Automatic Withdrawal For Our Term Insurance Payment Means I Don't Have to Think About it

The surest way for the monthly premium payment on my new term life insurance policy to take none of my attention is to set it up on automatic payment from our checking account. Out of sight, out of mind.

The reason Bob and I bought life insurance was for the peace of mind we felt we would get from doing the financially responsible thing for our son who will be born in just a few months. Maybe it was from being raised in Kansas but life insurance just seems like something that we should have. And since we are going from two paychecks down to one once our son is born, we are going to be on a tight budget for some length of time. For us that pretty much meant buying term life rather than whole life or any of the many variations of the two policy types. Term life quotes were always the cheapest payments so that's what we went with.

The obvious downside to having a life insurance policy is the monthly payment that goes on for what looks like is going to be practically our whole life. In truth, our policy lasts 30 years. Our plan is to have at least two children and it is likely to be more than that unless I just can't deal with it for some unexpected reason. So if we want the kids to be taken care of until they leave home, and we won't have our last child for some years from now, the 30 year term seemed appropriate. That figures to provide a financial safety net to cover the tiny risk that life insurance is ever needed even for the last baby we have. And my trick for thinking about the payment as infrequently as possible was to set it up on automatic withdrawal from our account. I have plenty of other things to be thinking about.

Anyone interested in coverage of their own should start with getting term life insurance quotes. The best independent brokers have dozens of insurance providers to go to find the lowest term life rates available. It is my understanding that the life insurance quotes process is easy and a getting a lot of instant life quotes takes just seconds.

Are We Buying Life Insurance to Cover Until I Get Past the Grieving Process If He Dies?

Call me innocent, but I thought our term life insurance coverage needed to be enough to allow me time to get past the grieving process and be able to take over the role my husband has now of being the families source of income. Well I have been disabused of that false concept.

I have two small kids. My husband and I have agreed in a division of responsibilities where my job is to raise the children and maintain the home and household and his job is to make increasing amounts of money. I grow our family up. He grows our income up. And one day that ever growing amount of income will be required to support only two people, the two of us. While there may be emotional drawbacks to the day we have an empty nest, it will be a day for financial celebration. Our pocketbooks and checkbooks will rejoice. At least that is the dream and that is the plan. Except now we are having to look at the financially responsible thing to do, for the sake of the children, of planning for the contingency of my husband dying before we achieve our financial celebration dream.

So if he should die a week or so before the our financial celebration, which barring more children is 20 years from now, then yes the term insurance coverage amount needs to buy me time to get over it and get back to work. Exactly how I will do that after 25 years out of the workforce is another question, but I can convince myself right now that I can handle it. I will only have to worry about myself. Maybe I will move in with one of the kids and have him take care of me for a change. Hah! Anyway, if my husband dies a week after life insurance coverage starts, which would be more like a month from now, then the dollar amount needs to replace 20 years of lost income. The two scenarios are way different math problems.

Either way my first step is to get term life insurance quotes so I can compare term life rates with coverage amounts. I am sure I will go with the lowest instant life quotes, make my purchase, and go back to dreaming of attending our future financial celebration together.

If you are considering getting life insurance, start with getting term life quotes. The best independent brokers have dozens of insurance providers to go to find the lowest rates available. It is my understanding that the free instant life insurance quotes process is easy and a getting a lot of life insurance quotes takes just seconds.

Keep Your Planning For Buying Term Life Insurance Academic, Not Emotional

I am doing my research before purchasing term life insurance for the first time. It is an exercise in planning for the worst, for a horrible life situation. Term insurance, or any life insurance for that matter, is a device for reducing the risk of the loss of the family income provider. If I keep it all academic, and remove the emotion, it is much easier to think about. So a bunch of us are banding together and passing that risk onto some insurance company. We know that, statistically, the insurance company is going to take in more money than it will ever have to pay out. And we know a small number of us will actually receive a payout. Pardon me, but in this academic exercise I am going to have to assume the payout in our group will go to one of you.

As to the amount of life insurance that is necessary, currently my husband works and I am raising two kids and maintaining the household. So in other words, we both work and he earns an income from his efforts. As far as income goes, I have the stress of needing to consider and be prepared for what if the worst should happen and he is no long there for the family as the one providing the income. So I am probably the biggest benefactor of this life insurance coverage we are about to get. And for me it has nothing to do with the money I would receive and everything to do with the peace of mind I will receive at having my living husband in my arms in front of me and my policy in my back pocket.

Ok, so back to the amount of coverage we need. Since this is planning and academic and based on the advice of experts, from I can discover I need to plan for coverage equal the amount of whatever his income would have been if my husband should die the day after our policy goes into effect. Sounds like a lot of coverage, but it is a start point. My next step then is to get term life insurance quotes, select the company with the lowest term rate quote and make my purchase. And keep the policy in my back pocket.

So when I buy I will start with getting free instant life insurance quotes. The best independent brokers have dozens of insurance providers to go to find the lowest term life rates available. It is my understanding that the life insurance quotes process is easy and getting a lot of term life quotes takes just seconds.

What Am I Risking by Not Having My Husband Insured?

One purpose of life insurance is to reduce the risk of someone dying by transferring that risk to the insurance company. In exchange for making regular premium payments the insurer agrees to pay for such loss in the amount specified in the insurance contract. If I can define what it is I am risking it might make it easier for me to accept or reject the decision to buy a policy on him.

My husband and I are in our early thirties with two pre-school age children. He works and earns the income for the family. I take care of the kids, the home and my husband. It is a time proven relationship that works great if all participants enjoy creating their role. It is not the only proven working family relationship. But it is one proven relationship and it is the one we have chosen for our family. Both of us have become concerned enough about the low percentage but real risk we are taking with only one of us providing 100% of the family income. For us the risk seems to be mostly regarding the well being of the children. I have to admit I occasionally worry for my own sake because his sudden death would completely take me off the course I have chosen for my life. I can only raise the kids the way I want if I don't have to go back to work. He says he has thoughts about how my life would be affected in that same regard too. So for me what is at risk is the lifestyle my kids and I lead. At risk is the role I play in our family and the relationship I have with my children.

So my next steps are to get life insurance quotes, term life quotes I suppose because it is the cheapest for the highest amount of coverage. I will select the company with the lowest term life rates and make my purchase. I can hopefully eliminate the worry of losing my husband's income. Life insurance won't eliminate the occasional worry of losing my husband.

If you decide to get coverage, start with getting term life insurance quotes. The best independent brokers have dozens of insurance providers to go to find the lowest term life rates available. It is my understanding that the life insurance quote process is easy and getting a lot of free instant life insurance quotes takes just seconds.

How Does Term Life Insurance Help Pay For My Children's College?

I will soon be purchasing term life insurance policy so we will finally have life insurance coverage on my husband. He is the sole provider for our family and as we both get older is seems more important to plan for our financial future and that of our two sons. So I was wondering if term insurance has a role to play in paying for our sons' college educations.

A term life policy offers protection during a limited number of year with the common term choices being 5 years, 10 years, 15 years, 20 years, 25 years and 30 years. Term insurance is life insurance that expires without value if the insured survives the stated period so in that way it really covers the needs for temporary protection. Since the boys are both pre-schoolers we have a pretty meager college savings fund started for them but we have a plan for filling it during the years until they are of college age. Gee, listen to me. Hard to believe I was completely care free in my twenties. Now I sound like my mother, actually caring. That is one of the many effects children can have on a mother.
Anyway, the college fund strategy will take years to complete because we can't make it happen sooner unless my husband's income increases considerable. Besides it won't be needed for a while so there is not much urgency. Frankly, furniture is higher on my priority list then filling the college fund 15 years ahead of time. So the only urgency is if the worst should happen to my husband and their college depends on my ability to make it happen on my own. That is where the term life insurance is important for their college. Only in a worst case scenario.
So as we are getting our term life insurance quotes in order to decide how much coverage we need compared to what we can afford, part of the calculation is not just living expenses for me and the boys but also the future cost of their college.

I will start with getting term life quotes. The best independent brokers have dozens of insurance providers to go to find the lowest term life rates available. It is my understanding that the free instant life insurance quotes process is easy and a getting a lot of instant life quotes takes just seconds.

Am I Expected to Have Saved Up For Unexpected Funeral Costs?

I had a friend unexpectedly lose her husband several months ago. They were in their twenties and he died of cancer. How that could happen to someone in his twenties is another discussion but she ended up having to borrow money from friends just to give him a proper burial. Such things aren't cheap nowadays. It got me thinking. To be a financially responsible wife, am I expected to be setting money aside for unexpected funeral costs? It may be a ridiculous question but came to mind because of my friend's experience. Turns out the answer was pretty simple and obvious when I started looking into getting term insurance coverage for my husband.

My husband and I are both in our thirties. When we started our family is when becoming financially responsible even entered our minds. I stopped working and took on the most demanding job of raising two boys, making a pretty comfortable home life and taking care of my husband. Being responsible for the family like that brought out a side of me I really was unfamiliar with up to that point in life which is that of the concerned parent. I started worrying about a lot of "what ifs" and losing my husband crept into my thoughts, I guess when I knew someone who lost her husband. In working out how much life insurance we should get and factored in costs, the instant life quotes showed we could get the highest coverage at the lowest cost with term life insurance. And like all types of life insurance one of the enticements for buying is that the insurance proceeds are typically used to pay funeral costs. Having seen what discomfort another person went through trying to work out coming up with the money for such costs made that insurance benefit seem more of a selling point to me.

So I suggest insurance is worth having even if you want to never have to use it. Sooner or later you will experience peace of mind that you have it. Gather the data you need to make your buying decision; get life insurance quotes, compare rates, decide on the type of insurance that makes you most comfortable, and just plan it as an ongoing living expense.

That said we will start with getting term life insurance quotes. The best independent brokers have dozens of insurance providers to go to find the lowest term life rates available. It is my understanding that theterm life quotes process is easy and a getting a lot of free instant life insurance quotes takes just seconds.

The Decision To Get Life Insurance Is The Decision To Protect Our Son

The decision we made to get term life insurance on my husband was a decision to protect our soon to be born baby son. So it was not a difficult decision to make.

When we decided it was time to start our family we knew it would mean I would stop working and become a stay at home mom. Bob and I both were raised in Kansas City and our moms were housewives. Times have changed a lot since we were kids but our values are based on how we were raised. We both look back with a lot of fond memories about growing up in that sort of environment and want the same for our kids. The only downside is losing my income. I make about half of what Bob makes but, hey, it is income we will have to do without and will miss. But we have worked out what we think our expenses will be and what our new income will be and we can make this work out fine. As soon as we looked at the fact that Bob was now going to be our family's sole source of income we knew it would be time to take out a life insurance policy on him. Our parents did it that way and it seemed natural for us to do the same. Loss of my income means we are going to get term insurance rather than the more expensive whole life or one of the many variations of those two basic life insurance types.

So I got term life insurance quotes so we could compare term insurance rates and make our decision based pretty much on the company that came in with the lowest monthly premium cost. So if something totally awful and unwanted happens to my husband, at least we have protected our children against the loss of his income.

If you are interested in coverage for your family, start with getting lots of term life quotes. The best independent brokers have dozens of insurance providers to go to find the lowest term life rates available. It is my understanding that the life insurance quotes process is easy and a getting a lot of instant life quotes takes just seconds.