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Additional Details
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rooney | Is our Life Insurance enough? |
I am insured for 250K
My husband is insured for 750K
My children who are 7 months and 3 yrs old are both insured for only 50K (whole not term, will be paid off by the time they are 22 or so).
Should I increase my children's since when they are in their 20's 50K is not worth much.
Should I increase mine, I do not provide any income for household so in the event that something happens to me my husband can continue working and bring in the same income. |
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nrving
 |
Difficult question to answer, but it's good that you are thinking about it and working towards an answer.
First, I have to disagree with the person who said life insurance for children is a waste of money. We all need life insurance and the best time to get it is when you are young and healthy, unfortunately most of us don't realize this until we are older. You did a great thing by purchasing life insurance for your kids. If you decide to purchase more, ask your agent about a "guaranteed insurability rider". The rider will allow you to increase the benefit of the policy at designated intervals in the child's life without any medical requirements. If your kids health ever changes (asthma, diabetes, etc..) you'll be thankful you have the rider.
There are many helpful resources online to assist in determining the amount of life insurance you and your husband should carry; I have included some links in my answer. Life insurance is there to cover a certain need, such as, loss of income or to pay for your kids college education. As you grow older, ideally, your savings will begin to negate the need for so much life insurance. You may get to a point that you no longer need life insurance at all. |
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photoguy1967
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you are fine, and you have more than we do and I'm not worried. |
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Govindarajan
 |
I don't know from which country you are from. But in hindi language (India) there is a proverb "Pooth supooth kahe dhan sanche, aur pooth kupooth toh kahe dhan sanche" which means that If Child is efficient to earn his living then why to conserve money for him... he would earn his bread himself, and if child is not efficient, then also why to conserve money for him. Even if parents save billions for the child, then even then he/she would be destroying it recklessly....
so dont worry to much about the future.... Live your present life and enjoy it with your husband and children. |
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pri k
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Ya that's enough |
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hsearchp
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You got some really good answers here.
I have to disagree with the person that said "children's life insurance is a waste of money". It is better to get life insurance, even a small amount so that if a child becomes uninsurable for some reason, there is something in place.
Too many diseases out there that are considered uninsurable by insurance companies and they won't write policies. |
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hightechchic
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Ultimately, only you can answer those questions.
However, here's a simple exercise to help you decide. Get out your trusty calculator and type in your husband's current annual salary. Now, consider how many more years he's planning to work full time and multiply that number by the annual salary you already put in.
That's the amount of his income you'd be missing out on if something happened to him. (Actually, it's a very conservative estimate, because we like to think that our income earning potential will increase over time.)
Most people are shocked by that number. And maybe you don't really need -that- much insurance, but it's certainly something to consider.
Also, you shouldn't completely write off your own contributions to the household. I recently read an article (on Yahoo news, in fact -- you can probably still find it if you search) stating that a homemaker would make more than $100,000 a year if they were paid for thier contributions to the household.
But let's look at it from a more practical standpoint. If something happened to you, who would take care of the kids while your husband worked? Who would take care of the house? Buy the groceries, prepare the meals? Those things would all be expensive if he had to pay someone to do them in your absence. (Check the going rates for good child-care alone and I bet you'll be shocked.)
As for the kids' policies, you may want to look into increasing them. In truth, at their ages, it's not going to be expensive to insure them, anyway. And you have to consider the possibility that yes, terrible things do happen -- even to the young and healthy. (I'm quite sure, for instance, that the parents of those slain recently at Virginia Tech would never have thought that their children needed life insurance.) You've made a good choice by getting policies that can be paid off early, also. |
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aaron p
 |
Unfortunately, this is a decision you will need to make yourself, possibly with the help of a fee-only advisor or an independent agent (not one who has an obligation to the company they sell most often).
If you are worried about protecting your children's insurability down the road, you may be able to buy the option to increase their coverage later without proof of health or you may be able to over-fund a different type of policy depending on your goals. Talk to a local independent agent who knows something or a fee-only advisor. |
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mbrcatz
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I think children's life insurance is a waste of money. I have 2 kids and one on the way - NONE of them have any life insurance. Run the numbers - find one of those "future value" calculators, see how much your annual premium that you're paying into life insurance will be worth, at a very modest 8% (in an index fund) if you invested it, by the time the kids are 25. Then see how much it would be worth, at the time they're 40, and 65. Your face value of the life insurance is NOT going to grow AT ALL. You'll be shocked at the difference.
Homemakers DO need life insurance. If you drop dead, your husband will have to hire a nanny and a housekeeper to do what you do (LOL and maybe a third person). He'll need funds for daycare for the kids. Did you see the article where the typical stay at home mom is worth $138,000 a year for all she does? It's SO TRUE.
If you drop dead, his shirts aren't going to miraculously go from the dirty laundry to the dry cleaner to the hanger in the closet on their own, like they do now. |
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