How much life insurance?

**mikandmari** · 02-23-2007, 10:20 AM

I know it's important, but it costs so much!!

I've decided to make a list of what we have, and what it costs us...

SHOCKING

I was shocked to look at my benefits list from work and see that I'm paying $48 each month for term insurance... although it is a lot of coverage: $300,000 for dh, $160,000 for me, and a small policy of each child. We're in our forties.

I took this coverage when the kids were little... I knew that if something happened to him, I'd need $$ for me & the kids to live (he makes much more than me) and if something happened to me, he'd need to pay for child care (I've always worked just part-time and taken care of EVERYTHING: kids, household, etc).

The kids are almost grown, and I'm planning on returning to school to (hopefully) find better employment. I think now I'd just need enough to pay off the mortgage and cover about a year of living expenses, he'd need even less time living expenses, since he already has a good job.

What do you guys think? How much is needed, and how much do you have?

I wish I had reviewed this during the 'open-enrollment' period in November. Now I can't change anything until next year

Rats!
Marianne

**Grayce** · 02-23-2007, 10:51 AM

We each have term policies worth $100,000 each. It costs $32 per month for both of us. My DH also has term insurance and LTD through work that is about $70 a month taken right off his cheque. I'm not sure what his work policy is worth.

**danni** · 02-23-2007, 11:17 AM

We both have term also for $100,000 each. It costs us $30.80/mth. Once we have no bills at all and the kids are on their own we'll just cancel it, we won't need it then.

**jenloveschip2001** · 02-23-2007, 01:10 PM

We don't have any on me. We have $200,000 on my DH and only pay $20 a month. We caried it over from when he way in the military. I think he has some from his work also maybe like $50,000, not sure.

**McD** · 02-23-2007, 03:41 PM

My husband has a 400,000 policy on him through the military and I believe he has 10000 on me. I have 100000 on me thru work and 100000 for him and my son that my work provides.

My husband and I discussed what would happen if something happened to him on deployment...I told him the mortgage would be paid off and the rest of it would be put into savings/investments.

**seadream** · 02-23-2007, 10:54 PM

We have $200,000 on each of us and we pay $42.00 a month for us both

**jamie79** · 02-24-2007, 10:22 AM

We have $600,000 on dh and $300,000 on me. $400,000 of dh's is thru the military and $100,000 on me is thru the military. We also have $35,000 each on the boys

**Ani** · 02-24-2007, 03:31 PM

We have $400,000 on me and $400,000 on hubby. It only costs $11 dollars a month each, another wonderful benefit of our jobs at eBay. Most financial counselors recommend having 10 times your salary so that your spouse and family is taken care of in the even that you pass away.

Once my baby is born we will put a small $30,000 policy on him which will be about $3 a month. That would pay funeral costs and time off work etc should something happen to him (heaven forbid

).

**JustJoy** · 02-24-2007, 05:44 PM

I don't remember how much we have. Time to look for the policies....lol DH's is $25 a month and mine is $38 (because I'm a smoker).

**FrugalMomof3** · 02-24-2007, 08:10 PM

Originally Posted by Ani

We have $400,000 on me and $400,000 on hubby. It only costs $11 dollars a month each, another wonderful benefit of our jobs at eBay. Most financial counselors recommend having 10 times your salary so that your spouse and family is taken care of in the even that you pass away.

Do you mind letting me know who your policy is through? Right now DH nor I have a life insurance policy and for $11 a month each I am sure it would be something we could fit into the budget, this would be a necessity.

TIA!

**FrugalMomof3** · 02-24-2007, 08:11 PM

Oops nevermind I see it's because you work with eBay, I want to get life insurance but something affordable now and maybe up it in July 07. Anyone have any ideas/sugesstions?

**banana** · 02-25-2007, 07:16 AM

Tracy - One place to start........Look for a term life policy. When I was shopping they were the cheapest form of life insurance. They have 10 year term policies, 20 year term policies, etc.

**mikandmari** · 02-25-2007, 12:11 PM

The cost of life insurance depends a lot on your age.... it's much cheaper in your 20s & 30s, and goes up in your 40s & 50s. More likely to cash in

And like Joy says, it costs more if you're a smoker.

**Telephus44** · 02-25-2007, 07:56 PM

We have - not enough. This is one of those things that we need to work on now that we have a child.

DH has something through work - maybe $50,000 or $100,000, I'm not sure.
I have a $30,000 policy on myself.
We bought a small $20,000 policy for DS through Gerber.

I know that DH and I need more - I'm hoping to get to this by June. I'm thinking in the $500,000 range, since the COL here is so high. I should probably ask my insurance agent if he has anything since they usually give discounts for holding multiple policies.