Are you protecting your family?

iVillage Member
Registered: 03-15-2012
Are you protecting your family?
5
Tue, 04-10-2012 - 10:20am

Just curious to know what type of insurance everyone has?

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Tue, 04-10-2012 - 2:26pm

This is one lesson I learned from my dad:

iVillage Member
Registered: 11-18-2008
Wed, 04-11-2012 - 9:52am
We probably need more than we have. We all have health insurance and DH and I have life insurance...ugh I forget what it's called. It's a plan that we pay into ($50 a month for me, $100 for him) for life insurance (250K plans) but then we can take it out for retirement. It was always kind of sketchy in my mind, but DH set them up with our financial adviser when we first got married.
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iVillage Member
Registered: 04-08-2008
Thu, 04-12-2012 - 1:21am

$260/mo is over $3K per year. I'd rather invest and save $3K and then if something happens, I use that money. If nothing happens, I keep it :)

We have "life insurance" coverage on our mortgage that is $15/mo. Basically if either of us die, our mortgage is paid off. DH and I have about $250K through work. Without a mortgage, that's doable.

The mortgage insurance also pays your mortage for a year if you go on disability. We also have a very low mortgage. I worked 3 jobs to save a huge downpayment (save CMHC fees) and we chose a t/home instead of a house. This means we can easily survive with one of us on disability.

I don't like insurance - to be honest, it feels like a racket. Do you get your money back if nothing happens?

Dee

Avatar for mahopac
iVillage Member
Registered: 07-24-1997
Fri, 04-13-2012 - 11:37am

I hate to say this, but $3000 a year will get you nowhere if you are disabled.

iVillage Member
Registered: 03-15-2012
Fri, 04-13-2012 - 12:35pm

Yes - $260 a month and that does not include house/car insurance.