Post # 1
Not to focus on a morbid topic, but curious about other bees. I saw a few bees mention needing to move because of not being able to afford the mortgage if their spouse were to suddenly pass away. This makes me wonder if many bees have life insurance for yourself or for your spouse.
If so, how much and if not, why not?
Post # 3
Husband has it (I don’t know how much), I will be looking into it when I turn 30 and have the extra money to spend on that.
Otherwise, we havn’t discussed it much.
Post # 4
We both have life insurance through our jobs as part of our benefits packages. We don’t carry any additional beyond that but probably will once we have kids.
Post # 5
I’m not married yet, but I have life insurance. My SO is in law school at the moment, but once he graduates and gets a job, he’ll also have life insurance. I have enough to cover all my debts (some private student loans and mortgage), but once we’re married, I’m sure we’ll get larger policies.
Post # 6
We both have our own policies carried by our employers.
Post # 8
- Wedding: October 2011 - Bed & Breakfast
We each have insurance policies worth 5x our annual income. So if either of us passed, the policy would pay off our mortgage, pay for DS’s college, pay for all funeral costs, and have money left over for outstanding medical bills and such. I don’t know how people function without that safety net.
Post # 9
we both have policies that we own, not thru employers.
Life insurance thru work is often lost when quitting/getting fired so it’s good to have a policy that you own
Post # 10
We both have it through DH’s employer, and DH has two extra policies that his grandparents purchased for him years ago.
Post # 11
We both have insurance policies through our employers. I think it’s very important to have. We’re not married yet, so neither of us have the other as the beneficiary but that will change once we’re married despite living together as of right now.
Post # 12
We both have policies through our work and carry additional policies in the same 5x annual income range.
I couldn’t imagine the stress of dealing with a death AND worry about the bills getting paid. Even a term policy is pretty cheap…for $20 a month the peace of mind is totally worth it to me!
Post # 13
@lovekiss: I think it is different once you have kids. We have enough in the bank to cover a funeral if one of us was to die. We have good health insurance that would cover a huge chunk of the medical expenses. We don’t have kids yet that the remaining parent would need to support and get through school. The basic policies our jobs provide would give the remaining spouse enough money to cover any additional medical costs and to pay for the house until they could sell it.
Once we have kids, it will be more important to us to carry a larger policy that could pay for college, pay off the house so as not to have to up-root the kids, and pay for expenses for a few years while getting back on our feet (as at that point I will have been a SAHM and would need time to get myself back into the workforce and making enough to support us).
Post # 14
My employer offers life insurance for me and my spouse. You can choose different levels, but since we’re both young and healthy we picked the lowest level (the free one). It’s nice that there’s something though just in case of disaster.
Post # 15
We are both separately covered individually through work. But we are not on each others policy yet since we aren’t married. I’m not sure if we should add each other as beneficiaries now or not since we are both coowners of the house. If one of us died the other person would still get the house and mortgage anyway according to the bank.
Post # 16
We have it for the price of our house, about $300,000. My uncle passed away, and if my aunt hadn’t have had life insurance, I don’t know what she would have done. I would never not have it. For less than $40 a month I consider it totally worth it.