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 Posted: Fri Jan 30, 2009 3:14 pm Post subject: New to this Insurance Policy Thing. |
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Recently I found out that my husband has no life insurance on me. He swears he thought he did when I canceled my life insurance through my Military status. So, for 13 years I have had no life insurance. Recently he refuses to file the paperwork through his job where we only pay a small amount monthly.
So, with that I am searching for my own policy. What do I need to know? I have four kids, he would need bare minimum just enough for the funeral and for the burial. As he states he wouldnt need it at all, he makes enough, but I am the planner for the future so to say and I want to be covered.
Any assistance would be great. I have searched the web for an hour now and I am exhausted and feel a little hopeless..........
Thanks guys,
De
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de
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| Posted: Sat Jan 31, 2009 5:22 am Post subject: |
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| With 4 kids, I would strongly reconsider thinking that you only need burial expenses. If you are in good health, the cost of a reasonably large life insurance policy (let's say $500k) would be minimal. It is not smart to be pennywise and pound foolish. |
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dgoldenz
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Joined: 10 Jan 2009
Posts: 392
Location: Virginia
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| Posted: Sat Jan 31, 2009 6:52 am Post subject: |
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Hey dgoldenz, don't we need to know her age, financial condition, debts etc. before suggesting a plan?
However, De, I'd echo Goldenz that you certainly need more than the FE policy. How old are the kids? what are your future plans with them? We have some excellent life agents in this forum and definitely they would come forward to your rescue. Just hang-on. |
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simon
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| Posted: Sat Jan 31, 2009 6:56 am Post subject: |
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I'd say that its very stupid of your husband not to consider the future of his kids. De, you should consult a local life agent to know more about the options available to you.
Thanks,
Rupert |
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RupertWBradson
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| Posted: Sat Jan 31, 2009 7:16 am Post subject: |
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| Of course we'd need to know age/medical history, but given that she has 4 kids and assuming they aren't all adults, she's probably under 50 |
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dgoldenz
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Joined: 10 Jan 2009
Posts: 392
Location: Virginia
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| Posted: Sat Jan 31, 2009 11:44 am Post subject: |
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De, it's probably just as well he won't sign you up for the group policy, because when he retires or moves on that policy is gone, and you may by then be at an age or health that it will either cost way more or be unable to even get coverage, so he's really doing you (well him and the kids) a favor...
If you truly only care about funeral arrangements there are final expense policys (i'm NOT a fan)...or you could even pre-arranage your funeral and make payments on it (again I'm REALLY NOT a fan of this)...best bet if you want a small term policy is to contact an agent and go over your options..how old are you de and what is your general health also the state you are in and do you smoke?
There are many veteran life agents that are regulars on this board, that should be popping in on your thread soon...(I'm just a knucle head P&C adjuster  so my 'knowledge' on life ins is pretty limited)...
Please answer the questions I ask and they will be in a better place to help with your question.
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Lori
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