Do you have life insurance?

wifenmother

Tue, Jun 24 2014, 10:14 am

Both of us have. I lost a parent when I was young so I know firsthand how important it is. And as much as you have, it's not enough in the even that it's needed.

Although it is cheap when you're young, for people on a tight budget it may be difficult to pay the premiums. We also view it as a forced savings as we have a combination of both term and whole life policies. We set up our policies so that we pay annually and our premiums are due shortly after our tax return is expected. This way we are able to cover the premiums even in years that we experienced financial difficulty.

amother

Tue, Jun 24 2014, 10:30 am

here's a question:
DH has term life insurance, I think 1 -1.5 million. I had term life insurance which just lapsed bc we forgot to pay before the grace period ended. We have 4 kids but they are all in school all day, so no childcare expenses.
I work full time but only make around 25K after taxes.
Do I really need insurance if I think family could manage pretty well without my income or childcare?

SRS

Tue, Jun 24 2014, 10:40 am

amother wrote:

You don't provide valuable services to your household that your husband might have to seek out should you not live until 120? I'm certain you do.

amother

Tue, Jun 24 2014, 10:43 am

actually he's pretty good at making Shabbos and shopping.
I would expect him to remarry... but his income is much more than mine, and I think the family would be financially fine without my contribution at this point.
With some tuition breaks and some help from extended family (which at this point we have) I really do not see it as so necessary.

But I am sure my insurance salesman would feel differently...

amother

Tue, Jun 24 2014, 10:59 am

Dh has part term and mostly whole for the investment part - it's quite expensive but we push ourselves. I am enrolled in areivim I know it's not much but better than nothing. I couldn't get life insurance at a reasonable rate due to my cancer a couple of years ago. Bh I've been perfectly healthy since but insurance rates are through the roof for me. And I'm really young (under 30). If only I would have gotten it right when I got married like we were discussing at that time- but we never got around to doing it -.and now it's too expensive. People you never know ch"v if you'll get sick. Believe me never in my wildest dreams did I imagine I would have cancer.
I think it should be made mandatory for every young couple having kids. Life insurance is a must!

amother

Tue, Jun 24 2014, 11:24 am

amother wrote:

this sounds really harsh and when I first heard it I didn't like it, but now that I think about it it makes sense.
If a man is alone with 4 little kids why would someone want to marry him and take care over full care of his kids, and most likely she will be bringing in her own kids.
If there is extra money to help lighten her burden a bit it would help.
Plus I think it is hard for a man to be the sole bread winner and be there for his kids cooking, laundry, carpool, being home when they come from school and send them off each day. One parent raising kids is infinitely harder then two.
If someone has the assets that they would be fine then I don't think they would need, but to think to just think it would just work out I think is a mistake.

amother

Tue, Jun 24 2014, 11:26 am

amother wrote:

At least you have areivim.
I have a friend whose DH had cancer when they were newly married without kids. No one would insure him. He got sick again years later when they had a few kids. She was left with a bunch of kids and impossible bills. She lost her house and a lot more and it took a number of years to get back on her feet again.
People don't think about it until after they have kids, but you are correct that it is important from the very beginning.

SRS

Tue, Jun 24 2014, 11:34 am

amother wrote:

I think you:

1. Underestimate your role in his financial success. Men who are happily married tend to do better financially.

2. Tuition breaks. . . don't count on it is all I have to say. It is a risk.

3. Remarriage can be a disaster and the LAST thing you want is someone to rush into a new marriage to solve problems.

I don't know if you really "need" insurance not knowing enough about the age of your kids and your dynamics, but I think you should take a good look at your assumptions as to why you do not. Insurance for women is really inexpensive for the most part.

chocolate chips

Tue, Jun 24 2014, 1:24 pm

Yes.
And I think it should be mandatory for any married couple. I know one too many stories where a spouse died and the family went into major financial disaster.
We pay about $50 together monthly for a plan, it really is nothing...we have term insurance and hopefully when we can afford life we will get that.

I also plan to take out life for my kids since it is a great investment and means that in 20 years when they get married iyh they will have it already set up.