Life Insurance?

RedCamaro · May 2012

Anyone increase your life insurance amount since LO came? Have you also taken out a policy on LO?

I got an increase, but it was unrelated to LO's arrival. We do have policies on the kids to cover any unforseeable costs should the unthinkable happen. Now if only we could get it together enough to make out our wills. Indifferent

maphilli@alumni.nmu.edu · May 2012

DH and I took out more life insurance for ourselves and took out a policy called a "rider" for our DD (like you said, if the unthinkable happens) but she can also increase the policy once she turns 18 and transfer it into her name. I think it's a good idea.

mbgreenwalt · May 2012

I just increased mine to almost double what it was. DH is in the process, but it is more difficult for males to get an increase, so we will see how that goes. We each have a term policy.

We have a $25K universal policy for both girls for the unthinkable. I know some people don't think it is important, but I have first hand experience with the unthinkable. My niece was diagnosed with leukemia at 6 months and contracted meningitis while in the hospital and lost all brain function and died at 10 months old. The only thing that saved my brother and SIL from bankruptcy and loosing their house was the policy that was a gift from her grandfather.

purple4u · May 2012

DH and I both have sizable policies. We got DS a policy as soon as we got his a's number. We are getting a second policy for him in the fall. You never know. My brOther was diagnosed as a diabetic at 3 years old and cannot buy life insurance ever. Good thing my dad bought two policies for him soon after he was born. It's the only life insurance he will ever get.

RedCamaro · May 2012

purple4u:
DH and I both have sizable policies. We got DS a policy as soon as we got his a's number. We are getting a second policy for him in the fall. You never know. My brOther was diagnosed as a diabetic at 3 years old and cannot buy life insurance ever. Good thing my dad bought two policies for him soon after he was born. It's the only life insurance he will ever get.

I'm sorry about your brother. In a like situation, our insurance agent bought a policy the day after his daughter was born because he thought that his heart defect might be hereditary. Two weeks later she was diagnosed with the heart defect, so that policy is the only one she'll ever be able to get.

RedCamaro · May 2012

mbgreenwalt:

I just increased mine to almost double what it was. DH is in the process, but it is more difficult for males to get an increase, so we will see how that goes. We each have a term policy.

We have a $25K universal policy for both girls for the unthinkable. I know some people don't think it is important, but I have first hand experience with the unthinkable. My niece was diagnosed with leukemia at 6 months and contracted meningitis while in the hospital and lost all brain function and died at 10 months old. The only thing that saved my brother and SIL from bankruptcy and loosing their house was the policy that was a gift from her grandfather.

Oh my! I'm so sorry about your brother and SIL!

smilelari · May 2012

We haven't purchased life insurance yet but have considered it. We were going to purchase policies that were high enough that if we were to make 8% per year in interest, that 8% would cover that person's income. So, basically, even if that person were gone we'd still continue to have their income. When you work it like that, there's no reason to increase when you have kids

smilelari · May 2012

mbgreenwalt:
I just increased mine to almost double what it was. DH is in the process, but it is more difficult for males to get an increase, so we will see how that goes. We each have a term policy.
We have a $25K universal policy for both girls for the unthinkable. I know some people don't think it is important, but I have first hand experience with the unthinkable. My niece was diagnosed with leukemia at 6 months and contracted meningitis while in the hospital and lost all brain function and died at 10 months old. The only thing that saved my brother and SIL from bankruptcy and loosing their house was the policy that was a gift from her grandfather.

This is an awful situation.

I have a related potentially dumb question. Why would this lead to potential bankruptcy? Wouldn't health insurance cover the hospital bills?

mbgreenwalt · May 2012

smilelari:
mbgreenwalt:

I just increased mine to almost double what it was. DH is in the process, but it is more difficult for males to get an increase, so we will see how that goes. We each have a term policy.

We have a $25K universal policy for both girls for the unthinkable. I know some people don't think it is important, but I have first hand experience with the unthinkable. My niece was diagnosed with leukemia at 6 months and contracted meningitis while in the hospital and lost all brain function and died at 10 months old. The only thing that saved my brother and SIL from bankruptcy and loosing their house was the policy that was a gift from her grandfather.

This is an awful situation.

I have a related potentially dumb question. Why would this lead to potential bankruptcy? Wouldn't health insurance cover the hospital bills?

They lived 3 hours from the nearest children's hospital. SIL had to take leave from work and once my niece's condition was critical my brother did the same. They blew through their PTO and emergency fund in no time. Even with health insurance they still had substantial amounts they had to pay for her hospitalization and hospice care. I know they would rather her still be alive and in be financial ruin, but they were lucky to have that policy to relieve the financial stress while they grieved.

StefB28 · May 2012

We have a $500k policy on me & a $750k policy on DH so that neither of us would have to worry about how we would take care of the boys if the other was gone. DH brings in the 75% of our income, but if I weren't here, he would have added costs of childcare. No policy on either of the boys.

MrsLaurenandDan · May 2012

We got life insurance for the first time when I was pregnant, and just got a policy for Owen. Autoimmune disease runs in my family, and some of them like lupus make you uninsurable, so we want to make sure that he is covered.

Want a personalized experience?

Life Insurance?

Re: Life Insurance?

Choose Another Board

Search Boards