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

(minimum 6 characters)

Life Insurance Question

Posted by on Mar. 28, 2011 at 5:17 PM
  • 10 Replies

How did you decide how much life insurance to take out on yourself?  I am currently in the process of being accepted by the company and am going insane.  I have four daughters, so I thought a $1,000,000 policy would be good ($250K a kid should I die) but now I am wondering if I should do more???  This is the time for me to lock in a good rate while I am still young... my agent said it all depended on how much you wanted to leave behind.  I asked him how people decide and he says that people usually go in with a set amount.  I would like my children to at least have money for their college education should I die, so is this enough?

by on Mar. 28, 2011 at 5:17 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
adri_nevarez
by on Mar. 28, 2011 at 6:13 PM

bump

kymomma1974
by on Mar. 28, 2011 at 6:16 PM
I have a few policies. One for all kids to split at $500000. Then a policy for each child at $750000 each. I also have insurance to pay of all if any debts ext.
Posted on CafeMom Mobile
adri_nevarez
by on Mar. 28, 2011 at 6:22 PM

Do you have the policies on your children or are they the beneficiaries?  Also, how did you come up with that amount.  All I owe on is my home and car, and both of those have life insurance on them, so if I would die soon they would both be paid.  Basically I wan't my kids taken care of, and their college paid for.  However, I have four children, so I wonder if $1M is enough.

Quoting kymomma1974:

I have a few policies. One for all kids to split at $500000. Then a policy for each child at $750000 each. I also have insurance to pay of all if any debts ext.


adri_nevarez
by on Mar. 28, 2011 at 11:19 PM

Bump.... does anyone here having any advice on life insurance?

 

kymomma1974
by on Mar. 29, 2011 at 12:26 AM
My kids are the beneficiaries off all policies. One of them they will divided equally. Then there is a policy that is designated for each child
I wanted to make sure they each have enough for their care, education and hopefully start building a life for themselves. They are various ages so if something were to happen to me their needs would be so different.
Posted on CafeMom Mobile
kymomma1974
by on Mar. 29, 2011 at 12:27 AM
Bump
Posted on CafeMom Mobile
adri_nevarez
by on Mar. 29, 2011 at 7:06 PM
Thanks :)
Posted on CafeMom Mobile
Kodysmommy928
by on Mar. 29, 2011 at 7:08 PM
You have to look at it as replacing your income until your kids are grown. We have $2 mill on me and $2 mill on my husband.
adri_nevarez
by on Mar. 29, 2011 at 7:48 PM
I don't have an income, but dh has a great one. He has a really good policy at work, now it's my turn to get one.


Quoting Kodysmommy928:

You have to look at it as replacing your income until your kids are grown. We have $2 mill on me and $2 mill on my husband.

Posted on CafeMom Mobile
DeniseMancini
by on Apr. 1, 2011 at 8:47 AM

How much coverage is enough differs for different individuals. Your agent is right, you need to decide the face amount of your life insurance plan based on how much you want to leave behind for your daughters and for what purpose.

Is there someone who will bear the cost of bringing them up after you? If that's the case, then you can very well leave funds enough for them to pay for college. But if that's not the case and you have the sole responsibility of bringing them up, then you may want to consider leaving the guardian with money to pay for your daughters' living expenses. 

Denise

Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)