.   

 

Are you a SAHM?   

 

Did you do term or whole?

 

How much do you pay per month?

 

What age did you get insurance?

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We decided, in our 20s, to get a mix of term and whole life through the same company that sold us our homeowners' insurance (which required a medical questionnaire, height and weight check, and urine sample), and DH also has some through work.

 

I am a SAHM now, but that makes insurance more important, actually. (DH makes enough money to pay living expenses without any income from me, but suddenly needing full-time child care and part-time tutoring and housekeeping would be different.)

 

For the insurance on DH, we figured out how much money it would take for me to stay a SAHM until DS finishes high school.

 

ETA: We do not have insurance on DS. We could write a check for funeral expenses, and the odds of needing to do so are slim. We'll encourage him to get long-term disability insurance as soon as he is working, and life insurance before getting married.

Edited by whitehawk
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