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Melissa
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How much insurance? (not medical)
« on: Nov 25th, 2007, 2:07pm » |
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I am going to be purchasing life insurance on myself in case I die and leave Jesse with 3 kids and was wondering what amount I should get? I was thinking $50,000. Is that to little an amount?
Thanks for any help!
btw: I'm a stay at home mom and wanted to get just enough to help with child care expenses (for a currently 4 yr old and one on the way. Lily is too old for care). 
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| « Last Edit: Nov 25th, 2007, 2:10pm by Melissa » |
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Jonny
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Re: How much insurance? (not medical)
« Reply #1 on: Nov 25th, 2007, 2:11pm » |
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Try half a million at least!
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Melissa
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Re: How much insurance? (not medical)
« Reply #2 on: Nov 25th, 2007, 2:17pm » |
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Holy crap Jonny, wouldn't the premium be expensive?
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Jonny
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Re: How much insurance? (not medical)
« Reply #3 on: Nov 25th, 2007, 2:18pm » |
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Not as much as you would think, babe.........plus, you have to die to collect it. 
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It is up to YOU to educate yourself and then help your doctor plan your treatment. If you just sit down in front of your doctor and say "make me better" you are setting yourself up for a great deal of pain.
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Sean_C
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Re: How much insurance? (not medical)
« Reply #4 on: Nov 25th, 2007, 2:26pm » |
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I have 300K, I think Barb has 150K.
I wanted to up mine, however SBLI goes by your income, so I couldn't.
Check out SBLI and see what the premiums would be Mel.
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Melissa
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Re: How much insurance? (not medical)
« Reply #5 on: Nov 25th, 2007, 2:29pm » |
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Thanks Sean, what is SBLI?
btw, I did one of those calculators at ReliaQuote and the figure came to $180,000. So I was thinking maybe $150,000 ought to do it?
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| « Last Edit: Nov 25th, 2007, 2:30pm by Melissa » |
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Sean_C
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Re: How much insurance? (not medical)
« Reply #6 on: Nov 25th, 2007, 2:35pm » |
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I think so 
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Jonny
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Re: How much insurance? (not medical)
« Reply #7 on: Nov 25th, 2007, 2:41pm » |
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The real question here is how much coverage does Jesse have?
He should have a million if you ask me, but noone asked....Ill shut up now 
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It is up to YOU to educate yourself and then help your doctor plan your treatment. If you just sit down in front of your doctor and say "make me better" you are setting yourself up for a great deal of pain.
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Melissa
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Re: How much insurance? (not medical)
« Reply #8 on: Nov 25th, 2007, 2:42pm » |
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lol Jonny! He has enough to pay off all our bills including the mortgage, which is good enough for me.
btw, gonna go meet him right now in town for when he gets off work. We're going to do some shopping and dine together.
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| « Last Edit: Nov 25th, 2007, 2:43pm by Melissa » |
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Karla
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Re: How much insurance? (not medical)
« Reply #9 on: Nov 25th, 2007, 3:32pm » |
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You should get alot and do it quickly. I got a 50,000 policy when I was 18 and then within a year I found out I have epilepsy and became unisurable. Then about 15 years latter another medical condition developed that also made me unisurable. So I am stuck with just a 50,000 policy that is better than nothing but I would have loved to have been able to leave Ted more If I would die. So lesson leared: get it early in life and get a large sum.
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Karla
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Racer1_NC
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Re: How much insurance? (not medical)
« Reply #10 on: Nov 25th, 2007, 3:41pm » |
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on Nov 25th, 2007, 2:41pm, Jonny wrote:The real question here is how much coverage does Jesse have?
He should have a million if you ask me, but noone asked....Ill shut up now |
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Spot on Bro......anyone that is the primary source of income in a household with children should carry at least 500k. A million is better.
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Mosaicwench
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Re: How much insurance? (not medical)
« Reply #11 on: Nov 25th, 2007, 4:40pm » |
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Melissa, Brew always says if he had to pay someone to do all that I do, it would easily cost him $100k a year.
Think of all that would need to be done to raise your children to adulthood without you.
Get more - much more. $500k minimum.
We stay-at-homes are worth more money dead than alive . . .
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Melissa
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Re: How much insurance? (not medical)
« Reply #12 on: Nov 25th, 2007, 6:36pm » |
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Thanks for all the advice. I think I'll end up going with a $150,000 policy after Ava is born for $24.94 a month for 30 years or a 20 year for a few bucks less. It'd be enough to pay our mortgage off so Jesse could either go into business for himself or get a different job so he could be there for the kids.
Thanks again!! 
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| « Last Edit: Nov 25th, 2007, 6:38pm by Melissa » |
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Turts
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Re: How much insurance? (not medical)
« Reply #14 on: Nov 25th, 2007, 8:27pm » |
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simply get as much as you can afford!!!
Quote:| btw, I did one of those calculators at ReliaQuote and the figure came to $180,000. So I was thinking maybe $150,000 ought to do it? |
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why sell yourself short (literally). your worth to your family can never be put into monetary value.
TUrts
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Rosybabe
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Re: How much insurance? (not medical)
« Reply #15 on: Nov 26th, 2007, 1:26pm » |
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on Nov 25th, 2007, 8:27pm, Turts wrote:simply get as much as you can afford!!!
why sell yourself short (literally). your worth to your family can never be put into monetary value.
TUrts |
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That is right!!
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thomas
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Re: How much insurance? (not medical)
« Reply #16 on: Nov 26th, 2007, 2:32pm » |
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The rule of thumb is 3-4 times your annual earnings. If you are a stay at home mother, that job was worth about 40k a year (12 years ago when I was in the business) so that's probably worth about 50k now, so 150,000 to 200,000 at the very least.
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chewy
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Re: How much insurance? (not medical)
« Reply #17 on: Nov 26th, 2007, 8:46pm » |
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on Nov 26th, 2007, 2:32pm, thomas wrote:| The rule of thumb is 3-4 times your annual earnings. |
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Really? My Life Insurance through my employer is 2x my annual salary.
That should get me about 3 feet down with a cardboard marker on a stick.
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E-Double
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Re: How much insurance? (not medical)
« Reply #18 on: Nov 26th, 2007, 9:22pm » |
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I have a million dollar policy.
Actually I we have a few policies worth a hell of a lot more than we are alive.
You also have to consider whole life vs. term.
Which will suit your needs.
We are always worth more dead if ya have the right plan.
Good luck.
mEx2
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Charlie
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Re: How much insurance? (not medical)
« Reply #19 on: Nov 26th, 2007, 11:08pm » |
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Sorry Mel.
I haven't had life insurance in 37 years.
Charlie
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zwibbs/Scott
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Re: How much insurance? (not medical)
« Reply #20 on: Nov 27th, 2007, 5:58am » |
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on Nov 25th, 2007, 2:42pm, Melissa wrote:lol Jonny! He has enough to pay off all our bills including the mortgage, which is good enough for me.
btw, gonna go meet him right now in town for when he gets off work. We're going to do some shopping and dine together. |
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That is really nice !!!
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Emily
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Re: How much insurance? (not medical)
« Reply #21 on: Nov 27th, 2007, 6:13am » |
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Hi Mel,
I used to sell life insurance and one thing I always remind people of is inflation. What will the real value of $100,000 be in 30 years time? Will it be enough? I have an amount of 3x my mortgage, so that it's covered and there's extra for Stephen. When I have kids, I'll take out a few more. Though I took my first one out at 21 for £250,000 ($510,000 approx) because it was only going to cost me £7 per month. Mine was a 40 year policy and the value of that final amount will be worth a whole lot less when I reach 60 (in 35 years!).
Just something else to throw into the melting pot!
Em
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Melissa
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Re: How much insurance? (not medical)
« Reply #22 on: Nov 27th, 2007, 8:49am » |
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Thanks everyone for your input! I have lots of thinking to do and perhaps we will add some additional to Jesse's also.
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thomas
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Re: How much insurance? (not medical)
« Reply #23 on: Nov 27th, 2007, 9:12am » |
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on Nov 26th, 2007, 8:46pm, chewy wrote:
Really? My Life Insurance through my employer is 2x my annual salary.
That should get me about 3 feet down with a cardboard marker on a stick.
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That's because your employer is paying for it. I was selling it, so obviously my multiplier is going to be higher.
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Religion and sex are powerplays. Manipulate the people for the money they pay. Selling skin, selling God, the numbers look the same on their credit cards. Triptans cause rebounds. Learn it, believe it, live it. I use triptans as the absolute LAST RESORT when treating my CH.
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Re: How much insurance? (not medical)
« Reply #24 on: Nov 27th, 2007, 11:12am » |
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on Nov 27th, 2007, 8:49am, Melissa wrote:| Thanks everyone for your input! I have lots of thinking to do and perhaps we will add some additional to Jesse's also. |
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Raise your kids, send them off to live their lives, cash in your policies, and become vagabonds until you drop from exhaustion!
Then instruct your children to have the following engraved on your headstone:
What a ride!
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