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Life Insurance

Posted by on Aug. 6, 2013 at 9:46 AM
  • 21 Replies

Ok so a little over a year ago I quit my job to become a home daycare provider because I had a new baby and 2 older kids and it wouldnt pay me to work while school was out!! long story short i lost our life insurance in that process...due to a circumstance with a friend of ours losing his wife to cancer at the young age of 32 with a 9 yr old and 3 yr old little boys it has hit home that i need to have a plan if something happens to one of us...my husband is our sole provider for the most part i need to protect us if God forbid he call him home sooner than we would wish for or vice versa...a friend of mine sells life insurance with woodmen of the world but i dunno i dont feel thats the right insurance for us something just seems "too good to be true" who do you have life insurance with? We are a family of 5 non smoking family. we are very much living paycheck to paycheck so i dont even know if we can afford this but i know its my job as a parent and spouse to have this in place. Thanks for your advice!

by on Aug. 6, 2013 at 9:46 AM
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Replies (1-10):
NikkosMommy820
by Silver Member on Aug. 6, 2013 at 10:04 AM

bump, i'd like to know also

crwspringer
by Platinum Member on Aug. 6, 2013 at 10:12 AM
Ask your auto/home insurance agent. They usually are affiliated with life as well.

Posted on CafeMom Mobile
NDADanceMom
by on Aug. 6, 2013 at 10:13 AM

Most companies are about the same.  You need to look for whole life though, not term.  They will talk you into term because it makes them more money.  they will sell it as a savings plan you can also use for college.  DO NOT DO THIS.  Whole life is cheaper and the payoff does not expire as long as you make the payments.  The payout is also larger on whole, plus often covers injuries, rather than just death.  Bundle it  with your homeowners and car insurance, a very good policy will be less than $10 a month.

porno420
by Member on Aug. 6, 2013 at 1:42 PM

LOANS

INCOME REPLACEMENT

FUNERAL EXPENSES

EDUCATION FOR KIDS

FIGURE OUT HOW MUCH YOU NEED FROM THE ABOVE AND GET YOUR FAMILY INSURED.

happinessforyou
by Silver Member on Aug. 6, 2013 at 1:46 PM

You can't afford to NOT have insurance. See a finacial planner. You need term insurance on your DH first. If he dies you can cash in the insurance policy to support you and your kids.


Personally, I would not do business with a friend. They are friends-or they are business partners. I never mix them up.

Next step is to increase your income. You may have to start working so you have some security. If my DH dies, myself and our kids will be taken care of. Yes, it's nice to be a SAHM, but not at the fincancial stability of the family. GL

Ktina11
by Silver Member on Aug. 6, 2013 at 1:47 PM
This! Dh's is connected with our auto and home. Mine was taken out when I was 7 or 8 by my parents. It isn't a lot, but enough to not burden my husband with funeral costs.


Quoting crwspringer:

Ask your auto/home insurance agent. They usually are affiliated with life as well.




Posted on CafeMom Mobile
pamelax3
by Silver Member on Aug. 6, 2013 at 1:48 PM

You really can not afford not to have life insurance. We have State Farm, check with your auto insurance agent

his88angel
by Member on Aug. 6, 2013 at 1:49 PM
My dh works for the union so we were able to get an amazing policy through them.
happinessforyou
by Silver Member on Aug. 6, 2013 at 1:49 PM

It's funny that you say whole life-I always heard it was the opposite. We have a term  policy for 10 years. If DH dies in the 10 years, I will have enough to pay off the house and send DS to school.

We also have other sources of income/insurance/investments.....


Quoting NDADanceMom:

Most companies are about the same.  You need to look for whole life though, not term.  They will talk you into term because it makes them more money.  they will sell it as a savings plan you can also use for college.  DO NOT DO THIS.  Whole life is cheaper and the payoff does not expire as long as you make the payments.  The payout is also larger on whole, plus often covers injuries, rather than just death.  Bundle it  with your homeowners and car insurance, a very good policy will be less than $10 a month.



beadingmom17
by Rachel on Aug. 6, 2013 at 1:53 PM

Glad I'm not crazy...I've always heard get term instead of whole, because they pass off whole life as a savings (like the Gerber grow up plan)...

Quoting happinessforyou:

It's funny that you say whole life-I always heard it was the opposite. We have a term  policy for 10 years. If DH dies in the 10 years, I will have enough to pay off the house and send DS to school.

We also have other sources of income/insurance/investments.....


Quoting NDADanceMom:

Most companies are about the same.  You need to look for whole life though, not term.  They will talk you into term because it makes them more money.  they will sell it as a savings plan you can also use for college.  DO NOT DO THIS.  Whole life is cheaper and the payoff does not expire as long as you make the payments.  The payout is also larger on whole, plus often covers injuries, rather than just death.  Bundle it  with your homeowners and car insurance, a very good policy will be less than $10 a month.




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