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Do you have Life insurance?

post #1 of 21
5/7/12 at 8:14am
Thread Starter 

The conversation on health insurance got me thinking about this one. DH and I each have coverage and so do all 3 kids. In the beginning I had my own policy from before I met DH and DH was a rider on it. We finally decided to change that and get him his own policy. Literally 2 days later he was diagnosed with heart arrhythmia. Had we not got him his own policy when we did he never would have gotten coverage beyond being a rider on mine. It is one bill I absolutely gets paid every month. We have universal policies so they build cash value and earn dividends. The kids are a rider on mine. When they finish school they will be given the option to increase the benefit amount and get their own policy.

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post #2 of 21
5/7/12 at 8:18am

Yes.

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post #3 of 21
5/7/12 at 8:25am

Yes, we have a "first to die" policy, as we don't have kids. So, it's one policy, and whichever of us dies first - it pays to the other. I also have insurance thru my work, and DH has some thru my work as well.

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post #4 of 21
5/7/12 at 8:39am

Yes I have it through work and it is very reasonable. 

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post #5 of 21
5/7/12 at 8:44am

Just through work which is provided free by both our employers.  

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post #6 of 21
5/7/12 at 8:52am

Yes, but we only have term insurance. A long time ago, when we were young and not as financially savvy, we had universal life policies (like whole life, just another name) and they ended up being a really, really bad deal.

 

We have more than one policy. Hubby has one through his employer but it isn't very big. It only pays out double his annual salary.

 

We have a couple of smaller policies to pay off small expenses in the short term - like extra costs for the funeral or to provide cash if access to the bank accounts is messed up. Our plan is that liquidating the smaller policies first will give the survivor time to think about what they really want to do with the money from the larger policies. It is best to wait to make that kind of decision.

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post #7 of 21
5/7/12 at 10:24am
Yes, always, on our own and through our jobs.
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post #8 of 21
5/7/12 at 10:35am
Thread Starter 

Cookie, if you say universal and whole policys are not financially smart what kind of policy do you have that can be liquidated? I have been shopping around and those are the only kind I have found that can earn cash value. Any and all terms policies are payable only on death and cannot be liquidated. I wasn't comfortable with term because it will be even harder to come up with funeral costs on a fixed income in our later years. Of course, I will be lucky if DH makes it to 70 with his issues. DH also has some insurance through his job but they are only payable if he is killed on the job. It is pretty substantial though.

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post #9 of 21
5/7/12 at 10:53am

We only have term as well, for both myself and dh, though mine is a lot less since I'm a SAHM.  We don't have any on ds, we don't need it for him.  If something should happen, we have plenty saved to pay for final arrangements.

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post #10 of 21
5/7/12 at 11:50am

Yes. We have a great deal through hubby's employer.  He has quite a bit, mine is less than half as much, but enough for him to arrange child care for some time.  It's a percentage of his salary (like 500% if that's considered a percentage) so it goes up every time he gets a raise.  There's also a flat amount paid to me by the employer for an accidental death.

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Mommysavers › Forums › Frugal/Simple Living › Money Matters › Do you have Life insurance?