Life Insurance Poll

With Marnles post about Life Insurance and my own questions about Life Insurance .. I was just wondering ..

1. How many of us here have Life Insurance??
2. If you do, do you have Whole Life or Term Life??

Re: Life Insurance Poll

I have life insurance as part of my company. My hubby does not

I get 1.5x my salary. I make a decent salary, but when you think about it, it's not alot.

We have already stated that once the kiddies come along, we will purchase a better insurance plan.

Re: Life Insurance Poll

I'm with Trish...we don't have much...when we buy a house and start TTC...then we will purchase something

Re: Life Insurance Poll

We both have life insurance with our company ... 2x's our salary. Plus we took out group life insurance with Rob's company ... it's an affordable way to get life insurance. I think when we have kids, we will worry more about it, but right now, we cover the house plus a bit more!

Re: Life Insurance Poll

We both have life insurance through our jobs, and Patrick has an additional policy on him. We talked about getting another for me, but we haven't done it yet.

Re: Life Insurance Poll

DH has it, and I am on his policies. One through work, and one on his own. I have been on them since we were engaged.

Re: Life Insurance Poll

We both have a policy that is part term, part whole life, and over the life of the policy it converts the term to whole life. DH also has an additional whole life policy and I have a small term policy with my company.

A word of caution about relying on your company insurance or planning to purchase when you have children and or a mortgage...

You are not guaranteed a right to buy insurance - a number of health and medical concerns can put you in a position where companies won't give you coverage, or only at a high price. Monthly premiums also get more expensive as you get older. Putting it off does have it's risks and downside.

Also, your company could drop the insurance plan at any time, or you could lose your job. It could leave you without coverage and if your health is such that you can't get individual coverage you're left vulnerable.

Re: Life Insurance Poll

Even though I have a policy through my job, I took one out on my own...and so did DH. We're young enough now (and healthy!) to rate well so we are able to get a lower premium than if we tried to be rated later on in our lives (such as if I I left my employer).

We purchased a term policy that can be converted to a whole life at any time. Our objective was to buy a large policy so that we could live off of the interest and not touch the principle. If one of us died, we wanted the other to not have to worry about paying any bills or working if they were too distraught to function. ('cause I know I'd be wrecked if I lost him )

Re: Life Insurance Poll

Both my DH and I have policies through work that are part of our benefits and worth 2x salaries. If you don't have children or depenedents you dont really NEED life insurance.

Re: Life Insurance Poll

Dh had a policy through work for 2x his salary.

He just changed jobs and I don't think he has anything now. I guess we should look into something!

Re: Life Insurance Poll

I've had mine since i was 23. I don't remember if it was whole or life.

Re: Life Insurance Poll

KarenH was a HUGE help to me the other day when I posed this question...thanks again Karen!!

Chris and I are still in the stages of discussing this...when we go through with it, we will begin with term that will convert to wholelife. It is simply a financial situation for us right now. The term is pretty cheap, so we may start off with that shortly...

I disagree that if you don't have dependents or kids you don't NEED life insurance. We have a house, two car payments, bills upon bills...If HEAVEN FORBID one of us goes, we couldn't possibly afford these things on one salary...it's insurance that we are protected financially. And when you are grieving (I saw my mom go through it and lose her house), it is very difficult to think about work, bills, etc...whether you have kids or not.

Re: Life Insurance Poll

We both have it.
I agree, with kids or not you should have the insurance for all the reasons Marnles stated. That was one of our concerns. If something happened to one of us the other would never be able to keep the house on just 1 salary, besides the other bills, car, etc.

Re: Life Insurance Poll

Marnles...I meant to ask you how your appointment with your insurance person went?

Re: Life Insurance Poll

Lisa Rose -
It went well - the agent wasn't pushy at all and very patient.

As I said earlier, it really is a financial situation for us right now...we could do the term no problem, so we are thinking about starting off with a 10-year term for each of us (probably $250,000 for each), then meeting with our agent each year to slowly convert to wholelife (we couldn't possibly afford the $300/month for each of us for a wholelife policy right now)...so that's where we are at!

Thanks for asking Lisa, and thanks for your help the other day!!

Re: Life Insurance Poll

We don't have life insurance.... we don't own a house & we don't have kids.. so no need- we wont be getting life insurance until we have children.

Re: Life Insurance Poll

We both have policies that we took out on our own together.

Re: Life Insurance Poll

Just a tip - I work for a life insurance company and the changes in rates as you get older are unbelievable. If you can, buy the product asap even if you don't have a house or children yet.

DH has insurance that he took out when he was 18. He is now 34 and would be paying almost 3x the amount for the same policy if he bought it now!

Re: Life Insurance Poll

dkga you are so right, this happened to someone i know, te rates are ridiculous!

Re: Life Insurance Poll

Demetra - since you work for an insurance company, what is your opinion on life insurance for a SIOK (single income, one kid) family? I ask b/c we were told that only DH needed life insurance, since he is the primary source of income. But, I disagree b/c I am the primary care-giver to our child, and if I die (god forbid!), DH would be stuck paying a lot for daycare.