mollyanna58
Junior Associate
Joined: Jan 5, 2011 13:20:45 GMT -5
Posts: 6,668
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Post by mollyanna58 on Jan 30, 2014 18:40:22 GMT -5
We don't have life insurance. I think about it everytime a thread comes up, if that is worth anything. It depends on what you've been thinking. If you have given thoughtful consideration to the subject and decided that you don't need or want life insurance, that's one thing. If you think you should have life insurance and just haven't taken any action, that's something else.
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Plain Old Petunia
Senior Member
bloom where you are planted
Joined: Dec 21, 2010 2:09:44 GMT -5
Posts: 4,840
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Post by Plain Old Petunia on Jan 30, 2014 18:58:39 GMT -5
I've gotten to the point I no longer need life insurance. My daughter is grown and independent, my son is a junior in high school. Their father and I are divorced, so if I die, he will finish raising our son. Since we are divorced, there is not much risk we will die together. I guess a meteor could take out our town, but in that case the kids would die too.
I do still have a small term policy, which benefits the kids.
They are the beneficiaries of my retirement and savings accounts.
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sbcalimom
Familiar Member
Joined: Jan 2, 2011 21:27:25 GMT -5
Posts: 890
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Post by sbcalimom on Jan 31, 2014 1:25:17 GMT -5
We have a policy for $1 million on DH and $500K on me. We got 20 year term policies before DD1 was born and the idea was to have them phase out when both girls turned 18. I think right now, they'd last until older daughter is 19 and younger daughter is 17 so we should be good.
Originally, we thought DH would be the higher earner and we'd only need to replace childcare/household help on me. Now though, it's looking like I'm going to out-earn DH for the indefinite future. But, we don't have a ton of debt so even if he only got $500K on me he should be fine.
We pay $90/month for both policies. I have a tentative meeting set up to chat about life insurance with our instance guy to see if it makes to change anything. Don't know if I'll be convinced since he doesn't thrill me too much but we'll see.
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❤ mollymouser ❤
Senior Associate
Sarcasm is my Superpower
Crazy Cat Lady
Joined: Dec 18, 2010 16:09:58 GMT -5
Posts: 12,857
Today's Mood: Gen X ... so I'm sarcastic and annoyed
Location: Central California
Favorite Drink: Diet Mountain Dew
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Post by ❤ mollymouser ❤ on Jan 31, 2014 2:53:51 GMT -5
We have life insurance on my wonderful DH ... $400,000 (SGLI), $600,000 (AAFMA) ... which will cover him even if in a war zone or while flying, plus another $250,000 policy from USAA which covers non-military non-flying deaths. There's only so many places you can find to insure an active duty military pilot. Once he retires, we'll look into VGLI coverage. We have $100,000 coverage on me through the military. It pretty much just needs to cover pet sitters
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midjd
Administrator
Your Money Admin
Joined: Dec 18, 2010 14:09:23 GMT -5
Posts: 17,719
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Post by midjd on Jan 31, 2014 6:55:18 GMT -5
I have $500K (20 year term) for about $360/year, plus a work policy of 1.5x salary. Last time I checked, SS would pay about $2K/month (which would cover the mortgage, utilities, and car loans/insurance). Health insurance is the biggie - I carry the benefits (very cheaply) so DH would be paying at least $1K a month for the same coverage. I'd also want DH to have the option of staying home with DD for a few years. He has strict instructions to come to you guys for help if I kick the bucket DH doesn't have insurance yet. He's been a non smoker for 11 months, so his rate should drop soon. His SS would be ~$2500/month, which would replace his salary, but I'd have to hire out a lot more repairs/yard work. I'm thinking $250K should be enough, though. I could make it on just my salary, even without SS, but it would be tight and I wouldn't want to have to worry about money while grieving his death.
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Deleted
Joined: May 2, 2024 23:26:16 GMT -5
Posts: 0
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Post by Deleted on Jan 31, 2014 11:51:02 GMT -5
We don't have life insurance. I think about it everytime a thread comes up, if that is worth anything. It depends on what you've been thinking. If you have given thoughtful consideration to the subject and decided that you don't need or want life insurance, that's one thing. If you think you should have life insurance and just haven't taken any action, that's something else.
The probability of either one of us dying prematurely is pretty low. it is a risk I take right now.. or should I say it is a risk my kids take right now.
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Wisconsin Beth
Distinguished Associate
No, we don't walk away. But when we're holding on to something precious, we run.
Joined: Dec 20, 2010 11:59:36 GMT -5
Posts: 30,626
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Post by Wisconsin Beth on Jan 31, 2014 11:57:17 GMT -5
We don't have life insurance. I think about it everytime a thread comes up, if that is worth anything. We have insurance but no will...and no decent guardian to take our kids. It honestly freaks me out when I think of who would take our kids. Yeah, we need a will too. And to name my sister guardian. We're all agreed on it but it needs to be documented.
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onebigdummy
New Member
Joined: Nov 1, 2011 20:51:54 GMT -5
Posts: 47
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Post by onebigdummy on Jan 31, 2014 12:08:27 GMT -5
I bought a 1 million term policy many years back. Very cheap. Wish I would have done 1.5 or maybe even 2 instead
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Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
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Post by Sum Dum Gai on Jan 31, 2014 12:14:19 GMT -5
I had life insurance on both of us through work and haven't replaced it since quitting. My short and long term disability were through my employer as well and haven't been replaced either. We should probably get on that.
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