Morbid, but how much life insurance do you have?

robbie3982 · June 2009

No exact numbers needed, but what would your life insurance cover? I have 3 times my base salary currently through work. That would equal out to about 35k less than what we have left on the mortgage. I think I want to get supplemental to make sure DH would have enough to take care of the mortgage and funeral costs so that he would only have to worry about having money for child care and bills.

mrsekins · June 2009

We don't have a policy for me right now. But since DH works in a semi-dangerous job, we have a policy for him. I would be able to pay off the house, and have plenty for a funeral, and probably pay off all other debt.

Jimsgirl5821 · June 2009

My DH has enough on himself that I'd be able to pay off the house and have some left over. He is a police officer and gets all these policies through work. I only have the policy I bought which is about enough to cover half the mortgage.

katie_cj · June 2009

I have two times my salary through work. I know my parents have a policy with me as well (part of a family package).

FI and I are meeting with an insurance broker to get more information. We currently rent, so we don't have a mortgage. But I would like to have more just in case something happens. Last thing LO or FI need to worry about in a tragedy is money.

Temp159135562506975 · June 2009

we both have policies through work automaticall- i forget what they are exactly - a few x's our regular salary....and we have private policies to help cover the cost of our home - so either of us could afford to stay here + pay for funeral, + help with other costs... I think Dh's is 500K and mine is 300K (since he makes more than me... he's worth more, lol). We do need to up them eventually- since we'll now have 3 kids to care for/college, etc.

madhatter2003 · June 2009

enough to pay off the house completely and have about 2 years of salary to live on afterwards....i carry more on me since I'm the breadwinner, but we have enough to cover the mortgage and debt on both of us.

tiffianyleshawn · June 2009

Both DH and I each have two policies each. One whole life for 250k and one term life for 250k...

hula_lula · June 2009

I don't remember. I believe we have the whole house amount plus 2 or 3 years' worth. I have another policy through work that covers a year of my salary, too. I think....

matt&steph · June 2009

We each would get a year of the other's salary through our jobs. In addition DH has taken out a policy on himself so I could pay for the funeral and our morgage. If I died DH would do fine on his salary so there was no reason to take out a policy on me.

peppermintgirl · June 2009

DH's is enough to pay off the mortgage, his truck, funeral costs, and the remaining amount would be his salary for approximately three years. He took out a policy through his job for me that would almost pay off the mortgage.

C.Mo · June 2009

I have a small amount on DH through my work...enough to help me with a funeral, bills, and expenses for about 2 years.

I have one on me that would enable DH to pay off our house, have my funeral, and put at least one child through college.

blf722 · June 2009

I need to get some stat! I've been doing a lot of reserach and I'm thinking term is the way to go... cheaper and would rather invest in other options rather than whole life.

Heather&Carl · June 2009

We took life insurance out so it could cover the rest of our house mortgage, cars, student loans and some extra plus the funeral.

mandolynn81 · June 2009

dh has 25,000.00 policy that was a perk on his work health insurance. That's all we have sofar.?

?

lujain · June 2009

I was researching this yesterday. I think we will get quotes for me and DH to get 500k of coverage each. If the premiums seem like too much for our budget, we will adjust from there. We also need to get a living trust set up.

Clevelander · June 2009

I have 2x my salary at work which I lose when I leave technically in one week. and since I have my own business and usually am not employed I think I have 5x my usual income. I think DH has 3x his salary

Mrs.Teddy · June 2009

We both have policies thru work that would pay out 2X our annual salary. We also have 500K each, and we are taking out a 25K rider on the baby, which I hate to even do, it creeps me out but our financial advisor suggested it and its not very expensive. We just increased it from 250K to the 500 because of the baby, we would want more for the other to be able to be home longer.

peeper72 · June 2009

We each have a million - this was based on current and future earnings and what we would leave for her lifetime if we both dies in a fiery crach. Private term policy so if we leave our jobs we aren't older when we apply for insurance. We do both have additional coverage through work but again those policies are tiny and labile.

CPSTmama · June 2009

We both have policies through dh's work and soem private insurance as well.

If something were to happen to DH I would have enough to pay off the house, car and any credit card (we don't generally have much of a balence anayway) put aside some to help with the kid's college and enough for us to live on for the next few years while I finish the college program I am currently in.

I SAH and am a part time student. DH would have enough to pay off the house, etc.. and some to help with the kid's college. We do plan on upping my insurance at some point.

MrsJY · June 2009

I have more than enough through work (300%) and a private policy (opened when I was 3) to cover all of our expenses and more. We also have insurance on our mortgage and LOC. However, not too sure about DH... he's covered through my work at 300%, but not sure what he has through his work. Should probably look into that!

Iblamethebeer · June 2009

right now I have 3x my salary and DH has 1-2x his.

we are planning to get term policies asap after the kiddo arrives that will be much larger -- something like 10-15 years' salary for each of us. We figure the remaining parent would need to make work schedule adjustments, hire out some of the "labor" we each contribute to the household, and keep up with almost almost as much as we save as a couple.

also, that way if we both die, there is enough money in place to pay for our kids' college and living expenses.

mooninlv · June 2009

$1mil each

ShawnaDanielle · June 2009

DH has a 500K policy....we don't own a home yet, but it'll covers things like student loans, car loans and other living costs. And I don't have one yet, once the baby is born than we will get a plan for me as well.

TimsMayBride · June 2009

I have 6x base salary through work, plus another 30K through medical insurance. My dh has a small term policy through work, plus 50K term through my work, plus 30K through medical inurance, plus a 250K term policy through our insurance agent. I am debating doubling his through the inurance agent; unfortunately they wouldn't write a policy for me due to a chronic health condition so I'm maxed out.