Life Insurance?
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- mg33
Question for those of you who are married. Do you and spouse have life insurance separate from whatever your employer offers?
Right now, I'm on Cobra insurance from the company I last worked at, while I'm currently freelancing. I don't have the life insurance, disability, etc. insurance I had when I worked for that company.
My wife apparently doesn't have life insurance either through her company, or if she does it's a really minimal amount.
So I've been bringing up the topic and stressing that we need to have policies outside an employer so that they're ours and last beyond a job, and that we can get into one while we're still under 40 and they're cheaper. She seems to think we don't need them and that investments or savings would cover stuff way off in the future should something happen to one of us.
I hear a lot of people say that they have them once they have children, which I think she could get behind. But I think she's being a little naive, and I'm just trying to think of a way to convince her.
So... question is: do you have them? Do you have them but not have kids? Do you have them on your own outside an employer?
- kona0
I can give you the name of our financial advisor if you'd like.
My wife and I signed up a few years back for life insurance and IRAs outside of the companies we work at. For the IRA Ameriprise takes out x$ per pay period. It's kind of nice in addition to my companies 401k. For the life insurance I believe it's under $50 a month ($42 maybe) for a million dollar policy. We both have 401k and insurance through the companies we work for, but if we ever lose our job for any reason we'll always have the stuff outside of what our jobs offer. Plus, if I'm not mistaken at any point in time years down the road I can cash out some of what I've paid into my life insurance policy. I think... I dunno... I went to public school.
- yurimon0
look into the possibility of a good disability policy along with your life insurance. worth looking into if you can take a loan against your policy. sometimes its good to consider that option..
- benfal990
my cat's name is Mitten
- BK0
I don't plan on dying.
- mg330
Thanks guys and Kona especially.
- fyoucher10
I have one, am self-employed, but my wife does not. We have one child. Currently pay $120 per month for a 30 year term ($2M policy). If you're young (under 40), I'd definitely get one as they'll be a lot cheaper (assuming you're in good health). Because it'll get ahelluvalot more expensive the older you get. Most insurance companies will guarantee a rate for many years. If you DO plan on getting one in the near future and smoke, QUIT smoking now for 6 months before getting it. It'll be a ton more expensive if you're a smoker.
As far as health insurance goes, when my wife was working FT, we had health insurance through her company, which covered most of it (We paid like $200 a month). Then we had a kid, she left work, and we had Cobra and costs went up like crazy ($1,400 a month, just for having one kid). Then Cobra expired, and we ended up finding an even cheaper plan for $800 a month, including dental.
- moldero0
i smoke and I'm only paying $30/mo for life insurance