You want to know what one of the weirdest things about having a full-time job now is? Life insurance. I've never had it before. Well... actually that's not really true. My credit union kicked me out a free policy that I accepted, so I think I've been covered for all of one grand these past few years. If I died, my lucky wife would have had a whole quarter of my casket paid for, or perhaps even three or four nice floral arrangements.
Now I've got the real deal though. Somewhere in the neighborhood of $400,000. It's kind of eerie walking around knowing that my death will trigger a small, tax-free jackpot. I broached the subject with a friend tonight and joked that it probably meant I had to keep a closer eye on the wife. I was touched when he said he didn't think I had to worry. That killing me wasn't worth a few hundred Gs. $5 million maybe... but not a few hundred Gs.
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As soon as I knocked Ali up I decided I needed to get some insurance. I settled on $150k for now. I figured that will pay for Emery's college (if invested well??), the funeral, and keep Ali afloat until some other dude comes in and takes my sloppy (yet still precious and lovely) seconds.
What I was concerned about was making some other dude rich. I purposely did not get enough for that to happen. "Get a job" Ali's future husband.
We just got life insurance this year. After accruing so much school debt and having a kid, it makes life insurance all the more important! Plus we had it before with his job so it was weird not having it for a while.
My husband and I decided to cover him for a little under 1 mil. I wanted twice that since he opts for jobs that put a giant target on his chest- he wanted half that so I didn't off him myself. Marriage is all about compromise.
Good for you, finally thinking about taking care of your wife and child should the unthinkable happen.
You may think Brian is cynical for not wanting to support the next guy...but just today my mom was saying how my dad (2nd husband after her first died) didn't have a job the entire time they were married.
Life insurance is overrated. What isn't overrated is the new movie Good Luck Chuck...3% at Rotten Tomatoes. Just thought I'd let Marc know.
Posting at 2:30am is not recommended.
BA - That's the kind of top-notch comment I've come to expect from you BA.
Buddens - Yeah... With the debt, your mortgage, and a kid, it's kind of scary not to have.
Jorgensens - Yowza. Sounds like it might cost a pretty penny when he carries risk like that.
Ali - Ha. You certainly can't say your family doesn't inspire BA.
Chris - Well... at least you've boosted my "comment" numbers so it makes it look like this is a happening thread.
Seth has a little over a million with private and work insurance on him and I have half a million. So basically are kids would live a little better with us gone. :)
I've done a stint in life insurance sales... it is the best guilt trip ever. Here are a few good ones...
"So what you're saying is not paying 30 bucks a month is more important than preserving your family after your death?"
"Is taking care of your family now important to you? Should that change after you are gone?"
sidenote: it is important to be covered, typical ratios are 7 years worth of $ so your 400k isn't that much.
Good going dude ! I do hope it is not TERM.....you need Whole Life or Universal et al. Term, while cheap, does not build cash value.
Now lets just hope it is NOT used and you can go for using the cash value in 17 years.
Angie - Well... they'd probably be sad. But all that money is bound to help dry some tears.
Treidi - Seems oddly similar to some of the door approaches I saw kids use on my mission.
Craig - Err.... you're speaking a foreign language to me. I can bring $300,000 of my policy with me if I quit... that's good, right? :)
Bohn, you ignoramus. You need to learn the difference between term and whole. But if you're getting it for free, who cars?
Actually Marc, I DID take out over 100K for you through my job-enough to pay off loans, credit cards and a funeral. Also, 1) You need to significantly up the amount as 400K will hardly cover the price of my grieving and 2) you have yet to insure me! What, suddenly we switch roles and you decide stay at home moms don't deserve a price tag? I bet you think if I'm not around to spend money its some sort of payout in itself... Okay, so there's some truth to that--the pottery barn baby catalog came today. (Soooo CUTE!!)
BA - Still gotta' pay taxes on it.
Melbo - Really?!? Wow. Guess I was worth more than I thought I was these past few years.
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