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Gah, I am feeling really overwhelmed and uninformed when it comes to things like life insurance lately.
We are in a unique situation because of DH's deployments the only company that would cover him was SISIP and it was quite affordable. Should something have happened to him overseas he was covered for a significant amount there. Now that he's home, we still pay into it, but he would only receive about $100,000. I'm worth less than that. We have no other private insurance.
He also currently has a work life insurance policy. That I honestly know nothing about.
We opted out of the mortgage life insurance as was advised by our broker because it was a 'bad deal'... with the intention of getting something else to cover ourselves, but we haven't done anything with that yet. Also with baby's impending arrival I'm getting really really anxious about this!
Dh seems against it because he has an "all insurance companies are crooks, and lawyers eat all your money and the world is out to get me" attitude. This is fine for him, because if I were to die, he'd essentially have to pay childcare and that's it. He'd probably wind up with more take home $$ without me. On the other hand, I would have to sell our house likely at a loss, move either to my parents or somewhere very low income in a new area and find work. and then scrape together what I can to pay everything down, and get by on next to no income for a long while. That's terrifying to me!
I want to look into getting more/better coverage and have managed to convince DH to at least talk to someone, but he figures it'll cost us an arm and leg/month for something he doesn't see as necessary. I don't even really know who to talk to.
We have life insurance. It's actually not as bad as your DH thinks. We pay monthly and without looking up the exact number, I believe that its about $30/month and that gives my DH a million and me $750,000, that also puts a small amount on each child so that if something should happen we could at least cover the funeral costs.
My suggestion is to talk to a broker. We called the brokers that we had our house and car insurance with. They sent someone out to talk to us and he explained about the different kinds of insurance ie whole life and term, which would best fit our needs right now, how to work out how much insurance is needed, even explained to us how to best use the insurance money if it ever came to that. I must say that I am really comfortable with our decisions on it now, because I felt as lost as you do now before meeting with this guy. Because we went with a broker too, he was able to look up and get better deals for us too instead of dealing directly with one company.
I second the broker. Find someone based on word of mouth rather than out of a google search though, you want someone you can trust.
Another option for someone to talk to is a financial planner as well if you have one. They can help you decide the level you need that is affordable for you.
We both have it through work and we have one through our mortgage (I can't find the papers right now otherwise I'd give you the name...things are in a bit of a disarray here), the house would be paid for but not much else. I need to look into getting more.
I just signed up for one this past month. I went through a company. I only got 100k and it was $137 for the year and I just paid all at on. I plan to renew before I turn 40 to keep the rates affordable.