Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

3 Bumps

Please help me, did I do the right thing?

Im about to be 25 and my husband is 27 and last night we bought life inssurance!!!! Never done this befor and were paying about $50 a month. Im a stay at home wife an if my hubby passes then I get 126 thousand for the first year and then each of my kids get 100 grand for eduacation and then I get 10 thousand for his barriel. I dont think many people are age get this but my husbands an electrician and I fear that somthing might happen to him and then Im left with our two kids when I didnt even go to college and would at the most be able to make 10 or 11 an hr where ever I go and not too mention I have no family to help me. We sat down with the guy last night and decided what plan was best for us and affordible right now. The plan we got will not go up on us at all because its life term and will be paying the same amount forever unless we want to change somthing. So was this a good idea?

Answer Question

Asked by Anonymous at 10:24 AM on Nov. 29, 2010 in Money & Work

Answers (22)
  • Life insurance is always a good idea. You did the right thing.

    Answer by AtHomeMommy-3 at 10:26 AM on Nov. 29, 2010

  • With the kind of work he does to take care of his family I say its a good idea to get life insurance. I hope nothing ever happens to him on the job for your families sake.

    Answer by sweetpea1217 at 10:26 AM on Nov. 29, 2010

  • What do you need help with? Of course having life insurance is the right thing. If we hadn't had it when my husband died, I have no idea how I'd be taking care of my 3 girls right now. Too many people ignore the fact that bad things do happen and then when a tragedy strikes, they are lost and ill-equipped to handle it. Life insurance is extremely important.

    Answer by caseyandkids at 10:27 AM on Nov. 29, 2010

  • Yes, very wise decision!

    Answer by chocolatluver at 10:27 AM on Nov. 29, 2010

  • I don't know much about life insurance but yes it was a good idea. When we finally have kids of our own we plan to do the same thing. My husband also has health problems (he has already had two heart attacks and he is only 24) and unfortunately he is the one who brings in the income we can rely on, so yes it was a good idea and more people should really look into it. His mom even took out life insurance a few months back, she pays 50 a month and it doesn't change at all either. It's just a set rate.

    Answer by Gnomeofmyheart at 10:28 AM on Nov. 29, 2010

  • I'm not a financial guru, but from what I've learned from watching some of the financial people on tv (Suze Orman, Clark Howard) they would recommend that at your age instead of life insurance that you take the amount you would be paying for life insurance ($50/month) and put it towards savings - since you both young and there is a very small chance of either of you dying (my father was an electrician, but even with the job a very small chance) it's doubtful that you will cash in on the policy.

    Answer by missanc at 10:28 AM on Nov. 29, 2010

  • Just a side note - if anything happens to your husband you and your children would get his social security death benefit. My dad died when I was 7 (not job related) and my mom saved my SS benefit and it ended up being enough to pay for my college. My mom's benefit plus her working part time was enough to support the 4 of us (I have a sister and a brother).

    Answer by missanc at 10:30 AM on Nov. 29, 2010

  • You absolutely did the right thing, there is no doubt. Don't let anyone tell you otherwise. And playing the odds is stupid and irresponsible. Social Security is not enough to live on. I was a young widow (as a matter of fact, there's a community of young widows on this site - hi Casey! ) I was widowed at 28. The SS death benefits are absolutely inadequate.

    Answer by findingharmony at 10:34 AM on Nov. 29, 2010

  • Yes, I think you did. We have been looking for a good plan to go along with my Hubby's accidental death insurance, but just can't decide who to go with.

    Answer by MrsLeftlane at 10:36 AM on Nov. 29, 2010

  • Excellent, intelligent, and mature decision. Especially with your husband working in a high risk field. I was a young widow, I am raising 3 children, now teens. For the hundreds of women in just our group (and now doubt the hundreds of thousands of young widows in this country) life insurance makes the difference between keeping the bills paid and not being able to keep the heat on. It makes the difference between celebrating the holidays or it being too expensive to even have a christmas tree. It makes the difference in what we eat, the activities our children participate in, if there are gifts on birthdays, if we can take our children to the doctor or dentist, if we work 1 job or 3, and so much more. Sounds like it boils down to: what kind of life DO you want for your children?
    Thanks, Casey, for posting this in group and steering a few of us here! much appreciated

    Answer by missingruth at 10:40 AM on Nov. 29, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.