advice on life insurance

iVillage Member
Registered: 07-06-2006
advice on life insurance
2
Tue, 01-30-2007 - 9:54pm

I know, we are horrible parents for not having LI yet.....We are thinking of going thru who we have our car/home from. Do I need a policy too, does it need to be as high as dh's? Any warnings about companies? Any info will be appreciated!

Chrissy

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iVillage Member
Registered: 05-03-2004
Wed, 01-31-2007 - 12:27am

IMO yes you need a policy. If you died then Dh would need to pay for child care, possibly domestic help etc. Plus the costs of funeral arrangements (burial/ cremation etc) are expensive. I have a little less than half the amount that DH has and I have it split into two policies (one is a term policy that expires when the youngest is in his late teens) and the other is a Variable Life policy (a type of permenant policy). there are also other types of policies too.

I know it is hard to think about these things, but having worked in a law office that specialized in estate law (that was before kids) I can tell you that the saddest cases we had to deal with were young families who had not made any plans (ie life insurance, wills, etc).

HTH!

Carol
mom to nursling Phillip (15 months)
and Jacob (8 years)


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iVillage Member
Registered: 11-13-2003
Wed, 01-31-2007 - 1:24am

Chrissy, I think its VERY important to have a policy on you as well as your dh. I dont have advise for you on specifics of it, because I think things are a bit different in the USA vs Canada, but I made sure dh took out a policy on me. If something happened to me, he would need to cover my funeral costs, also, the kids would have to be in daycare or he'd have to hire a nanny etc. Just because I don't work to bring in an income, doesn't make my "potential" death any less expensive than the average working joe LOL, kwim?


I cant remember what my new policy is...we changed it when dh got his new job and was making more money. I should look it up and refresh my mind. I do know its not as much as what we have on dh. I know we have him maxed out, and its enough that (God forbid) if something happened, our mortgage would be paid off, and we would be ok for quite some time. Deffinatly get a bigger policy for your dh, but have something for you to protect your kids if the worst case happened.

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