May 2010 Weddings
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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 - who's got it?
Since I now have a company phone; my $85 monthly cell phone bill is no more. I want to designate that money to life insurance policies for DH and I.
Right now I am looking for a $500k policy for each of us and it looks like it will be about $40-50/month (per the online quotes). Not bad. I've been looking at MetLife and Prudential...who does everyone else use and any pros/cons?
Re: Life Insurance - who's got it?
We don't have it. Since we were each self-supporting before we got married, I figure that either of us could handle it financially if something happened to the other.
The second I get KTFU, though, we're getting life insurance on Matt, and we'll get it on for me soon after.
My parents have an insurance guy and he hooked me up with some life insurance. I figured since he was a deadbeat with no job if I died he'd be fvcked so I got a life insurance policy. So ladies, if I die mysteriously before we are divorced and I get that changed, BRANDON MURDERED ME!!!
Yeah, change it to your parents or whoever ASAP! You can do it over the phone i'm sure.
Is it weird that my thought was "Oh no, how would we know if Hayley mysteriously died? Would someone get on her account and let us know?" I don't really expect you to die mysteriously, so I'm not sure why I thought that. But the thought of not knowing if something happened to you made me sad.
i have a policy through work that i pay a small piece for that would coverage the mortgage, but nothing additional
Totally late as I'm trying to catch up on everything from the past couple of days. This is long, but I give you an out after the first two paragraphs.
I have a $150k policy for myself, $75k for Matt, and $10k for Henry through my work. I am also in the process of applying for $500k additional policy on myself. Once Matt starts working, we will do the same for him.
You can stop reading here if you like because I'm about to get on a soap box about life insurance. You may or may not agree with me, but I'm sharing anyhow. I did not learn this through my career. I learned these principles from Dave Ramsey in his Financial Peace University class. His baby steps work well for us. Having the right kind and amount of insurance is a big part of "financial peace."
We have term life policies. They are the least expensive and serve the only purpose I'm interested in with life insurance: a benefit for loved ones if the covered person dies. The whole & universal life policies have investment/savings features built in (mutual funds & annuities) that are WAY too expensive. You can get the investment plan elsewhere for way less than you pay in those policies.
It's a good idea to take out ten times the amount of your gross income in a term life policy that locks in the rate for the duration of the term (10-, 20-, or 30-years are most common). The point is to leave a benefit for your loved one(s) that replaces your income. If you die at age 45, you would likely have worked for another 20 years (at least). So it has to be enough for that.
Example: You make $50,000 per year (or expect to over the next few years), so you take out a $500,000 term life policy. Your spousal beneficiary can then place the benefit into a mutual fund that has a 15-20 year history of at least 10% returns. The purpose is to get the money into something that can earn enough on the interest to replace your lost income without touching the principal. That way, he/she has money available for college funding for the kids and his/her own retirement when the time comes.
I'm done now. Thanks for listening!
this
Great that you?ve set the ball rolling on getting a life insurance policy! My only concern is regarding the coverage amount and how you decided on that figure. I hope you?ve taken your current and possibly future financial obligations into consideration. Remember, your policy should ideally replace your income for a number of years as well as take care of expenses that you bear jointly right now such as loans, mortgages, etc.
If you have kids or plan to have them at a later point in life, your coverage needs to take into account their current and future expenses as well.
Regarding your question, as long as the company you?re buying your policy from is financially solid, credible, and offers you good rates, you should be okay. Remember there is no ?one size fits all? when it comes to life insurance, so what worked for one may not be the best option for you!
Denise