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        New Message Board Archives >> 2007 General Board Posts >> How much insurance? (not medical)
        
(Message started by: Melissa on Nov 25^th, 2007, 2:07pm)

Title: How much insurance? (not medical)
Post by Melissa on Nov 25^th, 2007, 2:07pm

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). :-/

Title: Re: How much insurance? (not medical)
Post by Jonny on Nov 25^th, 2007, 2:11pm

Try half a million at least!

Title: Re: How much insurance? (not medical)
Post by Melissa on Nov 25^th, 2007, 2:17pm

Holy crap Jonny, wouldn't the premium be expensive?

Title: Re: How much insurance? (not medical)
Post by Jonny on Nov 25^th, 2007, 2:18pm

Not as much as you would think, babe.........plus, you have to die to collect it. ;)

Title: Re: How much insurance? (not medical)
Post by Sean_C on Nov 25^th, 2007, 2:26pm

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.

Title: Re: How much insurance? (not medical)
Post by Melissa on Nov 25^th, 2007, 2:29pm

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?

Title: Re: How much insurance? (not medical)
Post by Sean_C on Nov 25^th, 2007, 2:35pm

I think so :)

Title: Re: How much insurance? (not medical)
Post by Jonny on Nov 25^th, 2007, 2:41pm

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 ;;D

Title: Re: How much insurance? (not medical)
Post by Melissa on Nov 25^th, 2007, 2:42pm

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.:)

Title: Re: How much insurance? (not medical)
Post by Karla on Nov 25^th, 2007, 3:32pm

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.

Title: Re: How much insurance? (not medical)
Post by Racer1_NC on Nov 25^th, 2007, 3:41pm

on 11/25/07 at 14:41:27, 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 ;;D

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.

Title: Re: How much insurance? (not medical)
Post by Mosaicwench on Nov 25^th, 2007, 4:40pm

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 . . .

http://img482.imageshack.us/img482/4546/362465on.gif

Title: Re: How much insurance? (not medical)
Post by Melissa on Nov 25^th, 2007, 6:36pm

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!! :) :-*

Title: Re: How much insurance? (not medical)
Post by chewy on Nov 25^th, 2007, 6:41pm

Heres some calculators:

http://www.insurance.va.gov/sgliSite/calcuator/needsCalc.htm

http://www.kofc.org/un/insurance/calculator/calculator.cfm

http://moneycentral.msn.com/investor/calcs/n_life/main.asp?pkw=PI&vendor=Paid+Inclusion

http://www.insurance.com/Misc/LifeCalculator.aspx

Title: Re: How much insurance? (not medical)
Post by Turts on Nov 25^th, 2007, 8:27pm

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?

why sell yourself short (literally). your worth to your family can never be put into monetary value.

TUrts

Title: Re: How much insurance? (not medical)
Post by Rosybabe on Nov 26^th, 2007, 1:26pm

on 11/25/07 at 20:27:34, 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

That is right!! :)

Title: Re: How much insurance? (not medical)
Post by thomas on Nov 26^th, 2007, 2:32pm

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.

Title: Re: How much insurance? (not medical)
Post by chewy on Nov 26^th, 2007, 8:46pm

on 11/26/07 at 14:32:43, thomas wrote:

The rule of thumb is 3-4 times your annual earnings.

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.

Title: Re: How much insurance? (not medical)
Post by E-Double on Nov 26^th, 2007, 9:22pm

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

Title: Re: How much insurance? (not medical)
Post by Charlie on Nov 26^th, 2007, 11:08pm

Sorry Mel.

I haven't had life insurance in 37 years.

Charlie

Title: Re: How much insurance? (not medical)
Post by zwibbs/Scott on Nov 27^th, 2007, 5:58am

on 11/25/07 at 14:42:46, Melissa wrote:

That is really nice !!!

Title: Re: How much insurance? (not medical)
Post by Emily on Nov 27^th, 2007, 6:13am

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

Title: Re: How much insurance? (not medical)
Post by Melissa on Nov 27^th, 2007, 8:49am

Thanks everyone for your input! I have lots of thinking to do and perhaps we will add some additional to Jesse's also.

Title: Re: How much insurance? (not medical)
Post by thomas on Nov 27^th, 2007, 9:12am

on 11/26/07 at 20:46:08, 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.

That's because your employer is paying for it. I was selling it, so obviously my multiplier is going to be higher. ;;D

Title: Re: How much insurance? (not medical)
Post by brewcrew on Nov 27^th, 2007, 11:12am

on 11/27/07 at 08:49:49, 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.

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!