Were just a few months from having our first baby but my parents tell me ‘Don’t both with Life Insurance” Help?
November 10th, 2010
Question by Sophia’s Mommy: Were just a few months from having our first baby but my parents tell me ‘Don’t both with Life Insurance” Help?
My parents are in there 60s and have life insurance.
I am 22 and my husband is 24. I work only part time and come October, I will be a full time stay at home mom with our daughter.
I brought up life insurance with my parents and they said “At this moment you don’t really need it nor can you really afford it.”
My husband and I never talked about life insurance till we got pregnant with our daughter. I just assumed that God for Bid if he was to die, we would sell the house, I would go back to work and or live with my parents till I get back on my feet.
But now that I am having a daughter, I am like “Now what”. Of course no one plans on dying at 24, but tragic things happen. I hate thinking about losing my husband but I know that death is a part of time.
Any advice on this issue.
My husband makes around 55K a year.
Were both Non Smokers and Non Drinkers and are healthy people within normal weight limits etc.
Best answer:
Answer by redgator
get it if you can afford it.
Add your own answer in the comments!
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My parents told me not to worry about it either, im only 21 but i have a almost one year old and im a single parent so i would like her to be well kept if i die. i woudl talk to a life insurance agency about it and see what they have to say.
I think your parents are right. But call around and ask an insurance agent how much money life insurance would be. It is confusing because there are lots and lots of different types of policies – some retain their value, others don’t. Some you can borrow against later, others you can’t. Call an insurance agent and get some facts and dollar figures.
It is always best to have life insurance, for those unexpected times. It is also a good idea to get life insurance on your baby when she comes. I know it sounds morbid and awful, but things do happen. My nephew died when he was just a few days old, and my sister could not afford to have him a funeral, so the state cremated him. They put him in a cheap lil crown royal looking bag when they were done Grr That still ticks me off… oh so anyway yes life insurance is essential.
We got it a bit after we got our first kid. At that time only my wife worked, I was still a student. As the first person said: get it if you can afford it.
Yes, you need term life insurance (not that whole life junk).
At your young age, it is cheap. But you need something to replace income if one of you happens to die.
im not exactly sure what your asking? for one! if you wanted you could take out a life insurence policy on your parents if you wanted. you could pay the monthly change and when the one dies you will get the money. if you can afford it .. it would be a good idea to have life insurence on both you and your husband but that can be really expensive. look into it and see how much it is.
You both need life insurance. The younger you get it the cheaper it is. There’s all different kinds. I perfer the ones where you get your money back if you don’t die. Go online and search or talk to your current insurance provider. You can’t get about 250k for $ 40/month 30yr. term with return of the money you paid, no interest.
definetly get it for you and your husband, even if it is a small amount. because if you and yoru husband die and you dont have it, what is your daughter stuck with? nothing. so i would for sure get it. dont worry about getting it for your daughter though, that is a waste of money. if she were to die yoo would probably feel giulty gettting money out of it
Insurance is what it is. I think life and disability insurance is helpful especially if you have a child. I have heard that the premiums are cheaper for younger people and the rates don’t change that much over time. So if you can afford it, it would provide some peace of mind.
If you have a baby you should have life insurance if there is any way that you can possibly afford it. It’s usually not very expensive. I almost think it’s irresponsible not to have it. Things can happen, they probably won’t but if they did you and your daughter would be protected. That’s a comforting thing to know. I also think it’s smart to have a will if you have kids, no matter how old they are, and a guardian picked out just in case anything happened to the both of you. Your instincts are right, go with them.
Are your parents out of their minds? Yes, it is an added expense, but the younger you are when you get life insurance, the better your premiums and rates will be later on. It’s not just about “if one of you dies” either. Most life insurance policies build up cash value. The policy you get now could pay for your baby’s college education.
My husband and I both work but we have a whole life policy in addition to the term life policy offered by our employers. We got enough life insurance to pay off the mortgage and our cars as well as provide a nice nest egg for our daughter for college or other school expenses. After our daughter was born we also took out a small life insurance policy on her. It was very hard to think about but if something horrible where to happen to her I know we wouldn’t have to worry about money for funeral expenses.
Personally, I feel better knowing my family would be taken care of if something where to happen to my husband or I. Even though you aren’t working outside the home, you are definitely providing a lot for your family and life insurance is definitely something to consider.
FYI: A term life insurance policy while cover you for a particular time period. A term life insurance policy will cover us while we are still working for our employer and is offered by our employer. A whole life policy will protect you for the rest of your life, regardless of your employment status. A term policy will offer greater dollor coverage for a smaller premium than a whole life policy. Different types of policies are offered because of your changing life insurance needs as you age.
We are both in our mid 20s living on one income and have a 2 year old and another baby due in a few weeks. We are in the process of getting life insurance right now.
A lot of parents and grandparents are skeptical about it and I think it is because they were fortunate enough to raise their children and live to their current age without having to use it. Of course, it can be hard to justify paying for something that you will never use.
My husband and I got life insurance because, especially given our meager income, if something happened to either one of us we would not have the savings or resources to get through it. When you factor in funeral costs, lost income and even unpaid debt (if it needs to be paid back) it really adds up fast. If something happened to both of us we know that at least there would be some money there to take care of our kids, too. We even got a small life insurance policy for our daughter (and will get one for the other once she is born) just to cover funeral costs which can be up to $ 10,000! We actually got more life insurance for me, the stay-at-home-mom, because if I were to die my husband would have to arrange child care and would not receive social security after my death. If he were to die I would at least get his social security which is pretty close to the amount of his income if we still have children to care for.
I think it is totally responsible to get life insurance. You can look around at different companies and find a policy that would cover your basic needs for not that much money. As with anything living on one income if it is really important to you then you will find a way to afford it. Just budget it in as you do the rest of your bills and you will have that much more peace of mind knowing your family is taken care of no matter what happens.
I honestly feel that life insurance is a must. Especially once you are a parent. We didn’t have life insurance until our daughter was 2 months old. Then I made an appointment, a broker came to my house and I set up a policy for all 3 of us.
My boyfriend and I are both on lifelong policies. My daughter is insured until she turns 20 years old and then she has the option of continuing her policy or getting a new one.
We pay about $ 50 a month for all 3 policies, so there are some affordable ones out there. You just have to look.
So I really recommend that you guys get life insurance. Because like you said, tragic things happen, and you never know when they will. It’s best to make sure your loved ones will have the financial stability after you are gone.
for now I would only cover your husband. He is the major breadwinner. If he were to die tomorrow you would be scrambling to figure out how to support yourself and your baby…if something were to happen to you he could still maintain his lifestyle with very few changes.
This is what hubby and I have done. We only have coverage on him. His lifestyle would stay the same, except childcare arrangements, if I were to die. If he were to die I would be financially screwed without the insurance. I have not had a paying job in almost 5 years. I stay home and take care of the house and our 3 kids ( 2 who have special needs)
I don’t know why any adult would not have life insurance. Anyone can die at any moment. I’m not trying to be morbid, but why would you want to burden the people you are leaving behind, with your expenses. Funerals are super expensive..if nothing else…have insurance to pay for that!!
It is not that expensive. If you are young and healthy, it will be pretty cheap.
I have had life insurance since I was in college. I made my husband get it when we got married. There is nothing wrong with being prepared for the future…whatever it may be.
Its actually really cheap at your age assuming you’re not obese or a smoker. Like $ 55/month for $ 500k for 40 years cheap!
Get term life policies on both of you. A lot of families don’t think to insure the stay-at-home parent, but if you were the one to die, then your husband would need to hire some type of child care for the baby while he worked. Also, the surviving parent may want to stay home with the baby for awhile. An alternative would be a “first to die” policy–which would pay the survivor for the first one to die.