[QuixoticNotions]

Costs more than I thought!<br><br>
We're getting some for me, and some to cover additional to what his work offers....<br>
Looking at 20 year term policies (long enough for children to be college-aged)<br>
Mine is not too bad... $12/mo for 100,000; $20/mo for $500,000.<br><br>
DH's, though, <img alt="uhoh2.gif" src="http://files.kickrunners.com/smilies/uhoh2.gif"> we need more insurance for him because he's the wage earner and if something happens I'd have trouble supporting a child or two on my potential income alone, even not thinking about child support costs, and the obligations him and I have together.... $65/mo for $500,000; $115/mo for 1,000,000. I think more than 500,000 that is what's needed but I don't really know much about it, and DH seems to think less would work for him. <img alt="confused.gif" src="http://files.kickrunners.com/smilies/confused.gif"><br><br>
He's only 10 years older, but I think that and him being male, and his weight affects it. (My weight puts in me in the normal "preferred elite" category, but even with no other risk factors (family history, smoking, etc) he gets put in the lowest category)<br><br><br>
Not fun stuff to think about... but really, I've been pushing for it because what would happen if something happened to DH while I'm a SAHM? Still seems so morbid and you wonder in the mean time.

 

[ToddEP]

Ouch...that is high...shop around for him?

 

[coacht]

The rule of thumb for the proper amount of life insurance is 5-7x your income.

 

[QuixoticNotions]

That's everywhere. I got quotes 5 different places, at least

 

[QuixoticNotions]

I did a few calculators from Clark Howard's site and Smart Money and it came up with 1,000,000 for him (sole wage-earner currently) considering children's expenses, debt that is ours now (he has reasonable debt for his income, but on my income it would quickly become burdensome, and I believe as we're married I'm obligated to pay it as his estate?), and my low income potential (even with me going back to work)<br>
I'm still right that we shouldn't go less than 500k.

 

[muzicgrl]

<br>
Yep, the two places where this makes a <b>HUGE</b> difference are life insurance and private health insurance. When I was heavy and still in grad school Blue Shield wanted to charge me 3x the normal amount for health insurance unless I weighed less than 150 pounds. It makes sense really but it sure pissed me off at the time because I spend less time at the Dr than anyone I know.

 

[QuixoticNotions]

We're thinking about getting so much now since he really needs to lose weight, and in a couple years before we have the next baby, adding on more under the assumption he'll lose weight by then and it will be cheaper even with him being a couple years older. He's 6'4 and just over 320 now-- even just 40 lb loss, it's looking like, will save over $100-$200 a year depending on the policy, and even more past that.

 

[arc918]

get whatever coverage you can afford now - you can always stop paying on the policy when he gets a better one in the future<br><br>
careful with rules of thumb about insurance - lots of them are made by people who are in business of selling insurance<br><br>
term in insurance is really good at certain things (income replacement/debt payoff on an untimely death)<br><br>
term insurance is the wrong tool for the job if you need the policy to be in force (for sure) at then end of a long life - you will be priced out of the market with term

 

[jcumming]

I was told that one should never buy whole life insurance but that you should buy term and invest the difference. I kinda figured that in my 20's I'd probably NEVER invest the difference so I bought whole life.<br><br>
I have a whack of it now...and a bunch of money to boot. I have bought a lot of toys with the dividends and there is piles left.<br><br>
I might have made more if I had invested elsewhere. I'd like to compare with my friends who bought term and invested, but none of them invested a cent and now they have indeed been priced out of the market.

 

[bikegirl72]

Don't sell yourself short though QN! If something happened to you, he'd have to pay for child care and a housekeeper to do what you did. I think I have just as much insurance if not more than DH for that reason.

 

[QuixoticNotions]

We only want term for the time in which our kid is growing and our wealth is growing.<br>
We figure at the end of 20 years, we should be self-insured so to speak.

 

[QuixoticNotions]

I guess you were right. We finally decided on $415 for him (not counting his group life through work) and $195 for me.<br><br>
Our friend who came over last night recently got certified to sell life insurance so we went through her thing and that's what it suggested. We put in minimum amounts for him since he already has some life insurance and we wanted to keep it reasonable per month.<br>
DH is awful; we're debating how many years I'll need how much money. And he was like, "One month, get the fck out--- she's a pretty girl-- she works those assets and she'll be remarried in no time."<br>
But I topped him "Oh no, baby! To find a guy like you... that would take at least 5 weeks." <img alt="biggrin.gif" src="http://files.kickrunners.com/smilies/biggrin.gif"><br><br>
Anyways, I feel more secure now.

 

[arc918]

JC - it really depends what you need the insurance for. If you you have an illiquid estate (say a family business or real estate) or you need to create wealth upon your death then term is likely the wrong tool for the job. You'd probably want whole life.<br><br>
My problem is with variable products. Insurance should be insurance and investments should be investments.

 

[arc918]

FWIW - to get an insurance license in our state you need to be able to fog a mirror