Comments on: Parents: Do you have Life Insurance for your Family?

By: Kris H

Kris H — Wed, 18 Nov 2009 01:22:46 +0000

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.

By: Jennifer K

Jennifer K — Wed, 18 Nov 2009 01:15:59 +0000

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.

By: cris

cris — Wed, 18 Nov 2009 00:16:06 +0000

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.

By: EB588

EB588 — Tue, 17 Nov 2009 23:28:32 +0000

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.

By: Christopher

Christopher — Tue, 17 Nov 2009 23:22:43 +0000

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!

By: Tracey's having another girl

Tracey's having another girl — Tue, 17 Nov 2009 22:32:59 +0000

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.

By: Tree

Tree — Tue, 17 Nov 2009 22:01:58 +0000

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.

By: Ashley ♥Aislings Mum♥ {09.25.08}

Ashley ♥Aislings Mum♥ {09.25.08} — Tue, 17 Nov 2009 21:20:19 +0000

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.

By: Dylan & Ethans mommy #3 on board

Dylan & Ethans mommy #3 on board — Tue, 17 Nov 2009 21:04:01 +0000

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!

By: Amanda H is the resident skeptic

Amanda H is the resident skeptic — Tue, 17 Nov 2009 20:38:28 +0000

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.