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Here's a cheery thought: life insurance

ohwhynotohwhynot member
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in Snarky Brides
Are you insured?  Is your fi/husband? 

We're both insured for a year's salary at our workplace, but we're both seeking out more now.  It is depressing as hell, but it has to be done.  We want enough to cover the mortgage at least, but it freaks me out to think about it. 
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Re: Here's a cheery thought: life insurance

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    AllAboutTheBenjaminAllAboutTheBenjamin member
    First Anniversary Combo Breaker First Comment
    We will definitely be looking into policies after all the wedding drama and moving in stuff is finished.  It definitely is depressing to think about - but you're right, it just has to be done.

    Lol, thanks for elevating my mood this afternoon :)
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    BecW2beBecW2be
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    You should have enough to cover any debt you have for each of you. I have enough to cover the value of my house, my car and my burial. I'll probably increase that as soon as I move to DH to cover his house value and his car value. I'm pretty sure I'm worth more dead than alive, but if that means my husband and kids never have to worry about paying for me after I'm gone, I'm good with that! :)
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    noodle_oonoodle_oo member
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    When we bought our house, we bought enough life insurance for each of us to pay off the house should the other pass.  I know it is morbid, but more sad would be the thought of either of us losing the house and their spouse at the same time.  I also have a friend who is a widow who said "you never think about it until the worst happens". 

    Funny though I didn't find it that depressing.  Just a fact of life.  We did 30 year term life insurance (since our mortgage is 30 year) and luckily it wasn't too expensive.
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    waltzingmatilda13waltzingmatilda13 member
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    We are both insured through our jobs, just basic 1-year's salary. We don't own a home so it's not too big a deal right now. What's more depressing is we are thinkging about having kids soon and then we'll need to write our wills, which neither of us have at this point in time.
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    MarriedInAFeverMarriedInAFever member
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    We both have individual life insurance. I think I'm literally worth more dead than alive. I should watch my back.

    I'm pretty young.  I have a heart condition, which is not a huge deal and doesn't affect my daily life. But I like to have certain safeguards like that in place. It's depressing, but it's responsible.

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    allisong23allisong23 member
    First Anniversary First Comment
    I think we are both insured for 4x our salaries right now, so if something happens to one of us, the other will be able to pay off most of the house. Well, if something happened to him, I would be able to pay off the house. He makes a lot more than me, so if somethig happens to me, it will give him some help towards the house, but not everything.
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    laurenclaire1386laurenclaire1386
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    My mom, when she was working, sold health, life, car, P&C, any kind of insurance you can have, so I'm not weirded out by the thought of life insurance. My mom instilled how important it is in me pretty early on. FI and I both have it. FI just put me as the beneficiary on his policy, and I need to change him on mine.
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    LabrnrLabrnr member
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    The one thing you hate paying for, and you hoep you never see your money back!

    I know I'm worth more dead than alive, but like everyone else said, "You gotta have it"

    Don't forget to include you children's or future children's college tuition when it comes to things you have to cover.
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    laurenclaire1386laurenclaire1386
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    FWIW, it's way dumber to pretend like people never die than it is to prepare for something inevitable. I don't find it morbid in the least. I'm a weirdo, I guess.
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    ohwhynotohwhynot member
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    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:d936698f-de73-4882-a8b9-7dbb3c600178">Re: Here's a cheery thought: life insurance</a>:
    [QUOTE]FWIW, it's way dumber to pretend like people never die than it is to prepare for something inevitable. I don't find it morbid in the least. I'm a weirdo, I guess.
    Posted by laurenclaire1386[/QUOTE]

    No, you are absolutely right.  What freaks me out specifically is that I want 40 years with fi, but in reality I'll be lucky to have 10.  The men in his family have a habit of dying young and looking this in the face is, well, pretty terrifying.  But I need to square my shoulders and get it done.  Magical thinking doesn't work and ignoring reality is stupid. 
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    laurenclaire1386laurenclaire1386
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    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:331e67b2-144a-421b-9034-875ed5585989">Re: Here's a cheery thought: life insurance</a>:
    [QUOTE]In Response to Re: Here's a cheery thought: life insurance : No, you are absolutely right.  What freaks me out specifically is that I want 40 years with fi, but in reality I'll be lucky to have 10.  The men in his family have a habit of dying young and looking this in the face is, well, pretty terrifying.  But I need to square my shoulders and get it done.  <strong>Magical thinking doesn't work</strong> and ignoring reality is stupid. 
    Posted by ohwhynot[/QUOTE]
    Sometimes it does :) Yeah I get why you're freaked out. It's scary to think about. I think about it this way too: it'll be hard enough just losing FI, and I hate to see that compounded by worrying about paying for a funeral and surviving, at least financially, on my own. Or the other way around, if I go first.
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    MarriedInAFeverMarriedInAFever member
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    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:d936698f-de73-4882-a8b9-7dbb3c600178">Re: Here's a cheery thought: life insurance</a>:
    [QUOTE]FWIW, it's way dumber to pretend like people never die than it is to prepare for something inevitable. I don't find it morbid in the least. I'm a weirdo, I guess.
    Posted by laurenclaire1386[/QUOTE]

    No one lives forever, no one. But with advances in modern science and my high level income, it's not crazy to think I can live to be 245, maybe 300.
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    B&B1221B&B1221
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    I get 1 yr salary life insurance from my company, but just bought an actual policy right before I turned 30 to get the lower premiums.  I don't really have debt now, but I figured if I waited until I had kids and a mortgage, the premiums would be far more than I could afford to get the coverage I need.  (Or so that is what my BFF tells me, who sold me the policy ;-)  )
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    LesPaulLesPaul member
    First Anniversary Combo Breaker First Comment
    Yep.  We both have the group coverage at work (it's cheap - I recommend going higher than 1x salary), plus supplemental policies.  And we have the death benefits on our pensions and 401Ks too.  Like LC, my Dad worked in the insurance industry for many years and it doesn't bother me to be worth more dead than alive.

    FYI - If you or FI/DH are members of any professional societies look into policies thru them.  I get $200k coverage for less than $100 a year through the American Institute of CPAs.
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    goheels05goheels05
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    We are each insured for a year's salary.  I think I would like to increase our coverage for the reasons Bec mentioned, but we probably won't re-address it until we are TTC.  It's nice to have, and at the ages 27 and 30 for healthy non-smokers, it's very affordable. 
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    number55number55
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    My mortgage is insured in the case of my death (it is currently only in my name, will change with the marriage). We both get life insurance through work. When we start teaching we have to sign up for 1x, 2x, 3x, 4x, or 5x our yearly...I was worried about making ends meet when I starting teaching and so I only picked 1x, now I need a physical to increase it. I didn't let FI make the same mistake, he has 5x. 

    It is morbid I guess, but also really necessary. It is incredible how difficult the loss of a spouse can be and if you are worrying about $$ at the same time it stinks even more. I am going to do the paperwork to increase mine to 5x just because it is a considerable chunk of change and we don't pay very high premiums. 
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    pumpkinpumpkinpumpkinpumpkin
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    edited June 2010
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:507b1f1f-2186-452b-afcf-1b1b1a807d7c">Here's a cheery thought: life insurance</a>:
    [QUOTE]Are you insured?  Is your fi/husband?  We're both insured for a year's salary at our workplace, but we're both seeking out more now.  It is depressing as hell, but it has to be done.  We want enough to cover the mortgage at least, but it freaks me out to think about it. 
    Posted by ohwhynot[/QUOTE]

    Yes, I'm insured.
    Yes, my H is insured.
    I have $100,000 with my benefits for work that would pay to him in the case of my death. And we have life insurance on the mortgage that will pay the balance of the mortgage if both or one of us dies. Plus we each have sufficient policies on each other. We wouldn't even have dreamt of not having insurance on our mortgage. Plus, it's $11/month that's SO worth it.
    Our private policies on each other expire at the end of this calendar year. We're quite concerned about how much H's is going to go up.

    ETA: I have insurance on my student loan as well. We opted out of the insurance for the car because if I die it can be sold.
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    IstremeneIstremene
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    edited June 2010
    BTW, there are other types of life insurance (non-term) policies can also be used as a sort of investment.  Which is also why it is a great idea to get a policy for your children when they are born (I know sounds even more morbid).  You pay a monthly fee, and as long as the policy doesn't lapse you can keep it even if health issues come up later, AND you can take out withdrawls on the cash value of the policy and you never have to pay it back though it will be taken out of the payout of the policy should you pass away.

    So, in the future, the policy holder can use the cash value so finance any future goals or dreams.  Just thought this might help with the creepiness of thinking about it a bit.

    Oh, and FI and I are insured through work but will get additional policies once we are married.
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    shanlubeyshanlubey
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    I'm covered at a total of 12x my yearly salary. FI is covered at 1x his salary, through work, and an additional $50k in a private policy we took out a few months ago when we started financial planning. In any event, if I die FI and my nephew are worth more than I was worth (in dollars) while alive!
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    goheels05goheels05
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    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:cb41aaa6-a314-46d0-bb52-6165886f3531">Re: Here's a cheery thought: life insurance</a>:
    [QUOTE]Yep.  We both have the group coverage at work (it's cheap - I recommend going higher than 1x salary), plus supplemental policies.  And we have the death benefits on our pensions and 401Ks too.  Like LC, my Dad worked in the insurance industry for many years and it doesn't bother me to be worth more dead than alive. FYI - <strong>If you or FI/DH are members of any professional societies look into policies thru them.  I get $200k coverage for less than $100 a year through the American Institute of CPAs.</strong>
    Posted by LesPaul[/QUOTE]


    Huh, maybe I should open those instead of throwing them away when they come in the mail!

    I don't think it's morbid, I think it's responsible.  DH and I live in a house he bought before I was in the picture.  I can't afford our house on my income alone.  If something happened to him, I would be screwed.  He knows that and wouldn't want me to be homeless and forclosed on if something were to happen to him. 
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    BecW2beBecW2be
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    I also have a small policy for each of my girls to cover burial. Now THAT's an awful one to think about in the morbid department.
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    pumpkinpumpkinpumpkinpumpkin
    Combo Breaker First Comment
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding%20BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:19bb38a1-ba66-4d54-ae30-61a34b69c3f7">Re: Here's a cheery thought: life insurance</a>:
    [QUOTE]In Response to Re: I don't think it's morbid, I think it's responsible. 
    Posted by goheels05[/QUOTE]

    Definitely, 100% agree.
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    [Deleted User][Deleted User] member
    First Anniversary 5 Love Its Combo Breaker First Comment
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:39ce331e-ef30-4989-8cde-08551402d184">Re: Here's a cheery thought: life insurance</a>:
    [QUOTE]I also have a small policy for each of my girls to cover burial. Now THAT's an awful one to think about in the morbid department.
    Posted by BecW2be[/QUOTE]

    Yes. It turns my stomach to think about it.
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    SheDiva4SheDiva4
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    We are both insured through work but also have outside coverage.  Since we have 4 children we need to think about them should one of us pass away.  Luckily my FI's sister sells insurance and we should have enough to get the children through college, but at the rate tuition costs are going up I'm still worried we don't have enough.




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    MattsPenguinMattsPenguin member
    First Anniversary Combo Breaker First Comment
    In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_snarky-brides_heres-cheery-thought-life-insurance?plckFindPostKey=Cat:Wedding BoardsForum:17Discussion:ecd4a466-f3cd-4f1b-bbd2-e64a901770fbPost:39ce331e-ef30-4989-8cde-08551402d184">Re: Here's a cheery thought: life insurance</a>:
    [QUOTE]I also have a small policy for each of my girls to cover burial. Now THAT's an awful one to think about in the morbid department.
    Posted by BecW2be[/QUOTE]

    I have two insurance policies that my parents got for me when I was a child.  Yes it's morbid, but if you have to bury a child, the last thing you want to think about is paying for it.

    Also by insuring when you're young, you guarantee insurability later in life.

    Aside from those two, I also have life insurance through work.  My mom is an actuary working for life insurance companies and has always said the more life insurance the better.
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    andyandhillaryandyandhillary member
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    I have it and never thought twice about how "morbid" it was.  It's just something you do.
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    [Deleted User][Deleted User]
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    My grandparents took out a life insurance policy for my brother and me when we were born but didn't tell anyone. They've been paying it each month for our entire lives, and recently passed mine on to me when I graduated college, as they will do with my little brother.

    Because it was taken out so long ago, and through a veteran's organization, it's pretty cheap each month for a pretty good policy. But whe H and I buy a house I'll likely look to increase it. H doesn't have any at the moment, but I'm more concerned that he doesn't have health coverage.
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    missy68missy68
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    I've always gotten work coverage, and always gotten the multiple x my salary. J, too. We are each other's beneficiary (I was his, apparently, before he was mine).
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    NebbNebb member
    5 Love Its First Comment Combo Breaker
    We are - I am still personally covered under life insurance my mom has on me and I have some coverage through my husbands work benefits. He is covered under his work benefits as well.
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    erins87erins87
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    Through work I have 1 yr salary plus an additional $50,000 policy.  Work covers the first part and the 50K is around $4.00/month.  My parents also have had a policy on me my whole life but I have no idea how much it's for or what they pay.

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