Further Light and Knowledge

From the recent thread - I was curious.

I have no relationship to this industry IRL, btw.

I did recently purchase a policy for myself and dh last year.

I was shocked at how expensive it was (I'm 32 and a non smoker).

I'm not using this post to get a better quote. But it was around $50 per month. That could be quite a lot of money for a family strapped for cash (that extra $50 just went to the higher gas prices, to my mind - but who knows).

So - do you own term or whole life insurance? Why or why not? Is it related to your place of employment?

Should there be more requirements about life insurance for parents of minor children? Should the government (US) give more as a death benefit (I know the libertarians will disagree)?

*added don't care option

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my blog

I have insurance through my place of employment, not only the company paid plan but a separate one I contribute to myself. Unfortunately, if I leave the company, that all goes away.

I recently got life insurance for my children because I believe it is a good idea to get them started out early in life while the insurance is still affordable and by the time they are 30 or 35, the policies will be fully funded and they won't have to pay any more money for it again. Plus once it is fully funded, they can borrow from or cash out on the investment portion of the policy. Just for example, my daughters (16 year old) policy is $75/quarter, son #1 (19 year old) is $130/quarter, and my other son (16 year old) is $90/quarter. I over fund $5 a quarter each just to add a little more to the investment portion.

Not right now. When I have kids I will probably look into it. Right now its just an added expense that I can't justify. Besides, my wife has more earning power than I do anyway.

Tons.

I don't remember the actual amounts off the top of my head, but I think my total death benefit is about a million bucks. We collect insurance like some people collect knick knacks.

I was talking to Conundrum and Froggie about insurance this weekend. If Schultz or Mr. Frog dies suddenly, we may need to have an investigation.

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As to marriage or celibacy, let a man take which course he will, he will be sure to repent.
-- Socrates

If I die on a business trip in a commercial airline accident, my husband would become independently wealthy.

I have a couple of term policies that, combined with my employer insurance, total about $1.5 million. I have structured things in such a way that my children would receive (in trust) the bulk of the proceeds. I'm divorced, so my situation is a little different than some, but I want to ensure that my kids would be covered financially if something were to happen to me since I provide most of their financial support. As they get older and more financially independent, I will reduce the total amount of insurance.

I think it's a really good idea to have at least some coverage independent of your employer's plan. There is too much uncertainty in employer sponsored life insurance benefits to put all your eggs in that one basket. You could lose your job, your employer could change or eliminate the program, you could become disabled (many employers discontinue life insurance benefits after a certain period of disability), the rates could skyrocket, etc.

Be sure to shop around for the best rate. However, be sure to also pay attention to the issuing company's rating and past performance in meeting its "promise to pay" obligations. All life insurance companies are not created equally.... Oh, and READ the fine print. All of it. Twice, if necessary....

We should be covered if Schultz were to die *cough* "suddenly"! He has a work policy and a private policy. I don't want to have to think about returning to work right away because of my young children in the home and my disabled daughter. Schultz has private term insurance that will terminate here in about 5 years. Renewing will cost us a pretty penny I'm sure, but we married late and our kids are still young.

I am covered by a small whole life policy I purchased as a teen. The premium is practically just pennies now. It would pay for the funeral and possibly a housecleaning service for a short period of time. Schultz hasn't knocked me off yet because I'm still probably worth more alive than dead. The housecleaning service would have to be paid. I do it all for free!!

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"Perhaps doubt is not just a way station between beliefs. Perhaps doubt IS the destination."

*Sigh*

We so need to look into things....

I have a pollicy that my parents bought when I was a baby. And I had/have a policy through a bank that they give all members for free.

Oh, and evidentally I have a policy through work. Go figure. I didn't know that.

Fig only has a policy through work.

We need more but just haven't ever done it. Though the people I've chosen as guardians should anything happen would be able to take them in without insurance to help. (They've been asked too.)

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Sometimes I make my kids wear sombreros and scuba fins around the house. Not because there is any reason. I just want to teach them obedience.--Darth J

I wasn't trying to spur anyone to action.

I guess I was thinking, politically with the health care plans being floated by various political parties - does this make sense? To require parents of young children to hold a certain amount of coverage?

Is it morbid or negative to think about? I think it's just being prepared/realistic.

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my blog

Is it practical? Probably not. However, carrying health insurance for the kids is a pretty standard part of most divorces, so at least SOME people are thinking about it.

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As to marriage or celibacy, let a man take which course he will, he will be sure to repent.
-- Socrates

Oh you take the fun out of everything.

I have a million in term. I have 150K covered by work. My hubby has his coverage in a VUL, a vehicle which I really like. My will stipulates that my life insurance would go into a Trust for my children in the event of my death. I have more earning power than my hubby, so I am technically at more risk for any spurring action. I don't think he'll off me though, he likes my ahem...cooking a lot.

Big green hugs,

Froggie

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"Mormon culture is a combination of well-intentioned naïveté, the Stepford Wives, and the Holy Inquisition." ~Dr.Todd Ormsbee
http://froggey.wordpress.com

Yeah, DH likes that about me too.

I currently don't, but when I did (and when I purchase a new policy for myself) I had an Equity Indexed Universal Life policy with a face value of 10x my annual income. (If I were to die, DW could live on interest, which would be what my annual income was. Tax free, of course.)