I only have what is offered through my health insurance. I don't know a lot about LI but do know that you would want to get whole, not term. Shop around. Call your car insurance carrier and see what they have to offer...you may get a discount for multiple policies. Also, you may need to do more than just LI. Because she's a minor, you'd have to make someone else the beneficiary...you need to set a 'guardian' for her in a living will. Good luck!
I'm in the process right now. I will have the policy start 1 month before my due date. I think the main thing is you want to go with a reputable company, like State Farm or Allstate. Not hors insurance company. Also I am looking at Return of Principal term life insurance policies or policies where they make money for me over time. With the ROP policies , if you do a 20 year term policy you get all the money back after 20 years if you don't die. If you do, then they pay out your policy of how much you bought, like 750k or whatever. There are otter policies that can invest and grow over time. For me I'm 33 so I can get policies that might be 50k by the time I hit 65. So I recommend talking with someone and looking at what you can spend monthly, how much you need in case something happens, and what bennefit the policy offers you if you out live the term. A reputable company should be able to help you for free.
Okay I'm going to disagree with PP and say whole life insurance is a racket. If you want to invest your money you will get far better returns in a different type of investment. Term is cheaper especially when you're young and in good health. Salesmen will try to sell you on whole because there are greater fees and commission.
I will agree with going through a good company. I use AAA for one of my policies, the rest are through work. I have a lot of insurance because there is greater likelihood of my early death than most due to my job. I bought an additional policy when I got pregnant with LO.
Also agree you need to set up a living trust as the beneficiary because minors must have a financial guardian and you want to set that up, whether it's the person who will care for them or another person. Fun!
And let me admit that I have not set up my trust yet. My oldest is the named beneficiary which would give his father control in the event of my death. On my to do list.
I have a will and trust getting set up as we speak (I work for attorneys), so beneficiaries/trustees/caregivers are all figured out. But yes, thanks guys for your input!
I get life insurance through work, but I need to get my crap in order. My daughter's god parents will raise if anything happens to me, so I need to draw up those papers.
After this thread yesterday I talked with a friend who is a finically investor. The first thing out of his mouth was whole life is a scam. It's more expensive, less benefits pay out and the guy selling it makes a huge commission. I'm totally going with term because I am not using my insurance as an investment option, I'm only buying it so LO would be provided for in case...
20thirteen
member
Re: (Untitled)
I will agree with going through a good company. I use AAA for one of my policies, the rest are through work. I have a lot of insurance because there is greater likelihood of my early death than most due to my job. I bought an additional policy when I got pregnant with LO.
Also agree you need to set up a living trust as the beneficiary because minors must have a financial guardian and you want to set that up, whether it's the person who will care for them or another person. Fun!
And let me admit that I have not set up my trust yet. My oldest is the named beneficiary which would give his father control in the event of my death. On my to do list.
30 - Waiting to TTC#2
PCOS -Fibroids -Type 1 Diabetes