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Apr 28, 2024 21:39:14 GMT
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Post by Deleted on Oct 25, 2021 14:49:40 GMT
Slight spin off from the covid video thread. A poster asked about life insurance.
Sometimes, I think people who are in jobs that could be deemed dangerous are the only ones that actually think about life insurance. Everyone else either opts for the minimum if their job offers it or don't even have that benefit through their job. Those who can't get it through work probably don't even consider it through any other insurance. I wonder if anyone who doesn't have it even realize that even a small policy can be only a few bucks a month.
We have had a small amount on our kids since they were babies. Now they're adults, we have a policy that will cover the cost of a funeral and maybe a little extra. One has a policy as well through the military. The other does not. We will encourage him to get his own policy as he becomes more independent. Until then, we will keep ours. DH has life insurance on both of us through work. We also have another one through State Farm bundled with our other policies. It's like $3/month and will be enough to pay off the house.
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Post by allison1954 on Oct 25, 2021 14:56:12 GMT
We are at a time in our lives where we have plenty of cash and investments and no
mortgage or car payments, no kids to support etc.
I answered no.
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keithurbanlovinpea
Pearl Clutcher
Flowing with the go...
Posts: 4,254 
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Post by keithurbanlovinpea on Oct 25, 2021 14:56:15 GMT
I actually have three policies. The freebie work one and a private, term policy that DH is beneficiary for, and another private term policy that my sister is beneficiary for as "trustee" for my kids. That term policy will expire in a few years but the youngest will be 23 so I will not renew it. I may change my work policy at that time and make the kids my beneficiaries on that one.
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iluvpink
Pearl Clutcher
Posts: 4,278
Location: Michigan
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Post by iluvpink on Oct 25, 2021 15:00:54 GMT
Yes we have it on both of us. I do wish we had purchased higher amounts when we were younger and it was cheaper but we did not. We have more now but pay more due to being older. We still do not have enough on me I think as dh is a self employed general contractor and I'm the one whose job provides health insurance.
I feel like I have a very small policy on dd that I got through work a few years ago. I worry about her ever getting life insurance due to her several chronic physical and mental health conditions.
ETA Yes, we have a 5k policy for dd.
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Post by tenacious on Oct 25, 2021 15:01:02 GMT
Yes. DH has a free one from work, another supplemental one, and I have one about 1/3 the size of his.
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garcia5050
Pearl Clutcher
Posts: 2,727
Location: So. Calif.
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Post by garcia5050 on Oct 25, 2021 15:01:59 GMT
DH and I both have free policies at work. But when he got his motorcycle, I made him get a large policy. I got a smaller one at that time.
We don’t have one for our kids- as we can take care of funeral expenses for them.
A child in DHs family died (gang shooting when he was 16). They had a large policy for each of their kids and it seemed so weird to hear them brag about all the things they bought with their son’s death money.
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Post by janamke on Oct 25, 2021 15:09:29 GMT
Yes, all of us do. My husband and I both have large policies that in the event of one of our deaths, we can pay off the house, have substantial savings for each child's college account and then some. We both have work policies as well.
Each kiddo has a whole life policy that ensures "insurability" should they develop a condition that would make it difficult to obtain insurance later in life (ie cancer, epilepsy, etc).
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Post by huskermom98 on Oct 25, 2021 15:13:48 GMT
Yes, we set up policies before our boys were born because I was going to be a SAHM. We have a large policy for DH and a smaller one that he got right after graduating from college. We also got a not as large one for me. DH also has a policy or two through his work.
We didn't buy insurance for our boys, but a set of grandparents got one for every grandchild.
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Post by shanniebananie on Oct 25, 2021 15:15:57 GMT
We have a very large policy on DH - about 8 times his salary and a smaller one for myself.
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paget
Drama Llama
Posts: 6,742
Jun 25, 2014 21:16:39 GMT
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Post by paget on Oct 25, 2021 15:19:41 GMT
My work offerrs a small free policy on me and then I opted for more insurance on myself and dh through work benefits.
Since I could not get as much on dh through work as for myself as the employee, he also got an additional outside policy on himself to make up the difference. Our daughters are grown and have their own policies through their work.
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Post by ntsf on Oct 25, 2021 15:19:48 GMT
we had insurance when my dh worked.. and high level of disability insurance when he paraglided. now that we are comfortable and retired, we dropped all coverage. no point in it at this time.
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MrsDepp
Full Member
Refupea #2341
Posts: 475
Jun 30, 2014 18:36:02 GMT
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Post by MrsDepp on Oct 25, 2021 15:22:10 GMT
I have several policies. One I have had since age 19, I got another in my 20’s, and 2 more since then. My DH has the one but it’s a really large one.
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Post by compeateropeator on Oct 25, 2021 15:38:19 GMT
I answered other as I do believe that I have whatever small life insurance they give us at work with our benefits. I really should check on that, though, just to be informed.
I do not have any additional policies. I have no kids or spouse. My mortgage is paid off and I have plenty of savings and retirements accounts if something should happen. I don’t think there would be any great advantage to having one at this time in my life.
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Post by katlady on Oct 25, 2021 15:39:39 GMT
I have the free minimal coverage from work, $10,000. I used to purchase more when the kids were younger and our mortgage was bigger. But, we are now empty nesters, and the house is almost paid off. SO has a slightly larger life insurance through his work.
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Post by christine58 on Oct 25, 2021 15:40:50 GMT
I do not have life insurance because I am single with no children. I do have a life insurance policy through my retirement for $25,000. It was free so that will take care of funeral expenses etc.
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psiluvu
Pearl Clutcher
Posts: 3,217
Location: Canada's Capital
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Post by psiluvu on Oct 25, 2021 15:43:28 GMT
DH and I each have through our employers and then a large one that will go to whichever one of us die first. We don't have any on our kids. We could afford to pay the expenses for them if God forbid something happened to either of them.
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Rhondito
Pearl Clutcher
MississipPea
Posts: 4,660
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Post by Rhondito on Oct 25, 2021 15:57:48 GMT
I have two policies on me and one on my daughter.
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joelise
Drama Llama
Posts: 5,649
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Post by joelise on Oct 25, 2021 16:01:53 GMT
I have in the past when I had a mortgage but now I don’t, no one relies on me for money so I don’t see the point in wasting my money now.
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MDscrapaholic
Drama Llama
Refupea #146
Posts: 6,342
Location: Down by the bay....
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Post by MDscrapaholic on Oct 25, 2021 16:17:17 GMT
I have three times my salary at work but that’s it. Beneficiaries are my kids. I’m so glad DH had good insurance when he passed - it allowed me peace of mind until I decided what I wanted to do. Didn’t have to worry about bills.
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Post by marysue63 on Oct 25, 2021 16:31:30 GMT
My husband and I both have a life insurance policy that can also be used for long term care expenses. With both is parents having dementia it seems a good bet that he will too, and I want to make sure we can pay for it.
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Post by pierogi on Oct 25, 2021 16:36:25 GMT
Yes for both of us. DH has one through work, and he added a supplemental one for me. They're not for huge sums, but either could easily pay for burial and expenses, and have a bit left over.
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rgibson
Full Member
Posts: 467
Apr 26, 2021 22:49:21 GMT
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Post by rgibson on Oct 25, 2021 16:50:31 GMT
Dh has one through work but that's it. We're empty nesters with no debts, we have some good investments and therefore we don't feel any extra insurance is necessary.
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pilcas
Pearl Clutcher
Posts: 2,907
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Post by pilcas on Oct 25, 2021 16:56:05 GMT
I am not sure of the purpose of having life insurance for your kids. Could someone explain please?
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Post by ~summer~ on Oct 25, 2021 17:00:36 GMT
Only through our work which is like 2 times our salary.
But we can each support ourselves and the kids comfortably if one of us died.
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Post by janamke on Oct 25, 2021 17:17:30 GMT
I am not sure of the purpose of having life insurance for your kids. Could someone explain please? 1. Covers funeral expenses which in the US at least is very expensive. When DH's father passed away, the funeral cost $16,500. 2. Ensures insurability. If a child develops a chronic condition like epilepsy or gets cancer, it can be difficult or impossible to become insured as an adult. 3. Cash value if needed. Whole life insurance as a whole is a crappy deal, so this wasn't the reason we insured our kids. But it is a benefit. The premiums on my 3 kiddos is pretty small. We did it for peace of mind. |
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Post by papersilly on Oct 25, 2021 17:19:59 GMT
We are at a time in our lives where we have plenty of cash and investments and no mortgage or car payments, no kids to support etc. I answered no. this is us. or at least it will be when we retire. until then, DH has life insurance the will bridge the gap for me until i can access his retirement/investment accounts. |
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Post by MichyM on Oct 25, 2021 17:21:08 GMT
No. We both had good policies for years. Once our son turned 18 both my (now) ex and I gave up our life insurance policies as there was no longer a need for it.
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Post by MichyM on Oct 25, 2021 17:24:03 GMT
DH and I both have free policies at work. But when he got his motorcycle, I made him get a large policy. I got a smaller one at that time. We don’t have one for our kids- as we can take care of funeral expenses for them. A child in DHs family died (gang shooting when he was 16). They had a large policy for each of their kids and it seemed so weird to hear them brag about all the things they bought with their son’s death money. Ugh, I can imagine! Yuck yuck yuck. Sorry, clearly the thought of that gives me the squiggies. |
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Post by melanell on Oct 25, 2021 17:34:56 GMT
I am not sure of the purpose of having life insurance for your kids. Could someone explain please? 1. Covers funeral expenses which in the US at least is very expensive. When DH's father passed away, the funeral cost $16,500. 2. Ensures insurability. If a child develops a chronic condition like epilepsy or gets cancer, it can be difficult or impossible to become insured as an adult. 3. Cash value if needed. Whole life insurance as a whole is a crappy deal, so this wasn't the reason we insured our kids. But it is a benefit. The premiums on my 3 kiddos is pretty small. We did it for peace of mind. Our children are insured as well. And I have had life insurance since I was a child. The policies for children can often be continued once they are an adult for a very nominal fee, sometimes with the option of doubling the coverage amount for a very small increase in premium, which might be something they are interested in when they are just starting out on their own. And if not, that's fine, too. But as mentioned above, it was primarily for peace of mind. A "plan for the worst, hope/pray/strive for the best" type of thing. |
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Post by jeremysgirl on Oct 25, 2021 17:41:04 GMT
Yes, we have life insurance. There is enough that we could pay off our house and then have a funeral. We both work, so there's no need really for replacement income if our house is paid for. And yes, we have small $10k policies on the kids too.
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