CP: Life Insurance

ssimon621 · March 2013

[Poll]

ssimon621 · March 2013

DH and I are in the process of getting adequate life insurance policies for ourselves and LO and I was wondering what everyone else was doing.

I hate to be morbid, and although we are young you never know what could happen. My dad died in a car accident at 30, so I am well aware that anything can happen at any time and we want to be prepared.

Bella61811 · March 2013

I have the Life Insurance offered through my work. Audra has the largest amount of the grow up Gerber plan that I could sign up for. It only costs around $28/month. DH didn't have but I believe he may now be signing up for the plan that his job offers.

n8swife · March 2013

We both had small policies that our parents started but we got another policy when we found out I was pregnant. It would be enough to pay off our mortgage, cars, student loans plus some if something happened to one of us.

SrhA1984 · March 2013

DH has a policy through his employer that covers 1 year of income + a little more. We also got life insurance through a company that would cover all of our debt at the time (mortgage, student loans, cars, etc.) plus a little more. Ava also has a small policy through Gerber.

Lena122 · March 2013

That's a lot of clicky options!

We both have it through our work and use that same policy for LO.

NatesLady1309 · March 2013

I didn't vote. We are in the process. I believe it will cover both DH and I.

pinkshades05 · March 2013

We have life insurance on DH (10x his income so that I would survive) and we're going to get life insurance on me. We have life insurance on Nat, but only to cover burial (which is morbid so let's not talk about this).

Mar5195 · March 2013

We are loaded with life insurance. My father almost died when I was a teenager. Thank heavens he surived (major head trauma accident). But I remember my Mom having a conversation with an insurance broker and crying because they had so much coverage if anything happened she wouldn't lose the house. Personally I think when you buy a home you should have enough to cover the mortgage just in case. And when you have children you should up the value of your policy. We did it when I was pregant. One less thing to deal with.

MrMrsandBaby · March 2013

We have almost 10x salary on each of us. More than enough to pay off every penny of debt and put enough away for Allison's care. It may not be enough for 100% of college but that isn't what it is for really.

Right now, half of our coverage is term life and half is universal life. I wish we could get it all to UL but it is too expensive that way. I feel like by the time the term life policy expires, most of our debt will be gone anyway (or at least significantly lower) and Allison will be out of college, so we are ok with that.

NatnDyl · March 2013

DH and I have coverage that we bought pre-baby and is enough to pay off the mortgage but nothing else. That is what we could afford. My parents used to have a policy on me, not sure if they still do. We really need to re-examine our coverage and get some for Connor, in addition to drawing up our wills, but we just keep putting it off.

jju_stb_jju · March 2013

i voted ss because dh and I do but we don't have any for ds, but my grandparents are paying for life insurance for ds. So technically he does but we aren't paying for it.

MeganSony · March 2013

We have life insurance on DH enough to cover our mortgage and debt and a touch more. My life insurance is low low low! Because of my medical history it costs a fortune for me to have insurance. So I have a UL policy of 100,000$ and that is it. I took it out when I was 19, so the rate would be good.

Can someone explain what insurance on our children would cover and the benefit of having this?

k3montel · March 2013

I have minimal through work, but DH has good life insurance...still through work, but he opted for the highest option because of the health issues he has experienced in the last two years. We don't have any for PJ.

ssimon621 · March 2013

MeganSony:

We have life insurance on DH enough to cover our mortgage and debt and a touch more. My life insurance is low low low! Because of my medical history it costs a fortune for me to have insurance. So I have a UL policy of 100,000$ and that is it. I took it out when I was 19, so the rate would be good.

Can someone explain what insurance on our children would cover and the benefit of having this?

Life insurance on your child would essentially cover burial. But I can imagine that if something happened to Skyler, DH and I both would need to take a leave of absence from work. The insurance would cover our lost salary. Otherwise, most child policies can be converted when the child is of age and doubled, quadrupled, or whatever. They guarantee issue of the policy, so this is great if the kid does develop health issues as a teen. They would still be able to have some coverage as an adult that won't break the bank.

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