|
|
Post by aljack on Feb 26, 2020 16:47:40 GMT
Has anyone taken a policy out for their spouse? I realize this might read as suspicious but my reasoning is my husband’s current employer does not offer a substantial amount that would cover a funeral and additional expenses beyond two months. Since he is the primary breadwinner, I am looking at an additional policy. He is aware and agreed if it is within reason.
FYI... When we married, I was working full time but now we have moved to a new state and I am volunteering instead of earning money.
|
|
amom23
Drama Llama
Posts: 5,635 
|
Post by amom23 on Feb 26, 2020 16:53:27 GMT
DH and I both have life insurance. It's just a responsible thing to do in case of a sudden death.
|
|
johnnysmom
Drama Llama
Posts: 5,687
Jun 25, 2014 21:16:33 GMT
|
Post by johnnysmom on Feb 26, 2020 16:54:49 GMT
Absolutely. We both max out what is offered thru his job (I only work P/T) plus an additional hefty policy. The insurance on him is more than me but we're both worth more dead than alive  We have small policies on both kids as well, just enough to cover expenses. As young-er-ish, healthy, non-smokers the premium isn't much and it provides a great deal of peace of mind. |
|
|
|
Post by beepdave on Feb 26, 2020 16:57:49 GMT
We have our own life insurance policy separate from work. We've had it since just after we got married and it's for both of us. You BOTH should have one, not just the wage earner. When we bought a house we added a separate rider to pay off our mortgage. Even when we were flat broke, that bill is always paid (automatically withdrawn.)
|
|
moodyblue
Drama Llama
Posts: 6,381
Location: Western Illinois
Site Supporter
Jun 26, 2014 21:07:23 GMT
|
Post by moodyblue on Feb 26, 2020 17:02:03 GMT
Not at all suspicious. It’s good financial planning to have life insurance, usually on both spouses.
We got it early on because we knew that if something happened to either of us the surviving spouse would need the money to keep the house if that’s what we wanted to do. We did not want either of us to be in the position of having to sell, or having to make a difficult decision.
Most families need life insurance to replace the salary that isn’t coming in, but even a stay-at-home parent should be covered; it could cost a huge amount for childcare and other responsibilities that parent handled.
|
|
psiluvu
Pearl Clutcher
Posts: 3,217
Location: Canada's Capital
|
Post by psiluvu on Feb 26, 2020 17:02:09 GMT
We both have policies through our work, but until we paid of our mortgage we also had separate policies also.
We are now at a point in our lives where the work policies would pay well enough for us to carry on as usual so we no longer carry anything extra.
ETA - our kids are now 16 and 20 and their education is paid for.
|
|
|
|
Post by auntkelly on Feb 26, 2020 17:10:56 GMT
I think you and your husband are being very practical. Just do some research before you talk to an insurance agent. If you've never bought life insurance before you'll be shocked at all the different types of policies there are. Don't feel pressured to sign up for a policy before you leave the agent's office. Be prepared to say, "My husband and I need a few days to talk this over and decide what is best for us."
|
|
|
|
Post by Fidget on Feb 26, 2020 17:13:28 GMT
my late DH and I always had private life insurance when the kids were young, as we aged we reduced the amount of our policies.
|
|
moodyblue
Drama Llama
Posts: 6,381
Location: Western Illinois
Site Supporter
Jun 26, 2014 21:07:23 GMT
|
Post by moodyblue on Feb 26, 2020 17:20:24 GMT
my late DH and I always had private life insurance when the kids were young, as we aged we reduced the amount of our policies. Good point. Your needs change as life situations change. My husband died last year. I got the life insurance but will not need it to pay off the house, as my salary will do that over the next six months, and I retire at the end of May. I did surrender the life insurance on myself, since I don’t have kids, there is plenty of money to pay final expenses, and I don’t need to pay every month just so that I can leave additional assets to the person who will inherit from me. I can use that money now for whatever I need or want. |
|
|
|
Post by ntsf on Feb 26, 2020 17:20:38 GMT
we had policies until the kids were in college and we had enough to get by. we cancelled about 10 yrs ago--don't need it in retirement
|
|
|
|
Post by katniss on Feb 26, 2020 17:25:43 GMT
And please only get Term Life Insurance. Don’t get talked into a Whole Life Insurance policy
|
|
|
|
Post by KelleeM on Feb 26, 2020 17:30:04 GMT
I had a small policy on my late husband. When we bought our home he wanted to get enough life insurance so that I could pay off the mortgage if he died. It would have cost us over $500 a month because he was 69 and smoked. I told him we were far better off saving the money each month. In the end my employer began offering policies for spouses and I got the highest policy that didn’t require him to pass a physical. The value was prorated due to his age so I actually received about 2/3 of the original amount. I knew this ahead of time. He was retired and his insurance basically replaces his social security income for 18 months.
|
|
momto4kiddos
Drama Llama
Posts: 5,156
Jun 26, 2014 11:45:15 GMT
|
Post by momto4kiddos on Feb 26, 2020 17:39:03 GMT
Not suspicious at all. We had a small policy on dh when we had just 2 kids. We took out a pretty substantial one after a couple more kids and me quitting work. After a bit of thought, we also took out a pretty decent sized one on me also because I needed to know he could focus on the kids if something were to happen to me.
|
|
|
|
Post by kels99 on Feb 26, 2020 18:00:12 GMT
We both have term life insurance (which reminds me that I need to look at it and see when it's over, should be soon). It is cheap. $50/month total for both of us and the payout amount is more than enough for either of us. We went through the same company we have our auto and home insurance policy.
|
|
|
|
Post by cade387 on Feb 26, 2020 18:11:12 GMT
Life insurance isn’t suspicious. But I’m curious as to why you are phrasing it as ‘you are taking out a policy on him’? My employer doesn’t offer much in the realm of life insurance- maybe enough for a funeral if that. I went and got my own policy. He is the beneficiary but it isn’t like he went and took it out on me.
|
|
|
|
Post by aljack on Feb 26, 2020 18:13:12 GMT
Okay, thanks! I have begun looking at various companies and it’s been eye opening. I am overwhelmed by companies, terms, etc.
I have a policy so no worries there. It’s mostly for him now that he’s the primary and 100K doesn’t cover much. I have been telling him that we need to do this now since he’s creeping up in age and policies will be more expensive and harder to find the cheaper policies. He’s older than me by ten years so these things are weighing on my mind. While I will get social and his, it’s not enough to cover our mortgage, bills, etc.
Those insurance vultures have been calling me since last week when I went online to get quotes and Information.Worst mistake giving #.
|
|
|
|
Post by aljack on Feb 26, 2020 18:19:34 GMT
Life insurance isn’t suspicious. But I’m curious as to why you are phrasing it as ‘you are taking out a policy on him’? My employer doesn’t offer much in the realm of life insurance- maybe enough for a funeral if that. I went and got my own policy. He is the beneficiary but it isn’t like he went and took it out on me. He doesn’t want to deal with it. I’m the one responsible for household bills, mortgage, taxes, everythiny. When we moved and I inquired, that’s when he went to work and they told him they have a policy while he’s employed there. I do not think he is attuned to making these decisions nor wants to be. So, I’m researching and will probably be the one to have it drawn up. |
|
|
|
Post by smalltowngirlie on Feb 26, 2020 18:22:06 GMT
DH and I each have a policy outside of work. I have had a policy since my early 20s, DH got one when we got married, I pretty much said he had to. I wanted enough to cover funeral costs and for me to be able to adjust my living situation if needed. When our son was born we got a policy on his right away. Again, wanted to make sure funeral costs were covered.
I should probably call our agent and see if any changes can and should be made.
|
|
|
|
Post by janamke on Feb 26, 2020 18:25:29 GMT
Absolutely yes. It's a significant amount and every month I grumble at the expense. If either of us dies, it's enough to cover the mortgage on our house, supplement the missing income, pay a good chunk of college for each child and pay off any debt. It's not cheap, but it's peace of mind.
|
|
|
|
Post by Linda on Feb 26, 2020 18:29:29 GMT
I did surrender the life insurance on myself, since I don’t have kids, there is plenty of money to pay final expenses My mother didn't have life insurance on herself either for similar reasons (although she did have kids). I would encourage you to pre-pay your final expenses because my sister ended up paying out of pocket for my mother's funeral and then being reimbursed two months later from the estate. Had she not had that money available to 'lend' the estate, I certainly didn't - it would have been difficult to fund the funeral as the funeral home expected at least 1/3 upfront and the reminder within 30 days and it took longer than 30 days to get the estate account set up |
|
The Birdhouse Lady
Prolific Pea
Moose. It's what's for dinner.
Posts: 7,589
Location: Alaska -The Last Frontier
Jun 30, 2014 17:15:19 GMT
|
Post by The Birdhouse Lady on Feb 26, 2020 18:34:33 GMT
Yes, my husband and I both have life insurance.
|
|
moodyblue
Drama Llama
Posts: 6,381
Location: Western Illinois
Site Supporter
Jun 26, 2014 21:07:23 GMT
|
Post by moodyblue on Feb 26, 2020 18:34:58 GMT
I did surrender the life insurance on myself, since I don’t have kids, there is plenty of money to pay final expenses My mother didn't have life insurance on herself either for similar reasons (although she did have kids). I would encourage you to pre-pay your final expenses because my sister ended up paying out of pocket for my mother's funeral and then being reimbursed two months later from the estate. Had she not had that money available to 'lend' the estate, I certainly didn't - it would have been difficult to fund the funeral as the funeral home expected at least 1/3 upfront and the reminder within 30 days and it took longer than 30 days to get the estate account set up Pre-paying is one way to handle this. There are other ways too. |
|
|
|
Post by lurker on Feb 26, 2020 18:41:11 GMT
Last year, I purchased a term life policy through selectquote.com. Completed the application online, was contacted via email by an agent with several options. Had one phone visit with him and one home visit by a nurse. They did pull my medical records. I was concerned as I'm 62 and diabetic. The policy I chose has a lower premium than the one I replaced.
*not affiliated with selectquote in any way.
|
|
|
|
Post by papercrafteradvocate on Feb 26, 2020 18:42:34 GMT
Has anyone taken a policy out for their spouse? I realize this might read as suspicious but my reasoning is my husband’s current employer does not offer a substantial amount that would cover a funeral and additional expenses beyond two months. Since he is the primary breadwinner, I am looking at an additional policy. He is aware and agreed if it is within reason. FYI... When we married, I was working full time but now we have moved to a new state and I am volunteering instead of earning money. Yes! And we bought a significant policy. |
|
|
|
Post by Linda on Feb 26, 2020 18:49:15 GMT
My mother didn't have life insurance on herself either for similar reasons (although she did have kids). I would encourage you to pre-pay your final expenses because my sister ended up paying out of pocket for my mother's funeral and then being reimbursed two months later from the estate. Had she not had that money available to 'lend' the estate, I certainly didn't - it would have been difficult to fund the funeral as the funeral home expected at least 1/3 upfront and the reminder within 30 days and it took longer than 30 days to get the estate account set up Pre-paying is one way to handle this. There are other ways too. true - I guess my point was more to be aware of this (which it sounds like you are) - I don't think my mum realised that we would have to pay out of pocket for her funeral and wait on reimbursement or she would have made other arrangements |
|
freebird
Drama Llama
'cause I'm free as a bird now
Posts: 6,927
|
Post by freebird on Feb 26, 2020 18:49:56 GMT
Life insurance isn’t suspicious. But I’m curious as to why you are phrasing it as ‘you are taking out a policy on him’? My employer doesn’t offer much in the realm of life insurance- maybe enough for a funeral if that. I went and got my own policy. He is the beneficiary but it isn’t like he went and took it out on me. He doesn’t want to deal with it. I’m the one responsible for household bills, mortgage, taxes, everythiny. When we moved and I inquired, that’s when he went to work and they told him they have a policy while he’s employed there. I do not think he is attuned to making these decisions nor wants to be. So, I’m researching and will probably be the one to have it drawn up.
He's going to have to "deal with it" at some point because he'll probably have to have a physical and sign all the paperwork. We just went through all of this. It was a huge pain.
|
|
kelly8875
Pearl Clutcher
Posts: 4,448
Location: Lost in my supplies...
|
Post by kelly8875 on Feb 26, 2020 18:50:11 GMT
I have one on myself, one for DD and DS. Although XDH and I aren’t together anymore, we are listed as beneficiaries for each other until the kids are post college age. And I have one through work. It’s just responsible in my view.
|
|
|
|
Post by iamkristinl16 on Feb 26, 2020 20:46:37 GMT
Dh and I both have life insurance policies. We have small policies at work and then a bigger private policy. Although we keep saying we should increase that but haven’t yet.
|
|
|
|
Post by littlemama on Feb 26, 2020 21:05:43 GMT
Your dh can get a life insurance policy and make you the beneficiary. Since the applicant has to sign, I don't know that you can take out a policy on someone else without forging their name
|
|
We have small policies on both kids as well, just enough to cover expenses. As young-er-ish, healthy, non-smokers the premium isn't much and it provides a great deal of peace of mind.
