My husband was raised by his parents that insurance was a waste of money. They never had health insurance or life insurance.
I did take out a 10 year term policy on my husband when we built this house for about $200,000.
However, when it expired a few years ago, the new policy was so expensive we could not afford it.
I took a small policy out for $25,000 from AARP. It started out $30 a month and it is now almost $45 a month. I know it will just keep getting higher.
I was discussing it with dh last week and he wants me to drop the policy and just save the money.
We have plenty of cash in the bank and he thinks it is a waste of money.
I will continue to save that money and add to my challenge.
Just wondered what you all think?
Dropping life insurance
May 9th, 2007 at 08:36 pm
May 9th, 2007 at 09:04 pm 1178744651
I have never been big on a ton of life insurance. The only exception is we locked in very low term rates for the next 30 years, so I don't mind. More needed for dh and the kids, than I, but I like to think the kids would have a lot of money if something happened to us, their guardians live in a very expensive area, and wouldn't necessarily have the means or room to support our kids otherwise. I'm still not really sold I need a big policy on dh, but the thing is it is cheap, so overall I don't sweat it.
Beyond that I was never really sold on a ton of life insurance. From what I know of your situation, seems like a waste of money to me. My dh has a $25k policy from when he was a baby - what a joke - I have been begging MIL To cash it out and pocket the money - I know I could invest it better today myself. I know for us it won't mean a hill of beans, and I am guessing the same for you.
May 9th, 2007 at 09:38 pm 1178746712
May 9th, 2007 at 11:02 pm 1178751779
May 10th, 2007 at 01:51 am 1178761872
I would tell you that alot has to depend on where you are right now. About 7 years ago, we cashed in a universal life insurance policy. We took the cash out and invested it in mutual funds for future funeral costs for me. We bought a 20 year term policy for my husband. If he were to pass, I would need the income so you have to calculate how many years of income you would need until your husband's retirement. That is to say that I know that you are older than your husband, but I'm sure that you are looking to his income until he retires. You have to protect yourself. By investing the cash part of the insurance policy for me, in time it should cover the burial expenses for both my husband and I. Just think it over. You didn't say what kind of insurance that you have. You can always buy term insurance.
May 10th, 2007 at 02:13 am 1178763194
May 10th, 2007 at 04:31 pm 1178814707
May 12th, 2007 at 02:43 pm 1178981008
I don't know how old you both are, but if you are not yet of Medicare age, you really should consider some type of health insurance to cover you until then.