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Post by MissBianca on Oct 25, 2021 17:42:43 GMT
@stitch thank you for asking this. I was going to come back later today and ask people if they have it. Or if it was even offered where they worked. We have it for all of us. My dad had 5 small policies for my mom and he has 5 for himself.
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Post by busy on Oct 25, 2021 17:45:27 GMT
I have a free policy through work that's equal to 2x salary and then we have a policy on each of us that is roughly equivalent to 10x our annual income. We could drop DH's as my income is more than enough to cover all our expenses if something happened to him, but I like the comfort of having that extra cushion just in case and to give me extra flexibility. So at least until DS is in college, we'll keep it.
We do not have coverage on DS.
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twinsmomfla99
Pearl Clutcher
Posts: 3,985
Jun 26, 2014 13:42:47 GMT
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Post by twinsmomfla99 on Oct 25, 2021 17:45:52 GMT
I have a freebie from work for my annual salary plus a paid addition for another annual salary, so 2x my salary altogether. DH has a couple of policies that are insurance/annuity combos that used to cover about 3x his annual salary, but he has since retired, sort of. Those policies convert to the annuity in January when he turns 65, so he can start drawing income then, but will most likely postpone it resulting in higher payments next year.
We have about $15,000 for each of our twins that would basically cover funeral expenses in case of a tragedy. They are inexpensive term policies that we will drop once they are out of the house and employed.
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Post by MissBianca on Oct 25, 2021 17:55:08 GMT
I am not sure of the purpose of having life insurance for your kids. Could someone explain please? Ours will cover funeral costs and their student loan debt. We are co-signers so we would still be responsible for the debt if they pass. In fact after my mom died we upped the kids policies. Her funeraL was barebones and it was well over $6000, the headstone was another $2700. The amount for a funeral is just insane.
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janeinbama
Pearl Clutcher
Posts: 3,174
Location: Alabama
Jan 29, 2015 16:24:49 GMT
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Post by janeinbama on Oct 25, 2021 17:58:34 GMT
Yes, we have whole life insurance on ourselves one policy for each of us. We have had for a long time and the interest pays the premiums. We cashed out the other 2 policies we had and dropped all proceeds into our retirement accounts after meeting with our Financial Advisor. At that time, we had paid for DDs college educations and weddings. When I retire in a couple of months, I will lose my work policy of one year's salary.
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Post by sideways on Oct 25, 2021 18:01:12 GMT
Yes, but we just reduced mine. I haven’t worked in many up years due to health issues, our kids are grown, one is almost done with college and the money for the other is in place. My husband has a large policy, though. If we lost him, I’d need to replace income, health insurance, and cars. (We currently have a company car and a company lease for our son.)
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Post by kiera on Oct 25, 2021 18:03:52 GMT
I have a $10k policy that I get for free through work. I won't be having kids so I don't find it necessary to pay for a larger policy.
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Post by anniefb on Oct 25, 2021 18:04:43 GMT
Nope. I don't have any dependents so there is no need.
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Post by epeanymous on Oct 25, 2021 18:07:53 GMT
We both do, through our jobs. Our youngest is only six, so there are a lot of years of kid-rearing to go here.
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SweetieBsMom
Pearl Clutcher
Posts: 4,611
Jun 25, 2014 19:55:12 GMT
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Post by SweetieBsMom on Oct 25, 2021 18:43:23 GMT
I have life insurance thru work. DH had a policy. DS has a small policy thru work.
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mimima
Drama Llama
Stay Gold, Ponyboy
Posts: 5,019
Jun 25, 2014 19:25:50 GMT
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Post by mimima on Oct 25, 2021 19:08:17 GMT
We are just going through our renewals as our first term policy expired this year. I have been wondering about the impact of Covid on the life insurance industry - but I haven't seen any articles about it.
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Post by Linda on Oct 25, 2021 19:16:44 GMT
Dh has it through work (free plus he pays for more) and I'm also insured through his work (albeit for less). We didn't insure our kids - our oldest is military so insured through that
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Post by dockmaster on Oct 25, 2021 19:20:00 GMT
Yes, but my mister also pays into Surviver Benefits thru his military retirement. The policies on me are small, his I are bigger as he is the bread winner. The kids have their own.
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Post by playingcinderella on Oct 25, 2021 19:45:47 GMT
DH and I both have our work provided life insurance (minimal amount) and then maxed out the supplemental policy. We also have a small policy on both our kids. We have a mortgage/bills and two kids still at home so being able to provide for them in case of death for one/both of us is really important. My Dad died in his 40's, so I'm keenly aware of the costs and benefits of life insurance.
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Peal
Pearl Clutcher
Posts: 2,524
Jun 25, 2014 22:45:40 GMT
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Post by Peal on Oct 25, 2021 20:25:37 GMT
Yes. DH has quite a bit. I have some but probably don't need as much now that the kids are grown.
And we have a policy for each of the kids which they can purchase more over the next 20 years, guaranteed. Which is good because my 20 year old isn't going to qualify for life insurance otherwise due to a chronic illness.
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Anita
Drama Llama
Posts: 5,646
Location: Kansas City -ish
Jun 27, 2014 2:38:58 GMT
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Post by Anita on Oct 25, 2021 21:18:47 GMT
We each have the maximum amount we can get through our workplaces.
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Post by revirdsuba99 on Oct 25, 2021 21:19:03 GMT
iluvpinkTo you and everyone else.. that policy could be worth a gold mine as you DD gets older. Many early policies can be upgraded when a child becomes an adult without a medical exam.. of course that could change. BTW: I have enough coverage to take care of any funeral etc expenses.
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Post by mom on Oct 25, 2021 21:23:19 GMT
DH and I both do...but we are at the place that I am ready to drop (at least) my policy. Our home is paid for, funerals paid for, no debt, and our savings would cover any expenses the surviving person has. Also? I don't have an income so if I die no one is not going to get paid. The only thing holding me back from dropping mine is my health. I have had a stroke and I know no one will cover me again if I ever needed to have a new policy.
Edited: DS1 does not have a policy but we do have the money for his funeral. There is no other debt for him. DS2 has a policy through the military but he also has no other debt.
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Post by jenjie on Oct 25, 2021 21:48:53 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. So true that made all the difference for me too! We met with a financial advisor to determine how much insurance coverage we should have. His advice is still literally paying off and I have referred friends and family to him. I have a small policy on each of my kids, enough for burial expenses.
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Post by Eddie-n-Harley on Oct 25, 2021 22:14:16 GMT
Yes. It wasn't originally anything I thought I needed.
Then my mom died at age 57, and boy, were my sister and I so glad she had a policy. Dying is expensive. Among other things, we were able to continue paying rent on her apartment until we could get stuff moved out, which was really helpful to me because I lived 200 miles away and only could come some weekends.
So, I added the life insurance offered by my employer, equal to one initial unit of my actual salary. My sister will need it if I go first. However, they will not let me purchase additional units--weight and migraine history apparently make me too much of a risk.
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johnnysmom
Drama Llama
Posts: 5,682
Jun 25, 2014 21:16:33 GMT
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Post by johnnysmom on Oct 25, 2021 23:06:19 GMT
Yes dh and I each have policies that would enable the other and the kids to continue to live the same lifestyle for awhile. We have a small policy on each of the kids that would cover funeral expenses. Our thoughts were if something happened to them the last thing we wanted to worry about was how to pay for their funeral.
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moodyblue
Drama Llama
Posts: 6,177
Location: Western Illinois
Site Supporter
Jun 26, 2014 21:07:23 GMT
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Post by moodyblue on Oct 25, 2021 23:31:43 GMT
Not any more.
My husband and I got term policies about twenty years ago, the same amount on each of us. We wanted to be able to pay off the house if something happened to either of us, knowing that we each by ourselves could pay for the costs of staying in the house IF it were paid off. We didn’t want to have to lose the house along with a spouse.
My husband died before the term insurance was up, so I collected that money. But since there was only about another 18 months to go on the mortgage, and working to the point I had planned before he got cancer would pay it off, I did that and didn’t have to use the life insurance for the last of the mortgage.
He had converted a small part of each of our term insurance to whole life several years ago. Once he was gone and I knew I’d have the house paid for by teaching that one last year, there was no point in paying to continue my life insurance - no kids, mortgage would be paid for, cash available for final expenses. It didn’t make sense to continue to pay each month just so I could leave more money to my designated beneficiary.
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stittsygirl
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Posts: 3,580
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Jun 25, 2014 19:57:33 GMT
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Post by stittsygirl on Oct 25, 2021 23:52:36 GMT
DH and I each have two individual policies, as well as life insurance through our respective employers. Our children all have individual policies as well.
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Post by librarylady on Oct 25, 2021 23:55:08 GMT
IMO, the purpose of life insurance is to keep the family who depends upon you and your income in good condition after you die. We no longer have young children, nor any debt. So, I quit carrying my term insurance some years ago. DH has a whole life policy for a relatively small amount that he wants for his children to have as a good bye gift.
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Post by gorgeouskid on Oct 26, 2021 0:23:12 GMT
Both of our policies are small ones issued by our employers.
The more appendages that are severed, the more $$$ that I get (though only if severed on the (elementary school teacher job).
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carhoch
Pearl Clutcher
Be yourself everybody else is already taken
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Jun 28, 2014 21:46:39 GMT
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Post by carhoch on Oct 26, 2021 1:27:46 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. That’s us too
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Post by fwscrapper on Oct 26, 2021 7:21:36 GMT
Yes, we both have some. And the kids have small ones—enough to cover a funeral.
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