This stemmed off another question but I’m not just talking about SAHP’s, to ALL parents….
Do you have life insurance for your family?
I admit it….I don’t. And yes I need to make that happen. But I don’t have it at this moment.
(Save me the lecture, just curious how many people will admit if they do not have it. Yes we most likely all realize we should)
And what is your status? Are you married/single? And do you work or stay home?
Since my hubby is a smoker, his rate doubles. I think for me it was about $26/month and for him $50/month. But that was a while back when we had looked into it. And we never followed through because the guy was ALL salesman and I was super uncomfortable being pushed into it.
November 17th, 2009 at 2:52 pm
Y i have 10 years of my salary, that is enough for my wife to get herself re situated.
And concidentally enough for me hide all the knives is the house. lol.
Status – Married to SAHM
EDIT:
I have about 1/4 mill on my wife to cover daycare expenses if she were to die
November 17th, 2009 at 3:44 pm
for my husband. not for myself, though we periodically talk about how we should since i’m doing all the childcare and daycare is so expensive. and not for the kids because i think that is simply a scam.
November 17th, 2009 at 4:06 pm
I have life insurance on myself and my husband and 2 out of 3 of our kids. We just haven’t gotten around to getting it on the 3rd one yet…but need to get on it because we have a 4th on the way.
November 17th, 2009 at 4:26 pm
Every member of the fam has a policy on them …it’s not much, but it’s through my work…and I figured…”it couldn’t hurt”
So we’re good for about 50K a piece.
Married, we both work full time, and we have one tot.
****************************
But we, in general, are insurance whores!!
We are fully insured on our 3 cars, our bike, our boat, our personal property, when we rented, we carried renters insurance, my husband has TWO medical insurance policies on him…
Insurance, is cheaper than a catastrophe in my opinion. And I’d rather pay a monthly fee, than lose the house, if something should happen.
November 17th, 2009 at 4:38 pm
we do YES nd it isn’t medicad
November 17th, 2009 at 4:38 pm
No. I’m a home maker and full-time college student. I don’t think life insurance is allowed in my religion. Anyway everything is cheap in my husband’s country. If my husband dies on the job his job will pay half his salary a month to me and our future children. I’m not a mother. God is waiting to bless us with children. And my husband would NEVER take a life insurance policy out on me and same with me.
November 17th, 2009 at 5:07 pm
yes we do….my husband..my self and both my children (god forbid anything happened to them)
November 17th, 2009 at 5:12 pm
i do not have life insurance for my family. I do work. && depending on which way the wind blows changes my relationship status.
BTW since when does medicaid have LIFE insurance? did i miss something?
I know SS gives a big ole payout of 500$ when your on Medicaire…perhaps im missing something
November 17th, 2009 at 6:00 pm
Both my husband and I have a life insurance policy through our employers but it’s not much to *live on* if one of us died. They are around $25K each.
We do need to look into another policy.
I’m married & we both work FT & my husband also goes to school.
November 17th, 2009 at 6:17 pm
No, I don’t have a lot of things I should have. But they are definitely things I give thought to now that I’m a mom. I’m single, and I work – all of my money goes towards bills, necessities and childcare. The only beneficial thing I have for my daughter for in the future is a savings account I started. I got into the habit of automatically putting $5 into it each week, so at least she will have a little something when she gets older, whether it’s to put toward a car, college, or whatever. I just don’t have the means to do anything more at this time. Maybe when she’s in school and I’m not paying so much for a sitter!
ETA – The Mrs. has a good point! I saw an adoption story on tv one day, where the birthmom had signed off her rights but because she signed in the wrong spot, they used it as a loophole for her to try to take her child back from the adoptive parents. The only thing that saved them was when the couple spoke to her in court and she realized how happy her child was with the new family – she realized her first decision was the right one and left it that way.
November 17th, 2009 at 7:10 pm
Yes both my husband and I have life insurance policies and our kids have life insurance policies through my life insurance.
I’m married and my husband works while I stay at home with the kids.
November 17th, 2009 at 7:39 pm
Find more information at this site.
http://pregnancy-parenting-guide.blogspot.com/
November 17th, 2009 at 8:12 pm
Married and stay at home with the kids. We have life insurance for my family. My husband and I took care of all that when we went to our lawyer and got our wills done up. To be quite honest, we never really would of thought about life insurance if my bank didn’t call me on a regular basis saying “Hey . .would you like to switch over to our life insurance plan????” once a week. So that prompted us to look into a reputable plan. Plus we were slacking on the whole ‘will’ thing so we got our butts in gear and took care of business. =)
Just a word of advice for those that are considering getting life insurance. Dot your i’s and cross your t’s. If they can find a way out of it they will. My father in law recently past away. My mother in law has been paying in to her life insurance policy for them both for several years. When it was time for them to pay up, they started looking for ways to get out of it. They are saying she wrote her name under the wrong line. It should of been over more. So because she is ticked off about it they are saying they will give her everything she has paid into it over the years . . . . just not what she is owed. Sad, but true .. just something to think about when you do consider getting it. Makes me happy I went to a lawyer . .never even thought that could be a problem.
November 17th, 2009 at 8:18 pm
I am a single mom. 115% of my paycheck goes to making sure my daughter and I have what we need. (Extra 15% comes from home business & boyfriend/room mate.) I can not afford life insurance and I can not afford health insurance, so I don’t have them. My daughter gets health insurance from the state though.
Knowing that Social Security exists is a HUGE relief for me. If I did die, whoever takes my daughter should get enough to cover most of what she costs. I bet my mom would be willing to cover the extras such as back to school shopping trips.
November 17th, 2009 at 8:38 pm
Myself and my husband, yes (we both work). The kids, no. No reason for it. It is a waste of money, based on the odds alone.
November 17th, 2009 at 9:04 pm
I did have life insurance than I got a divorce and now I dont have a policy..I had one than my ex husband joined the military so I dropped my life insurance cause the military gives spouse life insurance for $100,000 than we got divorced so now I am remarried with no life insurance yet..but we are looking into it…
I am married to my soulmate, I am a SAHM but I babysit full time in my home for now..my hubby works outside of the home..
Mommy of 2 awesome boys and baby #3 on the way!
November 17th, 2009 at 9:20 pm
Yeah my boyfriend, myself and our daughter all have life insurance. I can’t remember how much we are insured for at the moment though. I’d have to track down our policies lol
And I’m not married but I am still in a relationshoip with my daughters dad. And I am a SAHM until August.
November 17th, 2009 at 10:01 pm
I do not currently have insurance on myself but my husband has life insurance. I only make about $12,000 per year working part time as a substitute teacher. My child is in school all day and would only need care for an hour or two after school and in summers. If anything were to happen to me (knock on wood it doesn’t for 60 plus years), my husband would move closer to his family who would help care for her. My financial contribution (even in terms of “free childcare”) wouldn’t be very significant. I’ve also been fat my entire life. While I have no health problems, my premiums are highly inflated because of my size (I’ve shopped it).
I admit that I’m probably an anomoly. Many SAHMs have at least 2 or 3 children who are younger than mine and would need expensive child care. Their spouses also oftentimes don’t make the nice amount my husband makes. They would also in many cases get cheaper premiums than I would.
Just because you don’t work outside the home doesn’t mean you don’t need life insurance. You have to consider everything you do that you are not paid for, and what it would cost to hire someone to do that. If your husband couldn’t sustain that loss, or would have a hard time sustaining it financially, you need the insurance.
Also, as of 2 years ago, life insurance rates were pretty good.
EDIT: In most cases, kids can be covered under a rider on a parent’s policy. Unless you think there is a substantial chance that the child will develop a condition that will later make his/her life insurance rates very high, you don’t need to buy a policy to protect those lower rates. Many “kids” don’t get married until they’re in their 30s, and don’t have kids until then. If they don’t have financial responsibility for anyone, they don’t necessarily need life insurance.
November 17th, 2009 at 10:32 pm
I’m a married stay at home mom. My husband works for Sears. Up until he got that job last fall, we didn’t have life insurance on any of us. When we filled out the paperwork for his insurance, they cover him up to a year’s worth of income. We bought policies on me and the kids, too. We had looked into life insurance before we had this job but could never seem to afford it.
No lecture from me. You know it’s important and when you can afford it, you’ll get it.
November 17th, 2009 at 11:22 pm
Our 8 kids are all adults and married now and they all have life insurance on their own. But when they were children we had life insurance on us as well as the kids.
Everyone told my cousin that she and her husband was crazy to get life insurance at 25 years old when they had their first child. Well when this first child was 5 and her second child was 3, she was killed by a drunk driver. My cousin was only 35 years old. Thankfully she had life insurance which helped her husband pay for the funeral expensive and so on. Without it he would of went bankrupt for sure because funerals as we all know is very expensive.
My wife and I still have life insurance and were both 49 years old and retired. It’s important to have!
November 17th, 2009 at 11:28 pm
No, we don’t right now. It’s pretty stupid that we don’t. Neither of us even have family that could help out in the event of a tragedy. I haven’t even worked outside the home long enough for my husband and children to collect social security benefits if I died. If my husband gets the job that he’s interviewing for today though, we’ll buy a policy for both of us.
November 18th, 2009 at 12:16 am
Absolutely have it. I am a married, and a SAHM, with 5 children ranging from, 11-2 yrs old. We own our own business.
But I have lost many family members in the last few years, and you realize how important life insurance is.
My husband wasn’t as concerned about it. But my parents had life insurance on them selves and us, because children cost as much to bury as an adult and you just never know. And my father paid into survivors benefits, so if anything happens to him, we get his retirement that he also paid into. I had to really work to get it threw my husbands head how important it was.
November 18th, 2009 at 1:15 am
I’m in the military and we are required to have at least $100,000 on ourselves and our spouse and $10,000 per child. I currently carry the maximum allowed on myself ($400,000) and the regulation limits on my husband and daughter. It’s term life insurance – it expires 6 months after I leave the service, but only costs about $26/month. I also have an additional lifetime policy of $20K for myself. If anything happens to me in the line of duty my husband also gets another $100K and multiple other benefits on top of my insurance.
November 18th, 2009 at 1:22 am
I am a married SAHM, and yes we do have life insurance. We have enough that if something happened to me my husband could pay off the house and pay for a sitter for the baby until he went to school. We have enough life insurance on my husband that I could pay off the house and continue to stay home with the baby and pay all the bills until he went to school. But, if something horrible did happen I would not live off of the life insurance I would go back to work and budget the money wisely.
If you are young and healthy life insurance is pretty cheap. Between the two of us we have about $700,000 in life insurance and it only costs $45 a month.