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Advice for Moms Advice for Moms

Life Insurance

Posted by on Mar. 1, 2013 at 12:19 AM
  • 20 Replies
I am a single mothe of 2 girls and im in need of a good affordable life insurance. I work at pizza hut as a shift manager and they do not offer life insurance. Ive been looling and looking and cant decide where to start and who to go with. I have life insurance for my girls through gerber life. Someone please help me.
by on Mar. 1, 2013 at 12:19 AM
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Pink.Frosting
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Kind of worried tonight. Our diabetic dog has decided to refuse her insulin shots. Not sure where the situation will go from here.... :-(
Tuesday at 10:32 PM
by Member on Mar. 1, 2013 at 12:20 AM

Some banks offer a policy for accidental death if you open an account with them.  All the ones I've seen like that are for $10,000.

manda-nicole010
by on Mar. 1, 2013 at 12:22 AM

Check out globe. That's what we use for my husband and will eventually use for us. they seem pretty fair in pricing. 

kali_mom
by on Mar. 1, 2013 at 10:33 AM
Not to promote anyone but I would go on Suze Ormans website and see what companies she partners with. You will want to ensure you not only purchase a large enough policy but through your will and irrevocable living trust you designate who will handle the money situation in the event of your passing and there are minors involved. Now is a good time to do that research and make the BEST decision for you and your family.
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la_bella_vita
by Gold Member on Mar. 1, 2013 at 11:16 AM

 bump, my husband takes care of all of this. I hope you find something! When I was single, I got a plan through a family member who sells insurance and it was super cheap.

LindaClement
by on Mar. 1, 2013 at 2:28 PM

Your children do not need life insurance. Insurance is to cover liabilities, not assets.

If you didn't have kids, or debt, or dependents, you would also have no reason to have insurance.

Go with term insurance, it's the cheapest (and involves the smallest commission for sales people, so they'll try REALLY hard to talk you out of it) for the cost of what your death would mean to your family: to cover what it would cost the guardians to care for your children, and pay off all your debts. 

No insurance company pays fast enough to cover funeral expenses, so that's a really dumb reason to have insurance.

ladybugist
by on Mar. 4, 2013 at 3:21 PM

WOW--- I have never heard life insurance put like that.  That insurance doesn't pay off guick enough for the funeral. 


Quoting LindaClement:

Your children do not need life insurance. Insurance is to cover liabilities, not assets.

If you didn't have kids, or debt, or dependents, you would also have no reason to have insurance.

Go with term insurance, it's the cheapest (and involves the smallest commission for sales people, so they'll try REALLY hard to talk you out of it) for the cost of what your death would mean to your family: to cover what it would cost the guardians to care for your children, and pay off all your debts. 

No insurance company pays fast enough to cover funeral expenses, so that's a really dumb reason to have insurance.


 

atlmom2
by Ruby Member on Mar. 4, 2013 at 3:29 PM
Lol, yes it is for funeral expenses. You get it within 3 to 4 weeks. At least you only owe a little interest. How else do families pay funeral expenses of around $13,000 without using life insurance money?????? That being said my dh has twice his large salary in life insurance. Most people have around $20,000.

Quoting LindaClement:

Your children do not need life insurance. Insurance is to cover liabilities, not assets.

If you didn't have kids, or debt, or dependents, you would also have no reason to have insurance.

Go with term insurance, it's the cheapest (and involves the smallest commission for sales people, so they'll try REALLY hard to talk you out of it) for the cost of what your death would mean to your family: to cover what it would cost the guardians to care for your children, and pay off all your debts. 

No insurance company pays fast enough to cover funeral expenses, so that's a really dumb reason to have insurance.



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LindaClement
by on Mar. 4, 2013 at 3:34 PM

I used to work for an insurance company. Their main goal is to get money and keep it. Anyone who doesn't believe they're racketeers has never been close enough to the industry to see what's really going on there.

They will send the entire force of their sales team out to convince the heirs to take an annuity (it's SO MUCH more money!) --usually for weeks and weeks, dragging their heels to avoid actually cutting a cheque.

The in-house magazine (of the company I was with as a temp) had a front page story about how they made 96 million dollars in premiums in the first quarter... and a story three pages in blew the horn about how it ONLY took 90 days to cut a cheque to an heir for $120k.

Yeah.

Quoting ladybugist:

WOW--- I have never heard life insurance put like that.  That insurance doesn't pay off guick enough for the funeral. 


Quoting LindaClement:

Your children do not need life insurance. Insurance is to cover liabilities, not assets.

If you didn't have kids, or debt, or dependents, you would also have no reason to have insurance.

Go with term insurance, it's the cheapest (and involves the smallest commission for sales people, so they'll try REALLY hard to talk you out of it) for the cost of what your death would mean to your family: to cover what it would cost the guardians to care for your children, and pay off all your debts. 

No insurance company pays fast enough to cover funeral expenses, so that's a really dumb reason to have insurance.




LindaClement
by on Mar. 4, 2013 at 3:34 PM

By getting a bill they'll pay when the money comes in.

Good idea: don't have a $13k funeral if you can't afford it. Same like weddings: do the kind of socializing that fits your budget.

Quoting atlmom2:

Lol, yes it is for funeral expenses. You get it within 3 to 4 weeks. At least you only owe a little interest. How else do families pay funeral expenses of around $13,000 without using life insurance money?????? That being said my dh has twice his large salary in life insurance. Most people have around $20,000.

Quoting LindaClement:

Your children do not need life insurance. Insurance is to cover liabilities, not assets.

If you didn't have kids, or debt, or dependents, you would also have no reason to have insurance.

Go with term insurance, it's the cheapest (and involves the smallest commission for sales people, so they'll try REALLY hard to talk you out of it) for the cost of what your death would mean to your family: to cover what it would cost the guardians to care for your children, and pay off all your debts. 

No insurance company pays fast enough to cover funeral expenses, so that's a really dumb reason to have insurance.




Mommaoftwins503
by on Mar. 4, 2013 at 4:12 PM

Funeral homes understand that life insurance policies do not pay out immediately upon notification of someone passing. You take your information to them, they contact the company, and you can sign a form that allows the insurance company to pay them directly when a claim is finished, so it does not slow down a funeral process. Of course children are not a liablility. However no matter where you live you can't always plan a funeral for the price you can "afford". Not only that, as a devastated parent who has  lost a child, who wants to think of how they are going to pay their bills because they just can't stand going back to work yet? In this day and age most people find it nearly impossible to keep a nest egg in the savings for that kind of situation.

Taking term insurance out on a child isn't neccesarily an answer either. Whole life insurance premiums are so low for children that even if you pay on them for 90 years you don't pay in more than the policy pays out. You should just be sure to speak with your insurance company on how their procedure works, ask lots of questions, and make a decision from there. If you feel pressured perhaps you should look around for places who have agents that work on a base salary and not on commission.

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