How Much Life Insurance Do You Have?

[cschin4]

I have a $500K term life policy on myself and an $800K policy on my spouse. Do you have life insurance, how much?

[LivingAlmostLarge]

zero, nada, DH has $200k from work, but that's it. We're getting some as soon as we start trying for kids.

[Snoopy2645]

I have $250k & dh has $100k & then we have a little bit more from his employer maybe like $30k a piece. I figured with 3 kids we needed it so we got it in the last year.

[fairy74]

$60 K from the bar association, and $500 K in another policy, DH has $150K, we will probably up DH's before the baby arrives.

[Ima saver]

I don't have any!

[pearlieq]

I don't carry any and DH's doesn't have much.

People keep insisting I need to get some, especially if we have kids. I don't know. I'm not really convinced. DH is the sole breadwinner. I don't bring in any money (that we count on for general budget) and while he might need to pay for daycare if I were to pass away, he could cover that out of his salary without much difficulty.

I guess it would be nice if he could afford to hire a full time nanny, housekeeper, etc. if I were to pass away, but they aren't necessary. Then again I suppose it would be tough to be a single parent and maybe it would be nice for him to have it as easy as possible.

I also suppose he could become disabled and become unable to work, in which case having a life insurance settlement could replace my being able to return to work to help support us (he has short & long term disability).

I'll have to talk to him some more and price policies...

[shelbylovesmelby]

We added a policy thru dh's work in addition to what they already provide. But not in the amts you all have listed! OMG!

Ours would be enough to pay off the house basically.

[Fern]

none, cus i'm single.

[PRICEPLUS]

400,000 in term life. About 7000 in free accidental death insurance. Mortgage paid and DD will be off to college soon so I am pretty good shape. Funeral will be me being cremated at cheapest price and leaving a goodly amount of money for a big party.

I guess that covers the bases!

[rags2riches]

Don't have any insurance

[cschin4]

After we had kids, it seemed like a good idea to get insurance as well. Term life is pretty cheap and since we purchased it in our early 30's, it is a very reasonable price. Sometimes I wonder if it is worth paying for but we have young children and I would want them to be taken care of.

[creditcardfree]

$250K term life on me, $400K on my husband...that's the max they offer you in the Army. I'd like more on me, but last time I checked my weight was bit high and the premium was awful. I working on the weight. I'll probably check on a new policy once I can keep my weight down.

Ima, based on your half million dollar house that is paid for and other assets I don't think you need life insurance...you are self insured!! Way to go girl!!

[boefixepa]

None at the moment. Once a baby is on the way hubby and I will have to sit down and look at what we want to do.

If hubby were to die I'd want enough to pay off the house, and cover income until all the kid(s) where school age. Then I could go back to work. So 500K should be enough.

If I were to die I'd think hubby would want enough to pay off the house and pay day care until they kids where in school....but we haven't talked about this.

This is also something people should revisit at different points in their lives. The amounts you may need or want can changes drastically given life events. AKA a special needs child or possible long term medical needs.

[Daylily]

100k on each of us. I'd like to have more but the rate for smokers is sky high. Seems a little ridiculous to me given that the policies are 20-year term policies.

[disneysteve]

I've got $1.25 million on me and about 150K on my wife. I used to have more, but last time I did a review with my agent, we determined I was overinsured. That was a few years ago and I'm planning another review soon. I think I am again overinsured. As our debts decrease, our assets increase, and our daughter gets older, our need for insurance gradually decreases.

pearlieq - Both of you need coverage. Term life is dirt cheap today. Well worth the cost.

Also, if any of you have term policies that are 5 or more years old, you may well be overpaying as rates have dropped significantly. Call your agent and get a fresh quote. You may be able to save money by swapping to a new policy.

[smartatmoney]

If anyone depends on your income, you should have 8-10 times your income in 15-20 year term life insurance. I will be doing this within the month. I have a 1 year old and a stay at home wife. I am the sole breadwinner.

Please.. get term life! It is cheap and important

[Hez]

I don't have any; no one is financially dependent on me.

[LivingAlmostLarge]

Is it better to keep switching term to lower and lower policies and rate disneysteve? Doesn't it go up because you're aging?

I always ask because we don't have kids so I'm not sure what to buy, but DH won't buy any till I'm pregnant. Then we'll sit and discuss. As is we're fine if either of us die, we're selling the house and with our equity the other person will be sitting pretty on a nice amount of assets. So I don't know whether to buy 20 or 30 years especially since we'll buy when pregnant with the first kid, but we're definitely not having just one. But we'll also become more able to manage without life insurance too as we age.

[disneysteve]

Originally Posted by LivingAlmostLarge

Is it better to keep switching term to lower and lower policies and rate disneysteve? Doesn't it go up because you're aging?

Very good question. Normally, the answer would be yes. Rates are lower when you are younger. However, in recent years, rates have dropped considerably. So a 40 year old today very possibly can get a cheaper policy than a 35 year old could 5 years ago. I actually met with my agent last year and he gave me quotes that would have been cheaper for us, but I never followed through. I plan to call him and set up a meeting sometime soon. From what I've read, rates have come down even more since then.

Also, at least in my case, if we decide I need less coverage, I save that way too.

[LivingAlmostLarge]

What company did you use for life insurance? I know it requires a physical, I just thought I'd buy insurance once and never look again.