Do you and/or your husband have life insurance policies?

ValleyMom

Tue, Feb 14 2017, 10:14 am

Getting life insurance for both mother and father is mandatory.

I do not understand how people think this is optional.

It's devastating to lose a spouse but the tragedy is exacerbated when the surviving spouse is left destitute.

If you consider yourselves responsible adults you MUST get life insurance- especially as newlyweds- young & healthy.. before your health starts to change.

LittleDucky

Tue, Feb 14 2017, 11:32 am

Brown wrote:

That's basic life insurance just to cover the morgage so the family won't be kicked out of their home. We both have life insurance and signed for Areivim besides. Some people do believe in not having life insurance. (Ayin hara etc.) Areivim was designed in a way that everyone agrees is not problematic. Would you're husband discuss it with a rabbi? My father, a"h, was nifter when we were young kids. He had life insurance and we were able to live well, b"h, I'm sure that's an additional zechus for my father.

From what I read, Areivim won't pay if you have "enough resources" which includes a life insurance policy. Or savings etc- as decided upon by their anonymous committee. And it's only for marriage or what they decide is ok. So it won't pay for the food bill or a roof over your kids' heads.

amother

Papaya

Tue, Feb 14 2017, 11:36 am

amother wrote:

Sorry if this is off-topic (if so, let me know and I can start a spin-off), but I've read that there can be so much mark-up in insurance policies, and it's hard to know if you're getting a good deal or getting ripped off. Can anyone recommend a website, or an honest and well-priced broker in Brooklyn, who can help guide me through the maze of insurance without taking advantage of me?

Price compare. Every company rates different illnesses or parts of the medical history differently. I did it through a friend but probably should have compared but I wanted to help them out...

Chayalle

Tue, Feb 14 2017, 11:37 am

real israeli wrote:

Term insurance is for a limited amount of time but a very low premium. You can get 500,000 coverage for less than 200 a year. But it only lasts for a limited time - so if it's a 10 year policy - if you didn't die in those 10 years you lost the money you paid and are not covered. Term is very cheap in your 20s but goes up drastically as you get older.

Whole life is a lot more expensive but after a while the policy will pay itself through dividends so you pay a few thousand a year for 15-17 years and then you are covered for life (assuming you don't close the policy)

With term insurance, you can lock in a long term at the outset, and pay the same price during the entire term of the policy.

For example - I bought a term policy when I was in my early 20's, and I pay under $13 a month for it. It was a 30 year term.

At the end of the term, I will likely have to go to a more expensive option.

amother

Khaki

Tue, Feb 14 2017, 11:49 am

Chayalle wrote:

For example - I bought a term policy when I was in my early 20's, and I pay under $13 a month for it. It was a 30 year term.

At the end of the term, I will likely have to go to a more expensive option.

It may be worth your while to look into replacing it sooner than the end of the 30 years. If you are a year away from a big birthday (40, 45, 50) you may want to lock in a new, higher rate, but less than what you'll pay if you wait another 15 years. Then you'll have a new 30 years at your current age.

amother

Scarlet

Tue, Feb 14 2017, 11:59 am

We also have term. Locked in when we were young for 30 year plan and renewed once again at around age 30, but then DH also bought an additional plan as overlap.
I don't plan on DH and I having term forever, only until we marry off our kids.
We also save separate savings and investments - I think our other savings + 401K are much better investments then having whole life for us. We aren't rich, but try to put a percentage into savings monthly
We just want to make sure we are covered until our kids are out of the house or our savings are enough of a safety net. For us whole life just didn't make sense financially.

I would only imagine someone locking in a new term at 50 if they have very young children at home, otherwise it probably it isn't worth it.

jd1212

Mon, Oct 02 2017, 11:06 am

Super super important for both parents to have. [Ad removed.]

[Please do not resurrect old threads for advertising purposes. You can read Imamother advertising guidelines here; the relevant section is paragraph 5: http://www.imamother.com/forum/rules.php — Rubber Ducky as mod]

seeker

Mon, Oct 02 2017, 1:07 pm

jd1212 wrote:

Can you offer some general tips on how to choose a good policy?

amother

Azure

Mon, Oct 02 2017, 1:25 pm

Just want to update that although there was less than 5% chance, dh cancer came back. He is now totally uninsureable and I live in fear daily.
Please please get life insurance, you never know.

amother

Denim

Mon, Oct 02 2017, 3:11 pm

I'm so glad BH that we did this. I posted already on this thread about Dh having a whole life insurance, but since then we bought a house and I made DH get us both a term policy of one million. The thought that my house can be taken from me in the event that ch'v dh would not be here anymore, or vice versa, for failure to pay the mortgage is what prompted me to do this. We were (are ) really tight with finances when purchasing our house, we even borrowed a bit for the down payment, but life insurance took priority. BH we haven't missed a payment.

lavenderchimes

Mon, Oct 02 2017, 7:15 pm

My DH has one naming me as beneficiary. He has separate policies naming his two kids from his previous marriage. He wants to get one on me, also. We don't have kids, yet.

amother

Pewter

Tue, Oct 03 2017, 12:32 am

I'm 23. dh has life insurance but I dont and this thread is freaking me out.

I just found out (like, this week) that I have a skin condition and type of arthritis. this doesn't show up in standard tests or bloodwork, in fact I'm otherwise healthy as anything - it's been a long chase of a few months and many specialists to finally get a diagnosis together.

this is an embarrassing q but, if I get insurance now do I have to to disclose that? like what if I had applied last week when I didn't know there was anything wrong with me?

amother

Cobalt

Tue, Oct 03 2017, 12:41 am

amother wrote:

Where I live, you can get critical illness insurance on your mortgage from the bank. In the event of a serious diagnosis, the outstanding amount of your mortgage is cancelled. I know several people who have r''l used this insurance.

amother

Navy

Tue, Oct 03 2017, 12:50 am

We're young (20s), got life insurance soon after marriage, 2 kids so far.

$50,000 Term for me SAHM
$500,000 Life for him working guy