Parents: Do you &/or your spouse have life insurance? How much do you need to have?

February 8th, 2010 by admin

9 Responses to “Parents: Do you &/or your spouse have life insurance? How much do you need to have?”

1. lady gaga Says:
   February 8th, 2010 at 5:50 am

   My husband and I both have $500,000 policies. In case I die he has enough money to pay for childcare, and pay off the house so that all he has to worry about is the necessities for himself and the kids.In case he dies it is enough money for me to move the 6 hours back to where family lives, rent a place, put the kids in daycare while I get a job.Basically just think about what would happen if you die and add up all the expenses you can think of. We wanted larger amounts so that we could afford to live the same type of lifestyle because the kids would have enough problems with losing a parent. You might want enough for it to cover some future expenses as well as everything right away.

2. taylor swift Says:
   February 8th, 2010 at 5:50 am

   My husband has two $500,000 policies on him. We have $20,000 on me.Were I to die my husband would have help with the kids (grandparents), so he would still be able to continue working.If he were to die, I wouldn't make nearly what he makes if I did go back to work, and my working would be more of a hardship on the children.If you're young and healthy you can get a 10 year term life policy with a $500,000 pay out for under $30 a month. If you can afford it then I think it's responsible to get it.

3. taylor swift Says:
   February 8th, 2010 at 5:50 am

   As a rule of thumb, your supposed to do your yearly income x 5, at the least. That way if you were to pass away (god forbid) your family would have more than enough time to adjust to not having your income (that would be 5 years of your income.) That is the accounting way any how LOL… BUT I myself do not do that. I go by my debt and daughter… I have a $250,000 pollicy. That is more than enough pay off any standing debt that I have (mortgage, car, credit cards, etc.) and of course funeral costs, and leave my daughter about $150,000 for college. I have it so at LEAST $125,000 gets put into a trust fund for my daughter with the stipulation that she goes to college in order to get that money or when she turns 25. I figure my husband can pay for living expenses for him and my daughter (since I dont work, I know he can either way) especially with no debt to pay off. It will just make it easier for him to raise my daughter the way I want her to be raised. Edit- as far as my husband goes, he has the same coverage, $250,000 and its the same plan if he passes away.

4. miley cyrus Says:
   February 8th, 2010 at 5:50 am

   My husband and I maintained enough life insurance to make sure our kids could be supported until they were 21 and finished with college, plus pay for 4 years of college. Our reasoning was that if someone else had to raise them, they would not be responsible for the financial costs or for helping put them through college. We also have mortgage insurance so that our survivors would automatically get the house free and clear. Once all of our kids are through with college, we probably won't increase our life insurance any more and might even cut back. We have about a third of this life insurance in a whole life policy, which invests the premiums and accumulates "cash value" from the returns. We have "borrowed" against the cash value to help pay for college for one of our kids. Worst case, if we don't pay it back, the amount deducted from the survivors' benefits is not that much. The rest is term insurance that we get through our employers, some free and some that we pay for. We also took out small whole life policies on each child at birth. Our parents did that for us and as a result, we have a lot of cash value now. It's pretty cheap when they are little.Does your company have employee benefits counselors or someone who can advise you? Talk to one of them. I bet your work insurance is only for a fixed term. You should also check out insurance companies that offer whole life policies. You can find ratings and reviews online. I don't want to advertise for anyone in particular, but we've been happy with our company – Thrivent Financial.

5. taylor lautner Says:
   February 8th, 2010 at 5:50 am

   I am a SAHM. My husband and I have two children. We decided that we needed enough life insurance on me to cover paying for a Nanny for a few years and paying for a funeral for me plus a bit of a cushion in case I died. So we bought a $250K policy on me. We were going to do $150K, but it wasn't much more for the $250K.For my husband, we decided that we had to have enough to pay off our house and pay for college for both children plus a extra so that if he died I wouldn't have to work full time while the kids are still in school. For him, we got 1.5 million in coverage.Also keep in mind that if you live in the US and you die and leave behind children under 18, they will be eligible for some money from social securty until they turn 18. That is based on your income and how much you have paid into social security. You can find out how much they would get by looking at that annual statement social security sends to you.

6. justin bieber Says:
   February 8th, 2010 at 5:50 am

   right..my husband and i both have life assurance. we have 3 kids, so we got a bit extra to cover us…it works for us, and we are happy that if anything happened to us, then the ids would be taken care of…here is a break down of what we have….he is covered for 250k….if killed in an accident….and 250k….if he dies of natural causes..he also has cover if he needs to stay in hospital..etc…im covered for 200k…..if anything happens to me…keeping in mind that he would have to work, and pay someone to mind the 3 kids….we also have the 3 kids indivually covered if they needed to go abroad for treatment that they might not be able to receive in this country……(that is a huge peace of mind)……..its not that expensve to have it ..its about 300 euro per month, (im in ireland)….but its well worth it….:) Source(s): mum of 3

7. miley cyrus Says:
   February 8th, 2010 at 5:50 am

   I plan on upping mine over the next year or so but I have a 75,000 on myself and a 75,000 on my fiance. our company pays for 25,000 and I just added the rest

8. selena gomez Says:
   February 8th, 2010 at 5:50 am

   I am no expert in this area by any means, but I have seen a lot of people become life insurance poor. They are paying too much money for life insurance which claims that you can use it similar to a savings account. Since you are young, why not just get a term life insurance policy. You would pay around $20 a month for around $500,000 worth of life insurance. As you get older you can always drop it if you have enough saved up over a period of time in like your 401K, IRA, and savings to take care of things if you passed away. If I were you, I would get a will drawn up and get some God parents lined up to take care of your child. Talk to a lawyer who specializes in this area and you will get a better understanding of what you can and should do. He may even suggest that you have a trust drawn up. If you talk to a life insurance agent, they will try to sell you the moon and since they are good at it, you will be convinced that they are right. You are doing the right thing by asking these questions, but go to someone who is an expert in this area so you will know all of your options and have the best possible plan if the worst was to happen. Good luck.

9. taylor lautner Says:
   February 8th, 2010 at 5:50 am

   I have been increasing mine every year since my son was born. Currently I have $180,000. I am going to increase it again this year as well. The more you can get the better, is the way I think about it. You want to have enough to cover the expenses if something were to happen but I also want my son to have money for college and a car when it comes time. I don't want my parents or anyone else to have to pay for those kinds of things. Look into what your work offers and how much it is. I know for my insurance I pay just a couple dollars every pay check and get good coverage. You could also seek an outside source for insurance. You don't have to go with what your work offers. Do your research and make sure you get good coverage.Although its scary to think about, getting coverage on your child is also a good idea. I would look into that as well.

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