Life Insurance Question

zachsgirl91809

We haven't taken any life insurance out for either of us, and I've been getting some prices online. 

But I don't know how many years we should take out? For example, zanderins.com gives you options for 10 to 30 years. We are 23 and 25 and the only debt we have is our house. I'm not sure how to calculate this. I'm thinking about just getting it out on him right now, since I don't work right now.  

amelianguy

I don't really know but I'd recommend you post this on the MM board. They'll have some good advice I'm sure!

billyandsara

I don't work either I stay home with the baby and my H has a good job but we still took it out on me because if something happens to me even though he has a job he will still need money to hire people to help him with out daughter.

 

zachsgirl91809

The MM board gave me lot's of good advice. Thanks!

DeniseM21

I?m glad you found what you were looking for on the Money Matters board. For everyone else that might still be looking for advice on how much life insurance to purchase, there is a free calculator hosted by non-profit organization lifehappens.org that will help you do just that. With term insurance, if you?re like the OP, it should ideally cover the amount of the mortgage plus 5-6 years of the insured?s salary. There are several variants among life insurance policies that have their own advantages, so read up as much as you can so you can make an informed decision.

Even if you are a stay-at-home you should consider a small policy for yourself as well. This may come in handy as your husband may need to cut down on his hours from work to spend with your children as they cope with your loss. It may mean re-locating to a place where you have family close by to help out. DH may need to hire help and put kids in a daycare. A small policy could go a long way in meeting these expenses.

Denise Mancini
Disclaimer: I work for AccuQuote and this is my personal opinion.

MBMcC421

DeniseM21:

I?m glad you found what you were looking for on the Money Matters board. For everyone else that might still be looking for advice on how much life insurance to purchase, there is a free calculator hosted by non-profit organization lifehappens.org that will help you do just that. With term insurance, if you?re like the OP, it should ideally cover the amount of the mortgage plus 5-6 years of the insured?s salary. There are several variants among life insurance policies that have their own advantages, so read up as much as you can so you can make an informed decision.

Even if you are a stay-at-home you should consider a small policy for yourself as well. This may come in handy as your husband may need to cut down on his hours from work to spend with your children as they cope with your loss. It may mean re-locating to a place where you have family close by to help out. DH may need to hire help and put kids in a daycare. A small policy could go a long way in meeting these expenses.

Denise Mancini
Disclaimer: I work for AccuQuote and this is my personal opinion.

Wow.... vendor much?