When to get Life Insurance? Now or after Baby?

posted 3 years ago in TTC
Post # 3
Member
825 posts
Busy bee

@Kate0558:  

My mom got it for all her children as soon as they were born. As a result my payment is something like $50/year (something stupidly low) and FI would get six figures if something were to happen to me, and that will grow to nearly a million by the time I’m 65.

Get it now. Every day you wait is a day where you could get a health condition that makes your payment go up. And that way you don’t have to pay as much if you want a decent sum of money for your DH/future baby if something were (god forbid) to happen.

Post # 4
Member
6644 posts
Bee Keeper
  • Wedding: June 2011

It doesn’t hurt to have it now, that way in case you do decide to have a child 2014 you will have it already. 

I know for mine it costs me very little to have supplemental life. Like less than a $1 a paycheck. 

Post # 5
Member
10495 posts
Sugar Beekeeper
  • Wedding: January 2011

@Kate0558:  Can you sign up now but increase the amount of coverage later?

Post # 6
Member
7281 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

I would get it now. It’s not a bad thing to have.

Post # 7
Member
2305 posts
Buzzing bee
  • Wedding: March 2013

DH and I aren’t planning on TTC for at least another 4-5 years, but we’re in the process of getting life insurance on each other.

We are currently getting ready to put DH through grad school (and if he goes to the school he’s really wanting to go to, it’s going to cost a LOT.) We want to make sure that if anything happens to me, DH will have the money he needs to pay off his Master’s degree. And if something happens to DH, we want to make sure that *I* have the money to go back to school, since our original plan is for him to be the main breadwinner.

Post # 8
Member
2696 posts
Sugar bee
  • Wedding: June 2012

GET IT NOW.

I waited until after my pregnancy.. I ended up having complications that effected my “rating” so I didn’t get “super perferred” rates, like I would have if I had gotten it before hand… grumble grumble.

Post # 9
Hostess
15072 posts
Honey Beekeeper
  • Wedding: June 2011

Get it now. Every year you get older it gets more expensive and (depending on the company) if your within 6 months of your next birthday your counted as the next year for underwriting purposes. 

Post # 11
Member
6505 posts
Bee Keeper
  • Wedding: September 2011 - Baby boy 12/2015

@Kate0558:  My financial counselor said to get it before we become pregnant, so we did and since we didn’t have any health issues and do not smoke, we got preferred plans. She said that as soon as we have babies, we can get one for them as they will have a much much better rate. So my recommendation is get it as soon as you can. Also the younger you are, the cheaper it is.

Post # 12
Member
4513 posts
Honey bee
  • Wedding: October 2013

I got it when I got my first “real” job. I was 24 at the time.

 

Post # 13
Member
630 posts
Busy bee
  • Wedding: October 2013

My work provides life insurance for us for free, and my DH and I both signed up for it, during our annual enrollment. (We both work for the same company)

Post # 14
Member
7929 posts
Bumble Beekeeper
  • Wedding: March 2012 - Pelican Grand Beach Resort

I have life insurance through work and I am not interested in supplemental life insurance. I think life insurance is a totally crazy concept, and I personally do not plan to give someone else my money in case I die and then have nothing to show for it when I don’t. I’d rather spend that money enjoying my life and or saving on my own.

http://www.daveramsey.com/article/the-truth-about-life-insurance/

Post # 15
Member
10219 posts
Sugar Beekeeper
  • Wedding: December 2012

I see Life Insurance (really all insurances) and an Investment to hedge your bets against bad times…

So in that light there isn’t a bad time to get it… no such thing as too far in advance.

Also the younger you are the less you pay… so it is more affordable now than later

I got Life Insurance before I married the first time… just saw it as a thing that must be done for the major life change I was about to undertake… got a Will as well.

And I DO SEE Life Insurance as an important thing… at my age, I’ve seen too many people who have sadly benefited from a Loved One having made this decision

It sucks when someone your love dies… it sucks more if someone dies and you are facing a ton of bills (funeral)… and it was an unexpected death and now you are left to be on your own be it raising kids, or living out your middle age / old age.

I know more than one person who has at least “the money” that their Loved One left behind to make life a little easier on them

Its can never bring back their Loved One, but it certainly helps their changed circumstance

Hoppe this helps,

 

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