Life Insurance

momofcatan

Last week was all about home ownership. Let's talk about life insurance.

momofcatan

DH and I are finally getting life insurance sorted out, just had the medical done last week. We are only getting a 20-year term plan right now.

dmlk413

I have a term life insurance policy and DH has two.  DH has had one policy since college and he and I got policies right after DD was born.  DD also has a very small policy.

BunnyLove416

I'm covered through work, I'm in the middle of getting my H something since he's a freelancer without benefits and it stresses me out. 

Lizzybizzy80

We each have term policies, I think 30 years. DH cashed out his whole life and we moved the money to retirement savings as it hadn't earned a penny over the many years he had it.

momofcatan

Is getting life insurance through work fairly standard in the US? I think I have through work (through extended benefits) is only 1 year's salary. I feel like that is pretty standard for Canada.

ColieAnn31

I'm not given benefits through work so I don't have life insurance. Alex does though but I'm not sure what the details are of his though. He has life insurance for himself and for Grayson I believe.

musicalsilver

DH has his through his employer, and I think he got a small policy for me when LO was born.  I have no idea if it's term or what ... 

ConnieRob

I'm not sure what it is....it's offered through DHs work. We have 5x salary on him, 20k (max allowed) on me and 5k for each child.

daffy2k

We have 20 year term policies for DH and I. We took the policies out when we bought our first house. Mostly to protect me should something happen to him. I didn't want to be grieving on the street because I couldn't pay for my house. The term on me was just so cheap that it was worth getting so that DH had the moe y for my funeral and as an added bonus could pay off the house. We plan to convert some over to permanent before we turn 30 to take advantage of lower rates.

ilovemarfa

My husband has it through work. I used to have life insurance when I was employed wih the federal government but since I'm a sahm I don't have anything anymore. We don't have life insurance for our kids.

ASmallWonder

@34blondie but, god forbid you die, (or any other SAHM) remember that your husbands would then have to pay a significant amount of money for child care.  Don't discount the worth of your life, to be totally blunt.

numbersgirl08

@ASmallWonder‌ I was about to say that too. If the main childcare provider dies, then someone will have to watch the children. It's entirely possible that his job might cover it just fine, but it's something to consider.

We both have term through my work. We bought mine up to a few times my salary, but couldn't up his. He will get more through his work when he starts again. Right now I'm the main provider.

momofcatan

34blondie said:

In laws would do it for free in my case. They really want me to go back to work right now because their other two grandkids started school. We've tried but can't find any monetary value in me

That made me lol. (Getting off topic here) Have you considered send M to part-time grandparents daycare, since they seem so willling, so you can have a break when the new little arrives?

ASmallWonder

34blondie said:

@34blondie but, god forbid you die, (or any other SAHM) remember that your husbands would then have to pay a significant amount of money for child care.  Don't discount the worth of your life, to be totally blunt.

In laws would do it for free in my case. They really want me to go back to work right now because their other two grandkids started school. We've tried but can't find any monetary value in me

I chuckled and god, I'm being so morbid BUT - while free care is great, everyone should be prepared (within reason) to face a situation where they have to pay.  Again, god forbid, anything should happen to THEM, your DH would be, for lack of a better word, screwed.  

cafecreme

DH finally just got life insurance 2 months ago. 30 year term through Prudential. He has a small amount of life insurance through his work...something like 30k, but we obviously needed more. I don't have one because I stay home.