Got a great deal on life insurance - feeling great!
OhioGuy
would be a good time to increase our life insurance by 50%, just as we're
increasing our child count by the same percentage.
I hunted around and found that insurance rates have become a lot more
competitive since we got our policies 4 years ago. I decided to simply
contact our current company, Ohio National Life, and ask them if we could
just increase by 50%. It wasn't that simple - we had to let our policies
lapse and then take out new policies. (a little bit worrying)
But it was worth it! Now we are paying $9 less a year for both of our
policies, and we also have 50% more - a total of $450,000 rather than the
$300,000 we had before. Everything else is the same.
Of course, this is something I hope we won't actually have to use, but it
does give me peace of mind with the kids.
Rod Speed
> We found out recently we have a third child on the way, so I thought
> it would be a good time to increase our life insurance by 50%, just
> as we're increasing our child count by the same percentage.
Your other insurances should cover the very unlikely event that kills you both.
> I hunted around and found that insurance rates have become a lot more competitive since we got our policies 4 years
> ago. I decided to
> simply contact our current company, Ohio National Life, and ask them
> if we could just increase by 50%. It wasn't that simple - we had to let our policies lapse and then take out new
> policies. (a little bit worrying)
You can do it the other way if you're that neurotic,
take out the new one and then let the first one lapse.
> But it was worth it! Now we are paying $9 less a year for both of
> our policies, and we also have 50% more - a total of $450,000 rather
> than the $300,000 we had before. Everything else is the same.
> Of course, this is something I hope we won't actually have to use, but it does give me peace of mind with the kids.
Nope, someone will have to look after them if you both end up dead.
Al Bundy
A total of $450K split between two people is not much with three kids.
Marsha
>
> OhioGuy wrote:
>
>>We found out recently we have a third child on the way, so I thought it
>>would be a good time to increase our life insurance by 50%, just as we're
>>increasing our child count by the same percentage.
>>
>>policies, and we also have 50% more - a total of $450,000 rather than the
>>$300,000 we had before. Everything else is the same.
>>
>
>
It's enough to get the crumb grabbers through doctor and lawyer school,
so they can support the surviving parent, or not.
Marsha/Ohio
OhioGuy
It's better than $300K, don't you think? :-)
The main reason we got it was to help out if both of us get killed on an
airplane, or something like that. My sister would care for them, and they
certainly wouldn't be needy. The insurance money, however, would make sure
that they can at least get an associate's degree in a high demand field, and
make a living.
Rod Speed
>> A total of $450K split between two people is not much with three kids.
> It's better than $300K, don't you think? :-)
Thats arguable. Both are likely sufficient for such an unlikely
event which should see you covered by other insurance etc.
> The main reason we got it was to help out if both of us get killed on an airplane, or something like that.
That would normally be covered even if you didnt have any life insurance.
> My sister would care for them, and they certainly wouldn't be needy.
Is she that destitute that they would be even if you had no life insurance ?
> The insurance money, however, would make sure that they can at least get an associate's degree in a high demand field,
> and make a living.
And in the unlikely event that you both end up dead and there is no payout
because of that, there are other perfectly viable ways to get that too.
OhioGuy
> event which should see you covered by other insurance
What other insurance? As far as I know, people only get insurance payouts
if they have paid for insurance coverage.
Rod Speed
>> Thats arguable. Both are likely sufficient for such an unlikely
>> event which should see you covered by other insurance
> What other insurance?
Most obviously the car insurance.
> As far as I know, people only get insurance
> payouts if they have paid for insurance coverage.
You chopped my etc that was after the word insurance.
That was to cover what the airline would have to payout if you both died in a plane crash etc.
And if you both were simultaneously killed by someone else's negligence, say when
a retail operation went up in flames, it would be their insurance etc that would pay.