Post # 1
When did you get Life Insurance?
My DH and I are planning to TTC sometime in probably February or March.
I found out that I can get supplemental life insurance on myself and my husband through work for a discounted rate then i could with an outside plan… Its not a Huge discount tho. but i have to make the election today if i want coverage for this following year. Now the baby may or may not be born in 2014… its looking less likely tho.
We are currently both covered at 1.5x our income through work.
I could get extra supplemental coverage on myself and him (although him i can only cover him at 50% of whatever amt i get.)
I was thinking that he should get it as soon as we get a BFP because if God forbid something happens to him -I still have the baby to take care of… Whereas I should get in the last trimester – sometime before delivery incase God forbid I died in delivery – then him and the baby would have the money they needed.
I STUPIDLY didn’t realize this until the last day of open enrollment.
I’m just not sure if I should start paying for life insurance now or not.
Post # 3
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
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
@Kate0558: Can you sign up now but increase the amount of coverage later?
Post # 6
- Wedding: October 2011 - Bed & Breakfast
I would get it now. It’s not a bad thing to have.
Post # 7
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
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
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 # 10
Yea thats actually a good point – because by getting it through work – i’m only covered so long as i’m employed with this company.
I was just looking at per month cost but once i leave this company we’d have to buy separate and who knows where we’d be at that point and how much it would cost us.
Post # 11
@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
I got it when I got my first “real” job. I was 24 at the time.
Post # 13
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
- 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.
Post # 15
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,
Post # 16
@mrsSonthebeach: Oh I am actually totally following the Dave ramsey plan. But Dave Ramsey is a big proponent of Term life while you are younger – and before you get your nest egg saved up. My husband and I are going to get just a 20 year term life plan and then when that runs out we should have enough savings that we don’t need it any way. But in the mean time – I have a negative net worth and would not make it without 2 incomes. And our family isn’t well off at all so If I couldn’t raise our child – I would want to make sure that they don’t grow up with the same kind of money problems as me.