Stay at home parents...do you have life and ad&D insurance?

[Anonymous]

My spuse is working FT and has max coverage for both life and ad&d. However, while our HHI right now is decent, our total assets are not. With that said, if we happen to both die at the same time, our dc will not be getting that much to support his/herself through childhood and college. Especially if there is still some debt left to pay off.

So it sounds like I've answered my own question...to get covered and STAT. But wondering what other non-working parents are doing and how much they are covering themselves for. It's almost $100 per month for $500k in life and ad&d which is a hefty hunk of change taken out of our budget. Anyone care to share how they have gone about it?

[Anonymous]

My husband and I each have $1million policies. He also has an additional $500,000 through his work.

[Anonymous]

You should definitely get life insurance for you. If you die, he's going to have to hire a nanny or find daycare to take care of the kids. 100/month seems high for that amount of coverage. I think we pay that for $1M coverage/yr. Of course age, health, etc. factor in, but I would definitely shop the coverage.

[Anonymous]

I am a SAHM. My husband works. He has about a $600K life ins. policy - about half on his own and half through work. I have a $100K life ins. policy, which isn't really anything at all, I know. We do have significant savings, though ($800K in retirement, $400K other savings, and $100K equity in our home).

[Anonymous]

I am a SAHM without insurance. Are you worried that if you die, DH won't have the money to hire a nanny with his salary? If that is not that case, I'd just make sure that DH is well insured because it is probably cheaper to increase his coverage than to get separate coverage for you. In the unlikely event that you both die, his insurance would provide for your children.

I don't see much point in getting insurance for me. It is costly, we have a lot in savings, and DH makes enough that he could hire a nanny, or 3, if I died.

[Anonymous]

I am 7:13, I see that you have max coverage. We maxed out DH's coverage at work and then got a separate term insurance through a broker. The cost is $1560 a year for $3.1 million in insurance. (That seems like a high amount, but he is a high earner and I was sick -- if something happened to him I needed to be able to raise the kids without going back to work.)

[Anonymous]

2 policies for DH (term life only)
10 year 1 m
20 year 2 m

Savings, retirements, college fund, equity - around 1.2 m

Eventual inheritance around 600K from both sets of grand-parents.

[Anonymous]

SAHM here. We have carried $500k life on me since the kids were born. AD&D is pretty much useless with all its conditions.