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Do you have life insurance and if so

Anonymous
Posted by Anonymous
  • 14 Replies
Who do you have it through and how much do you pay? What is your beneficiary amount?

I know next to nothing about it but DH and I don't have any health issues.

I want to look into it but here is what I want.

If I die for any reason DH gets X amount, but X amount is also given to my kids in a bank account they can touch when they are 18.

DH wants the same.

Is that even something one could do? My main thing is wanting to know that the remaining spouse and kids are taken care of financially if one of us dies unexpectedly.

I would be okay with the money going to an adult child as well.

Neither of us have debt beside the mortgage and don't want funerals. We both want to be cremated.
Posted by Anonymous on Aug. 18, 2016 at 9:07 PM
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Replies (1-10):
berlgirl1224
by Silver Member on Aug. 19, 2016 at 1:14 AM
Yes, you choose who gets what. And you can also decide that if you and your spouse die together, then who will get the money.
I'm not sure what company we have life insurance through right now, my husband just changed jobs about a month ago. His old job had a cap for both of us. It was like 1.5x his salary for him and a % for me, like 30% or something. The new place has no cap, so he went crazy on it lol. I think he upped it to 5x for himself and like 2.5x for me. (?) something like that. The kids and I get it if he dies. I get 50%, they each get 25% when they're 18. Same with if I go.
mommyof11050307
by Ruby Member on Aug. 19, 2016 at 1:16 AM
My husband and I get both policies. My husbands life insurance policies total 1.5 mil and mine are 500k.
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Anonymous
by Anonymous 2 on Aug. 19, 2016 at 1:45 AM
If we die together say in a car accident both policies will go to our daughter. Except for 200k ubless she is over 18. That would go to my in laws to help raise her. If I die half goes to dd and half to dh. If he dies half goes to me half goes to dd.
Diatech12
by Gold Member on Aug. 19, 2016 at 1:55 AM
I have apolicy on myself that my grandmkther started when i was born.

I now have a policy on each of my children and for the 4of us its $112 a month
Anonymous
by Anonymous 3 on Aug. 19, 2016 at 4:00 AM

dh and I had term policies when they expired we got a life annuity thru the financial advisor my in-laws use.

If I die, dh is the beneficiary, if he dies I am..if we both die it's split between our boys.

Same with the AD&D dh and I have thru our respective jobs.

redheadtmk
by Ruby Member on Aug. 19, 2016 at 4:11 AM
I have a policy that will basically cover my funeral. We live off my salary and dh's grad school stipend goes toward our savings. Once he is done with school we will still live way below our means so that if something happened to one of us, we could each afford to live on our own.
Anonymous
by Anonymous 4 on Aug. 19, 2016 at 4:13 AM

You need to have the life insurance and then create a will that specifies how the insurance money is to be taken care of. Also talk to an insurance agent. Be careful though because it is cheaper to get what is called term life but that means you begin with a huge policy say 200,000 but you both live to be 70 your insurance will only be about 10,000 if one of you were to die. So you want the insurance that stays at the amount that you purchase and it will cost more monthly. The reason term is cheaper is that the statistics are that you will live for a long time and therefore when you do die they don't have to pay as much out and your premiums usually wind up being really close to the amount that will get. 

DH has 2 policies one is a term life and it is now at the lowest amount so he can die in the next 20-30 years and the amount that I would get would be enough to bury him only. Then he recently got another one that is just a few thousand but it would pay off any debt that we might have by then. I have a policy that is a little more than his but it to is to pay to have me cremated or buried and a small amount to pay off any debt. 

For his policy we pay over a $100 a month but for mine we only pay a little over $50. 

We now need to make our wills. I keep postponing it and I know I shouldn't.

Anonymous
by Anonymous 5 on Aug. 19, 2016 at 4:14 AM
We have 3 policies each. An optional policy that will pay $100k through allstate and I can't remember how much it is monthly. An optional $10k policy that's abirthday $1 per pay period. The last one is paid for by our employer and pays 1 years salary. Retirement would also be paid out to the survivor. Any leave time would be paid out in the final check.
eyes4ears
by Sapphire Member on Aug. 19, 2016 at 4:16 AM
It can be done. You set it up in the paperwork and the will.
Anonymous
by Anonymous 6 on Aug. 19, 2016 at 4:20 AM

I was told an insurance company will not pay out to a minor.  You have to set up a guardian.

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