geeteebee Posted February 24, 2010 Share Posted February 24, 2010 ok, just checked it and it's actually more like $350K. and I can add up to two more multiples of my salary if I have a "life event" (another kid) or get a physical. Az, That's great and all but you should definitely have something in addition to insurance provided by your employer. If you were to leave your job, poof goes your insurance. Especially since you have a kid, you need to get a long term fixed rate term policy that will at least put your kid through college (assuming that is important to you.) Insurance is a pain, or at least insurance salesmen are because there is never open and up front disclosure for how much they are making off of you or the fees and expenses associated with many whole life policies. USAA, if you are a member, has the most competitve prices around and their reps are not commissioned based so I've always felt I've gotten honest information without the pressure to buy anything. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 25, 2010 Share Posted February 25, 2010 (edited) My wife would be a millionaire. I don't sleep well some nights... Mine won't quite be a millionaire through insurance but not far off. I sleep with one eye open. Edited February 25, 2010 by Ursa Majoris Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted February 25, 2010 Share Posted February 25, 2010 Mine won't quite be a millionaire through insurance but not far off. I sleep with one eye open. Mine would be and me too. We bought $150k policies when we were first married and have added several policies as the family has grown and we could afford it. Quote Link to comment Share on other sites More sharing options...
Chargerz Posted February 25, 2010 Share Posted February 25, 2010 Hate to say it but my wife would be better off money wise with me gone. I have a very nice insurance policy on me and she could also draw my retirement with full benefits. +1 Quote Link to comment Share on other sites More sharing options...
matt770 Posted February 25, 2010 Share Posted February 25, 2010 I'm sure my wife would mourn, but finally getting to move out of here would be a sweet consolation prize. Selling this house would mean a loss in the tens of thousands. She could afford that and could buy a pretty decent new house anywhere she wanted. Sometimes when I see how miserable she is here, I wish a truck would run me over. Hope you all have a grrrreat Thursday!! Quote Link to comment Share on other sites More sharing options...
T_bone65 Posted February 25, 2010 Share Posted February 25, 2010 I have about 600K through work and another 200K, wife has about the same on her. Sucks to actually have to think about it Quote Link to comment Share on other sites More sharing options...
buddahj Posted February 25, 2010 Share Posted February 25, 2010 After reading all the previous posts...I apparently need to bump up my coverage. Quote Link to comment Share on other sites More sharing options...
Square Posted February 25, 2010 Share Posted February 25, 2010 Timely topic. Similiar situation here through work where we both cover each other by about that much. I have been meaning to look into getting a second policy from somewhere. So how much is "enough". I'm thinking another $500K at least? Maybe $750K to up the total to a million for each? What would that cost me for a term policy? I'm 36 she's 33 and we have two rugrats, 5 and 9 months. So do you basically get a term that runs until you expect to retire (which at this rate is 80.)? What companies should I look to? State Farm is where I have my auto/renter's insurance. Go someplace that specializes in life insurance? Somebody edumacate me please. Well, I'm sure some people don't like the Dave Ramsey program as a whole BUT his advice on term insurance seems pretty solid to me. He says to have a 20 year term policy worth about 10 times your annual income. About 2 years ago I got a 20 year term policy for 500K and I pay about $250 per year. The idea is that you have a large enough lump sum that your wife can invest that and replace your yearly income with the investment. When you break it down, I pay about 21 bucks a month (and I'm sure we both get some through our employers on top). It's darn near pizza money per month to make sure my family is covered. We have no debt other than the house so I'm sure my wife be ok financially. I bought mine through Zander Insurace (Dave Ramsey has endorsed them for over a decade and you can just use google). Basically, they are an independent broker that shop a bunch of companies to find you the best policy. I have my car/home insurance through Farmers Insurance and their rate was more like $20 per month for 250K in coverage so it's been a pretty good deal. Happy shopping. Quote Link to comment Share on other sites More sharing options...
westvirginia Posted February 25, 2010 Share Posted February 25, 2010 My wife will be a near millionaire, especially since we don't have much debt. She must love me though, because on days I ride the bike to work she starts blowing up my phone if I'm not home on time. Right? Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted February 25, 2010 Share Posted February 25, 2010 Well, I'm sure some people don't like the Dave Ramsey program as a whole BUT his advice on term insurance seems pretty solid to me. He says to have a 20 year term policy worth about 10 times your annual income. About 2 years ago I got a 20 year term policy for 500K and I pay about $250 per year. The idea is that you have a large enough lump sum that your wife can invest that and replace your yearly income with the investment. When you break it down, I pay about 21 bucks a month (and I'm sure we both get some through our employers on top). It's darn near pizza money per month to make sure my family is covered. We have no debt other than the house so I'm sure my wife be ok financially. I bought mine through Zander Insurace (Dave Ramsey has endorsed them for over a decade and you can just use google). Basically, they are an independent broker that shop a bunch of companies to find you the best policy. I have my car/home insurance through Farmers Insurance and their rate was more like $20 per month for 250K in coverage so it's been a pretty good deal. Happy shopping. Good info. Thanks. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 25, 2010 Share Posted February 25, 2010 Well, I'm sure some people don't like the Dave Ramsey program as a whole BUT his advice on term insurance seems pretty solid to me. He says to have a 20 year term policy worth about 10 times your annual income. About 2 years ago I got a 20 year term policy for 500K and I pay about $250 per year. The idea is that you have a large enough lump sum that your wife can invest that and replace your yearly income with the investment. When you break it down, I pay about 21 bucks a month (and I'm sure we both get some through our employers on top). It's darn near pizza money per month to make sure my family is covered. We have no debt other than the house so I'm sure my wife be ok financially. I bought mine through Zander Insurace (Dave Ramsey has endorsed them for over a decade and you can just use google). Basically, they are an independent broker that shop a bunch of companies to find you the best policy. I have my car/home insurance through Farmers Insurance and their rate was more like $20 per month for 250K in coverage so it's been a pretty good deal. Happy shopping. yep, i have enough til my kids are out of school Quote Link to comment Share on other sites More sharing options...
Chavez Posted February 26, 2010 Share Posted February 26, 2010 Timely topic. Similiar situation here through work where we both cover each other by about that much. I have been meaning to look into getting a second policy from somewhere. So how much is "enough". I'm thinking another $500K at least? Maybe $750K to up the total to a million for each? What would that cost me for a term policy? I'm 36 she's 33 and we have two rugrats, 5 and 9 months. So do you basically get a term that runs until you expect to retire (which at this rate is 80.)? What companies should I look to? State Farm is where I have my auto/renter's insurance. Go someplace that specializes in life insurance? Somebody edumacate me please. Basically what Square said - I might go with a 15 yr term, shorter term if your kids are older (i.e. likely to be out on their own sooner); you want to DEFINITELY have all you debt wiped + income replacement for a good 10-15 yrs. For most middle class families, that's well short of a million dollars. Quote Link to comment Share on other sites More sharing options...
Chavez Posted February 26, 2010 Share Posted February 26, 2010 On a related note, I found the book Grave Matters an interesting read for those who wish to forgo the standard funeral (which can cost upwards of $10,000) for reasons either economic or otherwise. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted February 26, 2010 Share Posted February 26, 2010 On a related note, I found the book Grave Matters an interesting read for those who wish to forgo the standard funeral (which can cost upwards of $10,000) for reasons either economic or otherwise. i have told my wife not to fall for the guilt from the funeral homes about caskets. put me in the cheapest box they have! Quote Link to comment Share on other sites More sharing options...
Jimmy Neutron Posted February 26, 2010 Share Posted February 26, 2010 i have told my wife not to fall for the guilt from the funeral homes about caskets. put me in the cheapest box they have! +1 - a pine box under an oak tree sounds real nice to me. Quote Link to comment Share on other sites More sharing options...
Chavez Posted February 26, 2010 Share Posted February 26, 2010 i have told my wife not to fall for the guilt from the funeral homes about caskets. put me in the cheapest box they have! You can get caskets cheaper elsewhere and the funeral home HAS to take it. You don't have to pay their ridiculous markups.* You can actually buy a "caskets" made of corrugated cardboard for $50-100. You don't have to pay for embalming, no law requires it. The full burial vault is generally a waste of money. Seriously, the book has some VERY interesting stuff in it - the first 3 chapters are pretty essential, as they deal with embalming, what happens to the body post-burial, and cremation. The rest are more along the lines of "alternative" funerals, but still fairly interesting. * - actually, you don't necessarily have to pay for a casket; no law requires a body actually be buried in a casket (though most cemeteries require it) Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted February 26, 2010 Share Posted February 26, 2010 I think we're doing the ashes to ashes, dust to dust thing. The thought of my body being buried and the worms slowly eating me kind of freaks me out. Gotta go out in a blaze of glory or something. Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted February 26, 2010 Share Posted February 26, 2010 I think we're doing the ashes to ashes, dust to dust thing. The thought of my body being buried and the worms slowly eating me kind of freaks me out. Gotta go out in a blaze of glory or something. Viking funeral . . only way to go. I hope to have my body on a raft, pushed out into the middle of a swimming pool and set ablaze. Quote Link to comment Share on other sites More sharing options...
Delicious_bass Posted February 26, 2010 Share Posted February 26, 2010 I think we're doing the ashes to ashes, dust to dust thing. The thought of my body being buried and the worms slowly eating me kind of freaks me out. Gotta go out in a blaze of glory or something. Buddy of mine owns a tree service I used to work for. His big chippers will take in logs about 22" in diameter and make quick work of them. Told my wife to just give him a call when I go tits up. Emphasized to her to make damn sure I am completely dead, though, and not just really passed out after a long weekend bender or something Quote Link to comment Share on other sites More sharing options...
Delicious_bass Posted February 26, 2010 Share Posted February 26, 2010 Viking funeral . . only way to go. I hope to have my body on a raft, pushed out into the middle of a swimming pool and set ablaze. We've got a pool and a pond. Pond'd be good for you Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted February 26, 2010 Share Posted February 26, 2010 We've got a pool and a pond. Pond'd be good for you A pool is more fun . . . as long as it isnt yours . . . Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted February 26, 2010 Share Posted February 26, 2010 I think we're doing the ashes to ashes, dust to dust thing. The thought of my body being buried and the worms slowly eating me kind of freaks me out. Gotta go out in a blaze of glory or something. +1. Both me and my wife intend to add to greenhouse gases when we snuff it. Quote Link to comment Share on other sites More sharing options...
Delicious_bass Posted February 26, 2010 Share Posted February 26, 2010 A pool is more fun . . . as long as it isnt yours . . . You didnt think my post was funny? I thought you were a golf guy... Quote Link to comment Share on other sites More sharing options...
bpwallace49 Posted February 26, 2010 Share Posted February 26, 2010 You didnt think my post was funny? I thought you were a golf guy... That is a classic Ty Webb quote . . . lol. Quote Link to comment Share on other sites More sharing options...
yo mama Posted February 26, 2010 Share Posted February 26, 2010 Why do I have the be the one who eats it in this example? Quote Link to comment Share on other sites More sharing options...
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