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Do you buy life insurance? How much is the death benefit?

1,436 50 November 9, 2010 at 07:53 AM in Question
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Iaaaiws
11-09-2010 at 09:38 AM.
11-09-2010 at 09:38 AM.
Quote from Maleficent :
I do think everyone should at least have some life insurance to cover final expenses. It would be pretty awful to burden your family and make them pay several thousand dollars out of pocket if something should happen.
There is a note stuck to the fridge with a magnet that says to return all of the pop bottles piled up in the porch to cover funeral expenses. That is as close as I have gotten to making a will.
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Maleficent
11-09-2010 at 09:38 AM.
11-09-2010 at 09:38 AM.
Quote from Iaaaiws :
Fark 'em. They need to be tough to survive.


















Just kidding laugh out loud

I just don't have anybody that needs a free ride in the event of my death. Should that change in the future I will rethink the whole life insurance thing.
LMAO

Oh I know, you're a pretty stand-up kind of guy. The amount of life insurance I mentioned though, will by no means give anyone a "free ride." laugh out loud

We just want to have enough to cover final expenses, loss of income, daycare costs, things like that.

My mom died suddenly and unexpectedly when I was in my teens, so between my brothers and my dad and I, we learned the hard way just how much not having enough life insurance can hurt a family. I watched my dad struggle for quite a while trying to support three kids all on one income. So I just want to make sure that doesn't happen to my family. It's scary to think about sometimes, but we never do really know...
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Maleficent
11-09-2010 at 09:41 AM.
11-09-2010 at 09:41 AM.
Quote from Iaaaiws :
There is a note stuck to the fridge with a magnet that says to return all of the pop bottles piled up in the porch to cover funeral expenses. That is as close as I have gotten to making a will.
Lol2

Our will isn't complete either - we still haven't decided who gets DS in the event we both die. Doh
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Iaaaiws
11-09-2010 at 09:41 AM.
11-09-2010 at 09:41 AM.
Quote from Maleficent :
The amount of life insurance I mentioned though, will by no means give anyone a "free ride."
If you really loved them you would make sure they would get enough for a free ride.


Popcorn
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Maleficent
11-09-2010 at 09:44 AM.
11-09-2010 at 09:44 AM.
Quote from Iaaaiws :
If you really loved them you would make sure they would get enough for a free ride.


Popcorn
No - I love my son enough to not give him everything his little heart desires. I love him enough that I don't want him to turn into a spoiled brat.

Though if something happened to either DH or me, I would like the amount to cover whatever we have left on our mortgage. We're not to that point yet though.
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Fallacy
11-09-2010 at 09:48 AM.
11-09-2010 at 09:48 AM.
Quote from Maleficent :
No - I love my son enough to not give him everything his little heart desires. I love him enough that I don't want him to turn into a spoiled brat.

Though if something happened to either DH or me, I would like the amount to cover whatever we have left on our mortgage. We're not to that point yet though.
Your mortgage is more than 700k?
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Maleficent
11-09-2010 at 09:55 AM.
11-09-2010 at 09:55 AM.
Quote from IVIax :
Your mortgage is more than 700k?
What?! Where are you getting that figure? laugh out loud
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Iaaaiws
11-09-2010 at 09:57 AM.
11-09-2010 at 09:57 AM.
Quote from Maleficent :
What?! Where are you getting that figure? laugh out loud
I don't think he read the "either DH or me" part correctly Secret
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Fallacy
11-09-2010 at 09:57 AM.
11-09-2010 at 09:57 AM.
Quote from Maleficent :
Absolutely! I don't know why anyone wouldn't have life insurance. Unlike the possibility of something happening to your home or auto, you are going to die eventually.

We currently have $400,000 on DH, half is tied to his job, the other half we pay. We have $200,000 on me, none tied to my job, and $50,000 on DS.

We will probably be increasing those amounts by a fair amount in the next five years or so.
Quote from Maleficent :
No - I love my son enough to not give him everything his little heart desires. I love him enough that I don't want him to turn into a spoiled brat.

Though if something happened to either DH or me, I would like the amount to cover whatever we have left on our mortgage. We're not to that point yet though.
Quote from IVIax :
Your mortgage is more than 700k?
Quote from Maleficent :
What?! Where are you getting that figure? laugh out loud
Sorry I rounded up, more than $600,000?

Quote from Iaaaiws :
I don't think he read the "either DH or me" part correctly Secret
Doh Twice.
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Last edited by Fallacy November 9, 2010 at 09:59 AM.
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Maleficent
11-09-2010 at 10:00 AM.
11-09-2010 at 10:00 AM.
Quote from Iaaaiws :
I don't think he read the "either DH or me" part correctly Secret
I think you're right. laugh out loud

Quote from IVIax :
Sorry I rounded up, more than $600,000?
What the bunny said.

And we're not going to be reliant on what DH gets through his job, he may not have that job forever.

And I said in addition to final expenses, lost income, the cost of daycare, etc. That stuff will add up to a lot.
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slutsky
11-09-2010 at 10:01 AM.
11-09-2010 at 10:01 AM.
Your one year salary X 2, so your family will have the income for two more years even if you are gone forever. It might not be enough if you have many kids. X 5 maybe?..///
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slutsky
11-09-2010 at 10:04 AM.
11-09-2010 at 10:04 AM.
"and $50,000 on DS"

Why do you need to buy life insurance on your son? He has no income yet.
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Fallacy
11-09-2010 at 10:04 AM.
11-09-2010 at 10:04 AM.
Quote from slutsky :
"and $50,000 on DS"

Why do you need to buy life insurance on your son? He has no income yet.
Huh O, ok, that's right. Funeral costs for people with no income = FREE!
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Iaaaiws
11-09-2010 at 10:06 AM.
11-09-2010 at 10:06 AM.
Quote from slutsky :
"and $50,000 on DS"

Why do you need to buy life insurance on your son? He has no income yet.
Secret A two-seater sports car suddenly makes more sense once the little one isn't around any more..
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slutsky
11-09-2010 at 10:09 AM.
11-09-2010 at 10:09 AM.
Quote from IVIax :
Huh O, ok, that's right. Funeral costs for people with no income = FREE!
I haven't done any research on funeral cost yet. When your lost your little kid, who will worry about funeral cost? The world is ended.

Life insurance is for the loss of income or the uncertain cost from the death of primary wage earner.
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Last edited by slutsky November 9, 2010 at 10:14 AM.
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