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Adopting and Life Insurance

iluvhimsoiluvhimso
in Adoption

Thank you for the responses to my earlier post.  We have had the weekend to go over the questions and I am feeling confident about my responses. 

As you are aware, we are in the process of filling out our comfort level assessment and questionnaire for our agency and we have to list how much life insurance we have.  We kind of always thought we would get life insurance when we found out we were going to have a child. 

I have a call in for a quote but I am wondering it is acceptable to put that we are shopping for insurance and will have it by January 1.  Did all of you already have life insurance?

 

Thanks! 

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Re: Adopting and Life Insurance

  • jewele803jewele803

    Our agency had no requirement for us to have life insurance.  I thought it was strange they never even asked, we had it in place prior to our plans to adopt.  In most cases, term life insurance is really inexpensive...everyone ought to have some, IMO.

     I would feel comfortable noting that are shopping rates on your application.

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  • rottimomrottimom

    Do you have it through work?  Its not a requirment for us, but its always a good idea to have when you have kids...provides for their long term care and all. 

    Always be honest.  It's simple enough to pick up a policy if they require it.  The agency and social worker want to help you comply...its not a trick question. 

    GL with your application.

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  • Temp206787500007404Temp206787500007404

    We're both have automatic coverage through our companies (covers our annual salary up to $50k) and then we both maxed out the elective term life coverage for ourselves (both are 10x annual salary with a max of $1million) and spouse (2x annual to a max of $250k for my company and increments of $25,000 up to $250,000 at his company).  Plus AD&D coverage.

    Term life is probably the cheapest benefit your company offers -- you should take advantage of it!  (Assuming they offer it.)  Combined we have about $2mil in coverage and it costs us less than $30 a month.

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  • TTCgradstudTTCgradstud
    We have whatever is provided by our employers, but plan to boost it once we are parents.  You might be able to get a decent deal through your employer or your DH's employer. 
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  • speak-ezspeak-ez
    We both have it but if I were you I would just call the agency and ask. Ours doesn't require it although they recommend it.
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