We have about 10x H's salary. We have about $750k on me, from when I was working.
We calculated these numbers based on our debts at the time (lower now) and for either of us not worrying about working for many years if we felt that was best.
ETA: ours is $84 a month for both our plans. They are term 70s, so will increase in price as we get older, but by then we won't need it.
We both work FT, and we each have about $700k in life insurance. We pay about $130 a month total. (We're in our early 40s.) We have so much in retirement at this point in our lives that we didn't need ginormous life insurance policies. Enough to pay off the house and be able to take some time off work without losing all our savings, plus pay for kids' college.
We have 5x my DH's income(which come out to just shy of 2 million. We can only raise it by 1x his income per year without him having a physical so that's what we do. I work per diem but I have a good career to fall back on so I'm not overly concerned. We will continue to raise it until we reach the max at his company which I think is 8x his salary.
I think we started with 1mil and raised it but I can't remember how high.
I will urge EVERYONE to get life insurance ASAP. I'm so incredibly thankful that we did it when we were both young and healthy. Since then my previously healthy as a horse husband has had two types of cancer. He would be uninsurable if we had waited. Do it.
I'm going to echo this, as a person who's actually living off my husband's life insurance benefit. There is little I will proselytize about more than making sure your family's life insurance needs are met. It's just not that complicated, but it's easy to find something more fun to talk about. We simply did a calculation of what it would cost to educate the kids through (and including) college, hire a nanny/housekeeper/etc, pay off the mortgage and (I think this might be the most important but hardest to determine) maintain the "current" lifestyle (eg, vacations, extracurriculars, general extras). I didn't want to have to uproot my kids (whether it was me or my h), move in with family and change everything on them, etc.; I didn't want to be in such a position that my kids would be worrying about money and school and whatnot. And we got that much insurance. Every day I am grateful that my husband, who will be gone six years next week, is still taking care of us.
I think we started with 1mil and raised it but I can't remember how high.
I will urge EVERYONE to get life insurance ASAP. I'm so incredibly thankful that we did it when we were both young and healthy. Since then my previously healthy as a horse husband has had two types of cancer. He would be uninsurable if we had waited. Do it.
I'm going to echo this, as a person who's actually living off my husband's life insurance benefit. There is little I will proselytize about more than making sure your family's life insurance needs are met. It's just not that complicated, but it's easy to find something more fun to talk about. We simply did a calculation of what it would cost to educate the kids through (and including) college, hire a nanny/housekeeper/etc, pay off the mortgage and (I think this might be the most important but hardest to determine) maintain the "current" lifestyle (eg, vacations, extracurriculars, general extras). I didn't want to have to uproot my kids (whether it was me or my h), move in with family and change everything on them, etc.; I didn't want to be in such a position that my kids would be worrying about money and school and whatnot. And we got that much insurance. Every day I am grateful that my husband, who will be gone six years next week, is still taking care of us.
I am very sorry for your loss. You were so blessed to be married to someone who cared so much about your future and made sure you and your family would be well taken care of.
Post by polarbearfans on Feb 3, 2016 18:08:34 GMT -5
Not enough at all... And he doesn't want to pay for more. It would be enough to get things figured out but not enough to pay off the house or anything. I would have to sell and downsize
Thanks to this thread I called Selectquote today, since I'll be 40 next month. I'm looking at a total of $1.3 mil for myself, since I'm the primary earner by a significant amount. I have 300k through work for $14/mo, and am looking at $1mil for $98/mo elsewhere.
I reeeeally wish I had purchased this 10 years ago when I was younger, thinner, and hadn't had gestational diabetes.
<abbr>Ugh, @fivedogs, your mom's situation sounds so frustrating. Why do they make things so hard for teachers?
H got hit by a car while walking on the sidewalk when he was in his 20's - a total freak accident. He had to have a few surgeries and blood transfusions, which somehow (they think) introduced a kidney disease he will have for the rest of his life. It's controlled now, but it makes his insurance premiums so, so high. I can't remember the dollar amount, probably because it's more than I want to think about. To buy more than what we have now would be prohibitive, especially since we're taking on some of his mom's care. I do see the validity of the points people are making, though.
I guess this is another cautionary tale - buy insurance when you (collective) are young and healthy! </abbr>
Post by underwaterrhymes on Feb 4, 2016 15:33:28 GMT -5
I don't go here and I'm not a SAHM, but I work PT from home as a consultant. H has a 20-year term policy for $1,000,000 and I currently have a $100,000 policy, but am going through the process of getting a 20-year term $500,000 policy.
We didn't get them until recently (and we are older), so they're not cheap, but they're worth it.
We have the max allowable here, which is 2M for him. I am also insured but I'm not sure for how much. We pay about 2K a year, it's expensive in Australia.
We pay a lot annually, but broken down to a per month is $658, ugh. But it includes 2.5 mil on one spouse and 2 mil on the other and we took out a 500k policy on a grandparent to help alleviate costs if they die and leave the other grandparent with nothing.
Then we have more life insurance thru work but that monthly fee is nominal.