Do you have life insurance??

[Trish Bessette]

I work for an insurance company and I'm amazed at how many people don't have life insurance. Maybe its because I've worked here so long I know how important it is.

Do you have life insurance? If not, why? I'm curious to know.

 

[jrydberg]

Yep. Bumped mine up considerably from the employer provided insurance. Gotta have something to take care of my daughter should something happen to me.

 

[floridafam]

Yup.

DH and I purchased a policy after 2 of my brothers died. $100,000 on each of us. We also have life insurance for both of us through his employer. They also provide it for our children-I don't even like to think about that.

I was really scared after my brothers passed away. I wanted my DH to be able to take a leave from work and not have to worry about money if something ever happened to me.

He wanted the same for me. I don't work but he didn't want me to have to worry about money for a while if something happened to him.

It was a pain to get the policy with bloodwork, questions, urine tests, etc. but we are glad we did it.

We have the premium deducted automatically every month.

 

[EsmeraldaX]

Yes , through work, and transfered policy that my parents set up for me when I was very young. I have it because should something happen to me, I don't want anyone else to be stuck paying the bills for a funeral etc.

My best friends DH is doing this now. His dad died a few years ago, had no insurance and her DH is still paying it off.

 

[floridafam]

Good point.

I would at least have enough to pay for a funeral. I can't believe what they cost.

 

[froglady]

Yes, on both of us, even though I'm a SAHM. There would be consideral expenses in providing a full time, live-in caretaker to replace me until he married again. (Because of his occupation, someone would have to live in on certain nights.)

 

[dizagain]

Absolutely...on both of us. DH's is much higher than mine as I only work part-time and am a SAHM the rest of the time. My reasons are as previous posters have said....

 

[Trish Bessette]

Glad to hear you all have it. Something we all hate to think about but to think about not having it and you pass away is even worse

 

[KristaTX]

We have life insurance policies on both me and my DH, plus some other life insurance policies through his job. I hope I don't need this information anytime soon, but I'm curious about something. Does the beneficiary pay taxes on the life insurance money?

 

[Trish Bessette]

KristaTX - I don't believe the beneficiary pays any tax on the money.

 

[Toby'sFriend]

Does the beneficiary pay taxes on the life insurance money?

no

 

[KristaTX]

Thanks Trish and Toby'sFriend. I've been wondering if we needed to take that into consideration and increase our policies. Now I know.

 

[jeleebeene]

Both DH and I have life insurance. We have it through out employers, plus we purchased extra through an insurance company.

With DH travelling as much as he does, it just seemed responsible to plan for those "just in case" accidents that you are never prepared for. Having the peace of mind knowing that if something happens to one of us, the other will be taken care of in the transition.

 

[TammyNC]

We have life insurance on DH, but do not on myself. That is something that we need to look into in the near future. Thanks for that reminder that even though SAHM's aren't bringing in an income that would need to be replaced, there would be additional expenses if something happened to us.

We also have already purchase our burial plots, etc. We did that not too long after we got married.

 

[floridafam]

Our agent said quite a few families have insurance only on the male. We have equal amounts on the both of us.

Even though I don't work, I didn't want DH to feel pressured to return to work immediately. I didn't want the kids to lose a parent and then have the other one working all day.

This way, either one us can feel financially secure and take a nice long time to help the kids adjust if something were to happen.

We can also borrow cash from our policy but we are never going to do that. We also have the option of taking cash payments after we are a certain age instead of getting the premium after we die.

 

[luvwinnie]

Yes, luckily I have $100,000 through work. We had to buy one for DH.

 

[Jenn Lynn]

Yes we do. We bought our poilicies when I was PG with DD.

 

[JVL1018]

DH has life insurance through work, which is a small amount, so we each have additional large policies-I don't work, but he'd need to hire someone to watch the kids if God Forbid, I died.
He's an exempt firefighter so the funeral costs whenever he goes(may it be 60 years from now!!!)will be paid for by the fire department.

 

[4greatboys]

My dh has life insurance and I did while I was working. All the kids have life ins. We have been looking into some policies for me and some additional coverage for dh.

 

[Pin Wizard]

Absolutely! If something happens to me, DS goes with my sister. It's not her responsibility to "provide" for him, it's mine.

When my husband passed away at 38 while I was pregnant, you better believe I was glad we had life insurance! You really do need to take care of your family in my book.