Where to get life insurance for SAHM?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When my husband and I were consultants we went through a private insurance broker to help us find the right policies. I'm sure he'd be able to help you find a policy and get it set up. His name is Bill McNamara and his email is wjmack13 at comcast dot net
He's a really nice man, and we've been working with him for years.

+1. We also went through a private insurance broker. Highly recommend you get insurance on the SAHP. My SIL suddenly died unexpectedly in her early thirties and it is costing a fortune to replace her with a live-in nanny with experience and a college education plus separate weekend and holiday coverage. She also was able to tutor her children so now we have to hire tutors to cover that need. SIL also handled all the household management and bill paying so BIL could focus on his career and travel often for business. Big Softy is way off base here.

If he is working and traveling that much he should be able to afford help. How sad for the kids that dad will not reduce his hours and kids are being raised by a nanny. I can't imagine how hard that must be on the kids.

We don't do life insurance. Child care is time limited. My husband would figure it out. We do have life insurance on him - private (he changes jobs every few years and we did not want a gap in coverage) and his employment.

Wow thanks for the value judgment, super helpful for the OP!

Ignore this short sighted poster. Life is not always going to work out as planned, hence insurance, and even in this "best of the worst" scenario the poster above mentioned works out they've forgotten one important fact - if dad scales back work to heroically care for the kids it's likely going to result in a loss of wages. That's what insurance is covering... Income or additional expenses. With a SAHP, one of these is bound to happen in an unanticipated death scenario.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When my husband and I were consultants we went through a private insurance broker to help us find the right policies. I'm sure he'd be able to help you find a policy and get it set up. His name is Bill McNamara and his email is wjmack13 at comcast dot net
He's a really nice man, and we've been working with him for years.

+1. We also went through a private insurance broker. Highly recommend you get insurance on the SAHP. My SIL suddenly died unexpectedly in her early thirties and it is costing a fortune to replace her with a live-in nanny with experience and a college education plus separate weekend and holiday coverage. She also was able to tutor her children so now we have to hire tutors to cover that need. SIL also handled all the household management and bill paying so BIL could focus on his career and travel often for business. Big Softy is way off base here.

If he is working and traveling that much he should be able to afford help. How sad for the kids that dad will not reduce his hours and kids are being raised by a nanny. I can't imagine how hard that must be on the kids.

We don't do life insurance. Child care is time limited. My husband would figure it out. We do have life insurance on him - private (he changes jobs every few years and we did not want a gap in coverage) and his employment.

+1. My DH could afford childcare if I died. We have private 1.5M on him.

[Anonymous]

Just check out Accuquote or insure.com and get a few quotes. Then compare and pick the best one. A 20 year term policy should be pretty cheap (or they may even have less -- not sure since I was only looking for 30 year term policies). You can take it out then cancel it after a few years, or whenever you don't want the policy anymore.

[Anonymous]

I think anyone with a child(ren) MUST have life insurance whether they are working or not because of the child care costs involved. I generally recommend about $500k in TERM life. If your children are under 5 y.o., you should get a 20yr term. If they are older, you can reduce the term such that you're covered until the youngest is about 20 y.o. You're young and healthy and should not be paying more than about $4-700/yr for term life. I used this site to compare term life quotes. http://www.1stquote.com/index_simple.htm. You may have to field some sales calls, but it's worth it to get a comparison in an easy table format. Do not let anyone sell you whole or variable life insurance. You don't need it.