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Advice for Moms Advice for Moms

Should i get life insurance?

Posted by on Dec. 30, 2012 at 10:20 AM
  • 15 Replies

I'm 31 with a DH and a 6yo DS. I got a notice from my credit union regarding a life insurance plan they offer. I can get a $50,000 for only $5.50 a month, at a $250,000 policy for $18 a month.

That seems like a really good deal but i really don't know anything about life insurance.

I wondered if most moms have life insurance and if your rates are similar.

by on Dec. 30, 2012 at 10:20 AM
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Replies (1-10):
atlmom2
by Ruby Member on Dec. 30, 2012 at 10:34 AM
I would. I can't imagine not having it. At least having enough to pay for a funeral which is about $15,000.
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Bmat
by Barb on Dec. 30, 2012 at 10:46 AM

Figure out if something happened to you if your family could manage without your income. As atlmom suggested, enough for your funeral perhaps, anyway.  I have heard to only get term insurance- it is cheaper, but a downside is that it doesn't build up value.

Kris_PBG
by on Dec. 30, 2012 at 10:50 AM

I would shop around - you will probably find more competetive rates....  But yes - you should DEFINITELY have an insurance policy.

hollydaze1974
by on Dec. 30, 2012 at 3:04 PM
Life insurance is crucial for any parent to have ( you should *cringe*have a small policy on your children for funeral expenses)

If you pass, your family's normal way of living will be hindered not only by your loss, but by the loss of income or services you provide as a SAHM.

Renewable term is usually reccommended over whole life by experts.... Less expensive and guaranteed rates as well as acceptance.
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HouseOfLove
by on Dec. 30, 2012 at 3:38 PM

You absolutely should have life insurance, especially at prices like that. Check the fine print though.

DH has over a million in life insurance, I have $550k, both of our kids have $50k. Everyone should be insured. I really see no reason not to.

woodswalker
by Bronze Member on Dec. 30, 2012 at 3:40 PM

Yes, get it! 

lilmama8408
by Silver Member on Dec. 30, 2012 at 3:42 PM
We have it. We each have a policy with the military his is more. He also pays for one with his civilian job. He's the only income we have so he wanted to make sure id be ok
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qkforever
by Member on Dec. 30, 2012 at 4:20 PM

We are all covered with  life insurance.  I just had my children added this year.  I think those rates are pretty good.  I pay $11 a month for $500,000 but I have had that policy since I was 23.  I think my husband is $50 a month for the same but he used to chew tobacco and it is  a bit overweight.  The children are a little higher in that they are $25 a month, per child  $250,000.  

angelachristine
by Member on Dec. 30, 2012 at 4:21 PM

I would. I developed a bunch of health problems and actually got turned down so get it now especially if you are healthy.

crwspringer
by Silver Member on Dec. 30, 2012 at 4:24 PM
I would call whoever you have your auto/home insurance with and ask them if they offer anything. You may be able to get a better deal than that if you are in good health.
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