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Nonclicky poll: Life Insurance
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How much life insurance do you/your DH have? Does it pay off all your debts? Term/Whole? Do you have life insurance on your kids?
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Re: Nonclicky poll: Life Insurance
Really? Sheesh - that ain't happening! I thought I'd heard 2 - 3x your yearly income or pay off all debts and a bit left over. On our budget, I'm thinking of going for a year's worth and good luck to you! I guess we'll be looking at it as some breathing room and someone is going to need to get yo sh*tz together, unfortunately.
We got 2M, 20 year term, on each of us. We live in a HCOL - I think that is important to note. That should be enough to pay off a house (we rent now), put aside money for college for a couple kids, and allow the surviving parent to stay home for a while.
No insurance on C (don't really understand the need for this unless you don't think you would have the money to pay for a funeral).
and that's the idea behind the 10x your income. it's supposed to be enough to really give the survivor enough to live on and pay off all debts for several years. some is better than none, for sure, so get what you can. but we are aiming to get to at least 5x soon.
I think we have $100,000 on DH, $50,000 on me, and $10,000 on each boy.
I may be off a little, but I'm 99% certain that's what it is. We figure it should be enough if anything should happen. It would pay off everything we have debt on and have a lot left over with DH's.
Mine could pay off 50% of the house, but if something were to happen to me, it would likely pay for daycare, since I don't bring any income in anyways and DH would need daycare being alone.
We have it on the boys for any funeral costs that would occur, like PP said. Also, it would likely pay for therapy, as I know if something happened to either boy, I would need it.
We each have $250,000k. This will pay off our mortgage plus give a decent cushion for savings so I feel good about that. More would be nice especially with baby #2 coming, but we can't swing it currently.
Oh and none on DS. We have savings should the worst happen and I think any extra money is better invested elsewhere.
on of the best things my mom did for me, without me knowing, was to buy loan insurance on both of our cars. when she died, they were automatically paid off and put into my name. it was such a relief, amid all the crazy that is losing your only parent at 19. it's usually just a couple of bucks extra on your car payment each month, but totally worth it in my opinion.
DH and I have a million. It will pay off all our debts with a ton left over. We asked my cousins to take DS if we both pass away. Their house is pretty small so we wanted to give them a big chunk of cash to get a bigger place. We also want DS to have his college paid for if we pass. That leaves plenty for the day to day costs for my cousins.
ETA: We have a million on DH. We only have 100,000 on me.
Big E (6) & Little E (2.5)