How Much Life Insurance Do You Have?

[smartatmoney]

Re: How Much Life Insurance Do You Have?

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]

Re: How Much Life Insurance Do You Have?

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

[LivingAlmostLarge]

Re: How Much Life Insurance Do You Have?

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]

Re: How Much Life Insurance Do You Have?

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]

Re: How Much Life Insurance Do You Have?

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.

[Thrif-t]

Re: How Much Life Insurance Do You Have?

I work PT and we have 150k term coverage on me and 300k on DH. We also have 3 children under 12.

[lrjohnson]

Re: How Much Life Insurance Do You Have?

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

Same here. I do have a small term through work and a small term through my credit union, no cost to me, that will more than cover any last expenses after I die.

[savvy06]

Re: How Much Life Insurance Do You Have?

300k on me and 500k on my husband. We really don't think we need more than that.

[disneysteve]

Re: How Much Life Insurance Do You Have?

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.

I'm currently with Northwest Mutual, but if I change to get a cheaper rate, it will be with another company based on the quotes my agent gave me last year. Another tip - use an independent agent who will look for the best policy, not just the one his/her company sells. Or, just go online and shop that way.

As for buying and forgetting, not such a good idea. You may be needlessly overpaying. Of course, that assumes that your health has remained stable since you got your last policy.

If you do decide to shop around, DO NOT cancel your existing policy until the new policy is issued and in your hand.

[debtfreeme]

Re: How Much Life Insurance Do You Have?

through work i pay about 3/month for 300k.

I know i do not have to do it but i have a mother who does mot have a lot saved whom i would be helping when she gets to be unable to care for herself. if something happens to me then she gets it and would be find for years on that amount. any other amount and it gets to much to take out. maybe next year after the raise and all.

[MonkeyMama]

Re: How Much Life Insurance Do You Have?

$500k/each

I am probably a little under-insured and dh a little over. But if something happened to both of us the money would be well needed too (even more) since our appointed guardians owe about $500k on a 2-bedroom fixxer-upper (high COL area). most of the money could go to decent housing for a suddenly larger family.

I think it was 10 times my income at the time and now is less. I will likely increase mine and lower dh's in the following years as we rely more heavily on my income and don't expect to rely on his at all. I would still keep at least $100k on him, but overall not much more is probably necessary once the kids are old enough not to need care if something happened to him.

[Elgin526]

Re: How Much Life Insurance Do You Have?

I have a $50,000 30 year term policy I got when I was 18, it's cheap so I've kept it up. I have 2x my annual pay through work, and another $250,000 20 year term I got after getting married.

DH has a small ($5k I think) whole life his mother got for him when he was a baby. He also has either 2x or 3x (I can't remember) his annual pay though work, and also a $250,000 20 year term on him we got after married. We would have liked more on him, but with his pre-existing health conditions, it was all we could afford.

It's not 8x our earnings, but it should be enough to pay off all debts and leave enough to supplement the income of the survivor.

[Amanda W]

Re: How Much Life Insurance Do You Have?

I have 160K, and DH had 60K. We'll get more sometime before we have children.

[Broken Arrow]

Re: How Much Life Insurance Do You Have?

This is a good topic.

I believe everyone should have life insurance. Even if you're single and have no other dependants.

At the very least, funeral costs are very expense nowadays, and someone is going to have to foot the bill. Do you want your spouse or parents to have to be stuck with that bill? I don't.

But it doesn't have to be a big one, and it doesn't have to cost a lot.

I have just enough to cover the basic expenses and a little bit more in case of an untimely death, just to make sure no one has to pay for my passing.

I also have some more coverage in case of accidents and so forth.

Finally, I compare each individual coverage to its monthly cost, to make sure that I keep the premiums as low as possible.

[vsjhoc]

Re: How Much Life Insurance Do You Have?

I'm single w/no dependents, so my EF should cover my last big emergency!!