should I be getting life insurance?

CuriousKiddosMama · April 2013

I told my work this week that I won't be returning to teach next school year so I can stay home with baby. In my mind because I won't have an income, I won't need life insurance- or is that completely wrong? My husband is in the process of increasing his life insurance- one of the things I felt like he needed to do before I wasn't working. He will have what Dave recommends 10x his income in case anything happens. I would always be able to return to work, but possibly not until the next school year or after the next substitute training.

If I do need life insurance, how do you decide what to get? I know if something happened then my husband would have to get child care, but he could afford that on his salary.

What are your thoughts ladies? TIA!

polooo27 · April 2013

Just think of his additional expenses if you were gone. Child care would be one. There would be a funeral. There might be therapy. He might have to take some unpaid time off to grieve.

brij2006 · April 2013

I would probably do a smaller term life policy. Maybe one for $100k. That way he has enough for funeral expenses, any therapy, and to put aside for your childs' college fund. Also, this way he has some extra in case he chooses to take some time off

jessica490 · April 2013

A agree with the above in that if you have a child you should have some kind of life insurance. When H and I went to the attourney's office to write up wills a few months ago, we asked the same question. We have no plans to have children. My company gives

ohpagrl · April 2013

I never heard the train of thought that if you aren't working, you don't need life insurance. I don't really understand it, because ar a minimum, I've thought of LI as covering burial expenses. After buring both my parents a few years ago, there's a lo

Sisugal · April 2013

You need life insurance because you have a child! It will help with day/child care at a minimum, as well as funeral expenses, etc.

polooo27 · April 2013

Sisugal:
You need life insurance because you have a child! It will help with day/child care at a minimum, as well as fu

CuriousKiddosMama · April 2013

polooo26:
Sisugal:

CuriousKiddosMama · April 2013

polooo26:
Just think of his additional expenses if you were gone. Child care would be one. There wou

polooo27 · April 2013

Yeah, it really becomes a personal decision when you're boarderline. If something were to happen to you your husband would manage, but an extra 100k would take some stress off of him. He wouldn't have to worry about moving money around to pay for thing

vlagrl29 · April 2013

yes you should have life insurance regardless. DH and I have a policy of $250,000 on each of us. I would love to get more eventually. The cost to bury someone is at least $7,000. Then there is childcare as well as any bills the per

jess9802 · April 2013

One of the biggest arguments for getting life insurance is guaranteeing insurability. Even if burial expenses and child care could be covered out of pocket by your husband after your death, and you don't have debt and no income to replace, that may not

CuriousKiddosMama · April 2013

jess9802:
One of the biggest arguments for getting life insurance is guaranteeing insurability. Even if burial ex

Sisugal · April 2013

polooo26:
Sisugal:

CuriousKiddosMama · April 2013

I looked into Term insurance this afternoon. 250K would be right around $20 a month, so that is definitely doable. My one problem would be my cholesterol- that may raise the rate. I haven't been on a prescription to manage it since I've been trying to get