dad_of_four
High Silver Member
Registered: June 11, 2009
Posts: 168
|
| | Nov 06, 2009 | Reply with quote | #1 |
|
p.s. I am the non-working spouse.
10 years ago, after witnessing my father-in-law die suddenly, I purchased a huge 10-year term-life policy that was pretty cheap.
Fast forward 10 years, I am still alive, but the policy is expiring soon. So now I am wrestling with how much of a policy I actually need. I'm 10 years older, so the premiums will go up and DW earns the sole income.
I suppose it is a personal decision, but I am interested to hear the opinions of others. Should I get enough to hire a Nanny to do all the chores I do? Enough for DW to re-marry some hot young stud who will hire a Nanny? Enough to put the 4 kids through college and a down-payment on a house?
The kids ARE 15, 12, 9, 7. I don't expect to check-out anytime soon. My own parents are 80+ years old.
Any thoughts? |
| Loading... | |
jeanne4379
Diamond Member
Registered: Aug 21, 2005
Posts: 11,010
|
| | Nov 06, 2009 | Reply with quote | #2 |
|
| You are a working spouse. You get paid in hugs, smiles and an occasional thanks dad. I think making sure the lieblings get something for college is laudable, as is ensuring dw having a solid financial base in future. The caveat is the cost factor. I think you should talk with your dw about the situation and get her input. You are right, in the end the decision is personal and should be made between you and your dw. |
| Loading... | |
baileymama
Platinum Member
Registered: April 28, 2008
Posts: 1,274
|
| | Nov 06, 2009 | Reply with quote | #3 |
|
| Perhaps the insurance co. you bought it from can roll it over to some kind of whole life thing? I hate dealing with insurance salesmen as bad as car salesmen. I am sure your agent can work with you and your wife to find something acceptable. Good luck. |
| Loading... | |
5_6_7_8
High Platinum Member
Registered: Oct 18, 2004
Posts: 4,472
|
| | Nov 06, 2009 | Reply with quote | #4 |
|
For years and years, I was the non-working spouse. Now I help dh along with his company. We have four children.
Years ago, our "financial mismanager" suggested we invest in some sort of thing that had, for a limited time, life insurance attached to it as a bonus. It's a 15 year term. Dh and I have always looked at it as inheritance for our children. If, on the other hand, one of us were to pass away before the kids were much older, there would be enough for the other to life nicely, not extravagantly, but within our present means. Dh is insured for twice what I am, but since he runs the company and makes the money, that is to be expected. |
| Loading... | |
PickyPotter
High Platinum Member
Registered: Sept 14, 2006
Posts: 4,112
|
| | Nov 06, 2009 | Reply with quote | #5 |
|
My husband is self employed so how we calculated what we needed was a little more straight forward. It will basically replace his income for 10 years.
I would consider getting enough to cover college. Taking care of the house and kids is not really easy to measure monetarily. Yes, I guess you could get enough to cover a nanny and do whatever chores and errands you do, but I am SURE that a lot of that just can't be rolled into a dollar amount. Since it isn't so straight forward, I would just look at it as what do your kids need for the future. Just my opinion |
| Loading... | |
5_6_7_8
High Platinum Member
Registered: Oct 18, 2004
Posts: 4,472
|
| | Nov 06, 2009 | Reply with quote | #6 |
|
| ^ Dh and I are self-employed as well, but our insurance isn't 10 years income. Maybe I should increase it! |
| Loading... | |
lunette
Platinum Member
Registered: April 15, 2008
Posts: 1,684
|
| | Nov 06, 2009 | Reply with quote | #7 |
|
| Were you planning to work when the kids are older and in college? If so then get the insurance. You are supposed to insure an income but if you are employable and there is always the possibility that money would be necessary if something were to happen why not continue it. It would be a lot harder to drop it and try to get reinsured when you are older plus your premiums should stay lower this way? |
| Loading... | |
