Just reading Winters thread and it got me thinking...
How many people have life insurance?
DH is self employed so we have life trauma and wage insurance for him, and when MJ was born we got life insurance for me.
In the horrible event that one of us died we have a policy that will pay out $1,000,000... i know that sounds life an awful lot of $$ but i have 2 mortgages, one for the house (joint) and one for my factory which is a rental property.
We sat down and worked out that if i died, we would want everything paid off totally and have enough money to support DH to be there with MJ.
Same with if DH died, we would want no debt over our heads and have the money there to not have to worry about going straight back out to work.
So who has it, who thinks they should have it and who thinks that it is a waste of money
We have it, most definitely! If anything happened to either of us, we need to be covered. I can't in good conscience leave my family to bring DD up on nothing either. We have life for both of us, which will pay off the mortgage & give an income for 5 years (long enough to get DD to school) if either carks it & income protection for DH. I'm a SAHM so no income to protect! If we both carked it, then DD would be able to be brought up by my family comfortably & then have a next egg.
Also I might point out that if you are thinking about life insurance, think about getting your wills sorted out & powers of attorney at the same time.
We both have it. DH's is significantly higher than mine for obvious reasons - to pay out any debt we may have and to also provide an annuity for myself and the kids to live off for a few years and enough to cover education costs until I am able to re-enter the workforce. Mine is based on the amount it would cost for Dh to pay for childcare/nanny and a cleaner so that he can continue working.
Mrs Hendo, it really doesn't cost a lot. I think mine is under $10 per month - don't know what DH's is. The premiums are based on the amount you are insured for as well as other factors - some take into account your health as well and you may pay a little bit more because of that, but not so much that it is unaffordable. We have ours set up as a direct debit and we don't even notice the amount is missing. Like they say on the infomercials, "Its not much for peace of mind"
Check your Super policy - chances are you have at least some form of cover there, and if you increase the insured amount the premiums are generally much less (and they can come out of your super so you don't need to cover that amount each month).
I have a policy attached with my super as well, but it is a policy that gets less as you get older, so the amount you get as a 25yo if you die is significantly more than if you died closer to retiring age, so that is something you would have to look into if your super fund has a life insurance policy attached. Plus the fees for that fund also come out of your super itself as far as I'm aware.
DH has it, i dont yet. we covered for 500 thousand. will cover our debts and leave alot for me and DS. once we get our house i will be getting the same cover as DH but no work cover as im a SAHM
I have it - have had since I was born. I will never let it go. DH refuses to get it for himself citing that he is covered under super - he doesn't get that it wouldn't be much of a help for DD or I. I keep trying to get him to get a seperate policy so I wouldn't have to worry about providing for DD.
Do you have life insurance?
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