Post by karinothing on Aug 15, 2012 10:37:55 GMT -5
I mean I assume it is that high becuase you are a higher risk? If I were higher risk I would assumet that I would have MORE of a need for life insurance, so I think I would do it. Do you need 1 million?
10 years is way too short a term if you are under 45 and/or have a mortgage or young kids.
You want to go with at least 20.[/quote
We didn't want more than 10 because I knew he would have an employer at some point that would allow for more than 1M coverage... we just need it for one employer that only had 50K coverage.
Employer coverage usually isn't portable. If he went to another employer that didn't have LI or had a low limit and no buy-ups, he'd be SOL then too.
H has a terrible family history and his $1 million policy, 20 year term obtained at age 39 is $116 per month. Have you shopped via selectquote or accuquote or is this price from them?
Yikes, that is expensive. H is not the best rating, but not the worst and we pay $900 for 30 year, $500K coverage. Have you shopped around? If that is the cheapest you can get, I'd probably for for a lower payout, $500K instead of $1M. But it obviously depends on what you need it for.
I mean I assume it is that high becuase you are a higher risk? If I were higher risk I would assumet that I would have MORE of a need for life insurance, so I think I would do it. Do you need 1 million?
Sorry. On the iPad at park. I didn't explain it well or at all.
This is a policy for my husband. He's 38 with type 1. I can't work currently so the amount needs to cover me and the 2 kids in the event of. We actually need more but this is the best we can get.
We also pay out the nose for LI. I think mine is $180/mo and DH's is $190 per month. We have risk factors that place us in a higher class. Unfortunately, like PPs said, you kind of need it.
Post by dr.girlfriend on Aug 15, 2012 11:03:00 GMT -5
That sucks. But sorry, yeah, you need it. Shop around, check with selectquote, see if a multi-rate discount would help (combining it with homeowners and car insurance, etc.) but (if I remember correctly you are on disability and need someone present for childcare because of seizures?) if you can't survive on your income alone, you need it.
Is this for you or your husband? Not be morbid or anything but I wouldn't get life insurance on someone who didn't work.
I'm a SAHM and we absolutely have a LI policy for me. If I were to pass away, there is no way DH could afford to pay for daycare for 2 kids + all our other expenses on his income alone. Also, he'd most likely have to pay someone to help out around the house, too, since he works all kinds of crazy hours.
It's pricey, but you know you have to do it. Sorry you're getting such high quotes
I know. You guys all told me I'm jut in denial.
We actually had a friend say it wasn't worth it. Then I pointed out he's the kids' guardian and he wouldn't be getting any money with them unless we're insured. He changed his mind.
Is this for you or your husband? Not be morbid or anything but I wouldn't get life insurance on someone who didn't work.
I'm a SAHM and we absolutely have a LI policy for me. If I were to pass away, there is no way DH could afford to pay for daycare for 2 kids + all our other expenses on his income alone. Also, he'd most likely have to pay someone to help out around the house, too, since he works all kinds of crazy hours.
Sorry I didn't mean to imply that SAHMs passing would not have an economic impact. Liveintheville has childcare she pays for if I'm not mistaken.
Post by liveintheville on Aug 15, 2012 11:30:54 GMT -5
Oh and we have shopped it around. This quote is from Banner. NY Life won't even offer 1mil and a few other places quoted ~$600/mo.
We could do $500k but that seems too low with the kids only being 2 and 4.
ETA: And no insurance for me at all. The kids will get my SSDI and he gets what my friend refers to as the $1500 kick you while you're down SS payout (aka one time death benefit).
I'm a SAHM and we absolutely have a LI policy for me. If I were to pass away, there is no way DH could afford to pay for daycare for 2 kids + all our other expenses on his income alone. Also, he'd most likely have to pay someone to help out around the house, too, since he works all kinds of crazy hours.
Sorry I didn't mean to imply that SAHMs passing would not have an economic impact. Liveintheville has childcare she pays for if I'm not mistaken.
You are correct The ability to afford Tony is high on the list.
We don't have life insurance. I don't really see the need for it.
Interesting. Can I ask what your rationale (for the rainbow) is? Do you both work? Any kids? The kids are what's really pushing us to pull the trigger. And the fact that his new job only does 1x salary.
Our income is just above the poverty line, lol. He doesn't work, no kids. But I see plenty of single mothers and fathers do just fine. I'd rather save that money now.
Yes that seems high. Did he have to get a physical for the final quote? We have policies around that amount and both of us had to get a physical. However, neither of us have any major health issues. I think each of our policies is around $50-$60 per month for a 20 year term.
So glad you posted this, I just decided yesterday that we need to pull the trigger on a 1M policy for H as we just bought a house, will be living on one income for the foreseeable future (due to newer medical disability on my part) and we got some debt. I had no idea what it would be to increase from our $100,000 policy and the various answers here gives me a ballpark of whats high and whatnot.
H's work only allows ~4x his income, so we got a ~$120,000 policy from them and a $100,000 from state farm - we probably pay total for both about $20/month but he's 25 with no risk factors. No way would that generate a livable income for me after paying death expenses and debt. The upside of him having the only income and us having no kids is my policy is super cheap and the $100,000 will pay off the house, pay for death expenses, and leave him with the equivalent of one year of his income to cover any time off he'd need to take before/after.
Yes that seems high. Did he have to get a physical for the final quote? We have policies around that amount and both of us had to get a physical. However, neither of us have any major health issues. I think each of our policies is around $50-$60 per month for a 20 year term.
Yes physical and pulled medical records. Issue is he's had a auto immune disorder for 27 years. His diabetes is controlled but since it's type 1 it's a huge strike against him.
We don't have life insurance. I don't really see the need for it.
Interesting. Can I ask what your rationale (for the rainbow) is? Do you both work? Any kids? The kids are what's really pushing us to pull the trigger. And the fact that his new job only does 1x salary.
I used to think I didn't need an outside policy from our work, but after a death in the family that left lots of medical bills and funeral expenses, writing was on the wall. Its not just the everyday expenses, because I am not concerned with that either, its getting over that hump, paying for the final expenses and moving on. FOr some people there is only a small window you will even get insured for a cheap enough price too.
We have life insurance on me and not DH because his was just *so expensive*. He's significantly overweight and it just kills the rates. I chose to up our retirement contributions instead. I realize we should do both, but it's not possible right now.
We did qualify for the mortgage on my salary alone, and he does have some coverage through work. Worst case scenario, we'd be okay. Not super-duper "paid off the house" okay, but we'd get by.
That stinks that it is so high. Will they give you a discount if you pay annually? We got what came out to be a month off for paying in a lump sum each year.