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mrsarkitek | How can I protect my home, lifestyle and children's future if my husband would not buy a life insurance? |
I can try to buy one for myself for my children, but my concern is, how can I protect myself if my husband passes away before me? What are my legal options if I cannot convince him to buy life insurance? We have quite a conservative lifestyle, we are not lavish, we try to keep to to minimum costs but not stifling.
Please help! The stress is killing me. It's hard enough to have an uncooperative husband. Don't ask me about whether he cares for his kids or has any goals at all. He can say one thing and do another.
I live in Canada. |
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Doing the Right Thing
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Well, you need to present the facts. I would draw a picture of a simple house.
On level 1: Write "Debt Elimination" You have various debt to pay off totaling "X" amount of dollars. A better way to pay it off is debt consolidation if you have lots of debt (mortgage, credit balance of at least $5000, and loans). You want to avoid places that charge a fee to do a loan worksheet for you and then find out that the loan is bad. Debt consolidation works for some families. I did mine through Primerica Financial Services, where the lender is Citicorp Trust Bank and they took 11 years off my debt and saved me over $150,000 in total interest.
Level 2: "Emergency Fund" In case you become disabled or can't work for awhile, you should setup a money market account that can last you for at least 6 months.
Level 3: "College" Kids need to go to college. So, I would setup a 529 plan. Check with your state's 529 plan and then compare it with other states.
The attic: "Retirement" Hey, do you want to work forever or live free? Setup a Roth IRA account if you qualify.
Then carefully look at your house. Is it missing something? You need a foundation! WIthout a foundation, your house will collapse. Your foundation is life insurance.
You see, you and your husband are working right? If one of you die, there will be a substantial loss of income. Your house is crumbling! First thing you will access is your emergency fund. Then your kid's college funds. And then your retirement. Sooner or later you or your husband is going to be broke and need to make dramatic changes in your lives.
With life insurance, it can take that weight off your back
If he still don't want life insurance, I suggest getting a Will as soon as possible.. |
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mldjay
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It sounds like you may need a good marriage counselor. He needs to understand your concerns and worries and if he loves you (which I am sure he does) he will listen. The counselor should be able to bring out what is really bothering him.
Until that time, I suggest, start saving a lot of money, lots of money for that emergency. Read The total money makeover by Dave Ramsey and The 9 Steps to financial freedom by Suze Orman. Both authors address the psychological affect of money on relationships.
Good luck. |
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fcas80
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Do you work outside the home? Any chance you can insure your husband through your group life insurance plan at work? |
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tony_daluga
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You can take life insurance out on him without his permission. Since you are his wife you have an insurable interest in his living. He can be ordered by a court to complete any physical requirements on the policy and answer any health questions that may be required.
But I agree with an earlier commenter, you need to get marriage counseling. |
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nevertoolate
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the only way you can protect yourself is with life insurance. Unless you save money from now until then, or you can just settle with the social security benefits that you would receive.Try speaking with him again about the insurance. Get information on Gerber life insurance that will cover him, you, your children and your home. They charge a very small fee monthly. But dear it is worth it. It is a guarenteed stability for your families future. go to gerber.com see what they have and review it, your futures will be alot brighter and stress free knowing that you're prepared. |
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snuggler
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The best reason I can give that you can relay to him is... Incase anything were to happen to him wouldn't he want you and your children (if you have them) to be taken care of. Also, the younger you are the cheaper it is on a month to month basis.
You don't need him to do it. You can take one out on you and the kids and in some states you don't need him there for you to take one out on him.
My spouse and I took a policy out the week we were married. When our children were born we took one out on each of them too. Their policies will transfer to them when they are 18. |
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MrsG
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Is your husband in good health? Will it be necessary for him to get a physical? If the answer to these questions are yes and no in that order, you could get an insurance policy on him making you or whom ever you choose as the beneficiary. I am in the states and I know people who have insurance policies on other people. They pay the premiums. This could work for you. I am sure you could get him to sign it. |
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mbrcatz
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You can't. You can't buy life insurance on him without his permission. Your ONLY option is to have him declared legally incompetant, with you as the guardian, then YOU can sign the application for life insurance as his guardian, if you attach a copy of his guardianship papers. |
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