Money Matters
chicagobride_07
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Life Insurance
DH and I have always had small policies through work. Now that we have a baby, we'd like to get a higher value policy ($1 million) for DH. Is there anything special we should take into account when shopping for insurance? Any companies to avoid?
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Re: Life Insurance
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You will want to consider life insurance for you as well.
You want TERM insurance only. Do not buy a hybrid or Whole Life Insurance (which the Gerber plan is). 20-30 term - long enough to cover getting them out of college, have the house paid off etc.
They will give you instant quotes for many different companies and help you find the best one.
I agree with the 20 year term- we just had a kid and that's what we did.
She's right! I am a SAHM, and I have some. It can help the spouse who is working outside the home have some flexibility if the SAH spouse dies. It can pay for child care so the spouse can continue to work outside the home. I don't think it needs to be as large of a policy as the one on the spouse working outside the home, but it should be a comfortable amount to also help with funeral/burial and possibly any other debts.
I know a lot of people are recommending term life insurance, and that is the best option if you are looking at just having extra coverage while your child grows up. But the negative thing about term life insurance is...at the end of the term...you are back without insurance. Only now it will be more expensive to get because you/your husband are 20 years older. Or maybe one/both of you cannot get it at all because now there is a pre-existing medical condition.
My mom got one of those Gerber life insurances for my sister and I when we were babies and thank God she did! I was diagnosed with a serious medical condition when I was 20 and now I basically either can't buy life insurance or, the few companies that offer it, would charge me exorbitant rates. But I still have that whole life Gerber policy! Of course, no one can see into the future...if we could insurance decisions would be a lot easier, lol
...but it is something to consider. There are endless medical conditions that throw people into the "uninsurable" category and a whole life policy (beforehand) guards against that...but that is also why they are more expensive than term.
Yes, my parents actually took out a small life insurance policy on me through a professional organization when I was a child. My Dad still sends me information about it from time to time but I haven't paid much attention to it, to date. I'm going to look more into the specifics now.
I do have life insurance on myself through work- the max I can get without providing evidence of insurability. I think it is in the neighborhood of $300K.
Unfortunately, additional life insurance for me at this time is not possible because of some medical conditions that I have.
@vlagrl29
Most people will try to re-write a term policy when theirs expires. The negative part to that, is the premium is usually quite a bit higher, and if you have any medical conditions that have arose during that term, then you may not be insurable.
This is why we have a $100k whole life policy for each of us (locked into the rate and death benefit for life), and a $500k term policy (for 20 years).
Also, another way to look at it is that if in 10 years your student loans, mortgage, etc will be paid off. Then maybe a term policy is a good direction to go. Do a term policy for 10-15 years to cover any debts you may leave behind or to cover college tuition. Then a whole life policy so that you are guaranteed some sort of death benefit.
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If you both work, you should get life insurance on both of you roughly 10 times your salaries.
If you plan to have more kids, I'd aim for 30 over 20 years but not all companies offer it anymore.
And you need life insurance just as much as DH - even if you don't work.