Do we really need a will and life instance?

[Anonymous]

Anonymous wrote:I purchased 10 Pay policies on the kids. Not sure if you can still get, so look into 15 year policy too. These are permanent and will stay with them for life. People frequently don't think about kids' insurability until something happens - sicknes, for example. One DD was born with mitral valve prolapse and was uninsurable. Definitely worth talking to your agent to be sure everyone is adequately covered.

Obviously none of us wants to lose a child, but I don't understand why our kids would need life insurance. Losing a child has a huge emotional impact, but not a negative financial one (except I suppose, funeral costs).

[Anonymous]

I thought the same until a friend lost a child and was so overcome with grief she was unable to work/function for several months.

[Anonymous]

Yes you need life insurance and so does your DH.

Call Geico and they will tell you all of your options; that's what I did.

FWIW: You should also consider return of premium policies if you're young and healthy. If you outlive your policy (as I hope you certainly will) they will refund you 100% of your investment.

[Anonymous]

Once you have children, yes.

[Anonymous]

Anonymous wrote:Once you have children, yes.

Doesn't this answer depend on how much savings & assets you have?

I've taken one of those insurance questionnaires online, and they take those factors into account... and the amount it suggested I insure for was surprisingly small (much less than I had anticipated).

[Anonymous]

OP here--thanks all!
DH and I took off yesterday to deal w these issues. (cannot concentrate w kids home, and too tired at night)

Here's a great site we used: www.getyourshittogether.org DH heard about it on NPR.

[Anonymous]

OP again, for term life insurance we decided we need much more for the next 10 yrs (kids are 1 and 3), less for the next 10 yrs, and none after 20 yrs. So we're considering 2 plans--a 10 yr plan ($300k each) and a 20 yr plan ($500k each). Anyone else do this? Are we thinking correctly? Anyone have recommended resources? I feel like everyone says--yes, get insurance but they don't say what type/what to cover.

For now, we'd need enough to cover 1 salary, since we need that to cover 20 yrs of mortgage plus college savings. In 10 yrs we'll only have 10 yrs of mortgage and college plans to fund( till kids leave for school). After 20 yrs we need none, since kids will be out of house.

[Anonymous]

Anonymous wrote:OP again, for term life insurance we decided we need much more for the next 10 yrs (kids are 1 and 3), less for the next 10 yrs, and none after 20 yrs. So we're considering 2 plans--a 10 yr plan ($300k each) and a 20 yr plan ($500k each). Anyone else do this? Are we thinking correctly? Anyone have recommended resources? I feel like everyone says--yes, get insurance but they don't say what type/what to cover.

For now, we'd need enough to cover 1 salary, since we need that to cover 20 yrs of mortgage plus college savings. In 10 yrs we'll only have 10 yrs of mortgage and college plans to fund( till kids leave for school). After 20 yrs we need none, since kids will be out of house.

I think it's perfectly reasonable to layer policies like that. We didn't do that in the end because I think it wasn't that much more to get the 20 year policy for the full amount, we're a little conservative (i.e. perhaps overinsured for some years) and you can always ask them to reduce the amount of the insurance benefit later (in effect turn an 800k policy into a 500k policy).

P.S. I would stay away from return of premium policies-- because 1) I don't think you should mix term insurance policies with an investment; and 2) not sure if they were ever a good idea, but the rates seem to be getting even worse lately

[Anonymous]

Anonymous wrote:OP here--thanks all!
DH and I took off yesterday to deal w these issues. (cannot concentrate w kids home, and too tired at night)

Here's a great site we used: www.getyourshittogether.org DH heard about it on NPR.

Just went to this website and made the mistake of .com at the end. Looks like you have your choice of porn links if you use .com at the end instead of .org!