Do you have life insurance?

soaringflutes · January 2013

This is my first child, and I'm not in a relationship with the dad, other than friendship. I was thinking I should consider getting life insurance for my child, in case anything happens to me. I'd want my child to be provided for. Has anyone else done this? Or do you feel it's necessary?

Country Girl in the City · January 2013

I have it through my job. I would say that it is definately necessary especially in your case. You may also want to talk to a lawyer about what would happen to LO if something should happen to you. If the father doesn't want full time custody in that case, you should make arrangements for that too should something happen to you. I am also taking out a small policy on LO. I really don't like to have such morbid thoughts but things do happen.

letzgoracing81 · January 2013

ah crap....one more thing to think about....guess I need to get this taken care of also!

kat1221 · January 2013

DH and I have it through his work. Before that we got it on our own in case something happens to one, or the both, of us.

ShellBear+ · January 2013

We have policies through my job but really it's not enough. I talked to my ins company about taking out term policies recently and they told me that my policy can't be written until I have the baby. Since I'm pregnant over 35 I'm not insurable right now, crazy huh.

danieleandwayne · January 2013

I have a small policy through work, but it's basically enough to bury me (thankfully, I'm covered by MH's veterans' benefits). So when we got married, we got some life insurance for both of us-- enough to pay off the mortgage, pay for funeral expenses should we want something other than what the VA will offer us, and maybe also pay off the car loan or have some extra so the other one of us wouldn't have to work for a month or two.

When P?pite arrives, we'll add a new policy to cover each of us up to $1million. Just in case.

lilblt19 · January 2013

We had a policy in place but right when I found out I was pregnant, we added a new policy that gave us a little more cushion.

amie444 · January 2013

Just filled out the paperwork this past Saturday. I have a few health conditions so I am crossing my fingers that is gets approved!

dhreczuck · January 2013

I have fairly decent policy through work and DH bought his own policy which he's planning on increasing before LO arrives. After DH and I got married, I thought to ask him who he had as his Life beneficiary on his policy and he still had his nephews down!! He never really thought about it, so glad I thought to ask!!

jglenn4 · January 2013

If you can afford it, It's definitely something you should have. Actually, even if it's a stretch financially you should get it. It might be wise to meet with a financial planner because they can help you choose the right plan for you (e.g. term life is generally pretty affordable) and plan for your future.

happywifemomofone · January 2013

I hope that you don't mind a TTC >35 lurker responding. I was a single mom for 15+ years and consulted with an attorney when my son was small. You need to see a lawyer, life insurance by itself doesn't go far enough. My lawyer set up my estate (to include life insurance) to be in a trust. The reason for this is, without it your child will get access to your entire estate on their 18th birthday. The trust that my lawyer set up had disbursements every 5 years until age 40. 18 yo with unlimited cash flow can be life changing in a not good way. You will also need to choose guardian(s) in the event anything might happen to you. I felt like having all this paperwork drawn up really was worth the money and gave me piece of mind. Good luck.

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