https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sun, 12 Apr 2026 12:16:11 +0000 https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy/page/2#post-2468379 Fri, 19 Feb 2016 23:10:59 +0000 Pumpkin Pie 2468379@https://boards.hellobee.com/ <p>@sunny: after getting the responses here, I looked up quotes, and worked with an agent to get the best rates. But, I was specifically wondering if there were some whole life policies that earned interest. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy/page/2#post-2468248 Fri, 19 Feb 2016 18:55:31 +0000 chopstixwife 2468248@https://boards.hellobee.com/ <p>Husband, term 30 years, $1 Mill with return of premium.<br /> Me, term 20 years, $500K.<br /> These are high to pay off all debts/investments etc and cover funeral cost. When we retire, we should be debt free and funeral cost should not be an issue. </p> <p>Check with a broker, they can probably advise you on the cheapest premium with the best bang. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy/page/2#post-2468237 Fri, 19 Feb 2016 18:36:20 +0000 sunny 2468237@https://boards.hellobee.com/ <p>@Pumpkin Pie: I would check rates on term4sale.com and then contact an agent who can help you figure out which company might work for you. The agents have experience with things like knowing which companies you may qualify for a higher health rating based on some preliminary info (eg. Company A cares if you were a smoker 5 years ago, Company B cares if you were a smoker 7 years ago). </p> <p>In my experience, State Farm was much more expensive than a smaller company listed on that website. However you want to make sure you're comfortable with the company's financial strength--you need them to be around when you have a claim to make! </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2468122 Fri, 19 Feb 2016 16:10:21 +0000 LBee 2468122@https://boards.hellobee.com/ <p>@Truth Bombs: This. Not surprising considering we are in the same line of work, though.</p> <p>Gotta love the commission with a whole life policy, too.... </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2468117 Fri, 19 Feb 2016 16:08:12 +0000 Pumpkin Pie 2468117@https://boards.hellobee.com/ <p>@DillonLion: @mrsjyw: Do whole life policies earn interest/have some kind of gain? I just spoke to an agent today, and the agent told me you don't earn any interest on the whole life policy. So, I'm not so sure why someone would choose a whole life policy. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2468075 Fri, 19 Feb 2016 15:36:30 +0000 Mrs.KMM 2468075@https://boards.hellobee.com/ <p>DH has a small life insurance and disability insurance through work.</p> <p>Separately, we got supplemental disability coverage and a large term life insurance (7 figures) on DH through an outside provider. It's enough to pay off the mortgage, fully fund college funds, and allow me to live comfortably with kids while figuring out a return to the workforce (I'm a SAHM).</p> <p>We also took a smaller term policy out on me so that DH would be able to easily start paying for childcare and just be more financially comfortable if something were to happen to me. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465931 Thu, 18 Feb 2016 11:14:39 +0000 Hoots 2465931@https://boards.hellobee.com/ <p>We have a bunch of life insurance:</p> <p>I have a very large term life policy and that's it for me. We took it out when I was 25, so it's super cheap. </p> <p>DH has 3x his salary on a work policy. He also has 2 whole life 15-pay policies, with a guaranteed option to take out another one every 5 years until he is 40. They were set up after a health scare in case there was some reason he wouldn't be insurable later. He also has a very large term policy like me. </p> <p>Our plan is when his first 15-pay policy is paid off in about 2 years, I'll take one out for myself. That way we both have whole life insurance completely paid for when we are older. We live far away from family, so we wanted to make sure the other one was completely taken care of without the other's salary for a good number of years.</p> <p>ETA: We liked the idea of paying for a whole life policy for each of us that was fully funded after 15 years. My grandparents struggled to maintain life insurance for burials, and it was hard on my parents. We didn't want that to happen to our kids. My mom has 15 pay policy that she completed a number of years back, and it gives me a lot of peace of mind. The goal was to have the 15 pay policies taken out when we were younger and, therefore, cheaper. They should all be fully funded when our term life expires around age 50. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465902 Thu, 18 Feb 2016 11:04:58 +0000 DillonLion 2465902@https://boards.hellobee.com/ <p>@2PeasinaPod: Diversification FTW! Overall, I just try to keep in mind that I'm thankful to even be able to decide what kind of life insurance and investments I can buy. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465869 Thu, 18 Feb 2016 10:56:00 +0000 2PeasinaPod 2465869@https://boards.hellobee.com/ <p>@DillonLion: &amp; @Truth Bombs: Fair enough, and isn't that the truth on car/health insurance.</p> <p>I think making sure you're diversified in the investments you make whether it be life insurance or stock/bond, retirement accounts is key. We're not super wealthy by any means, but this helps to give me peace of mind that my kids' inheritance won't be diminished because of outstanding medical bills. </p> <p>DH is seeing this right now with his uncle. He left him a very sweet classic car that will likely need to be sold off to pay for his outstanding medical bills from when he passed. I'm sure that's not what his uncle intended, but such is life! </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465843 Thu, 18 Feb 2016 10:50:04 +0000 Truth Bombs 2465843@https://boards.hellobee.com/ <p>@2PeasinaPod: I'm a big believer that whole life is really only beneficial if you are quite wealthy and need additional tax deferred growth outside of the max allowable contributions to retirement plan. In the large majority of cases you're better off buying term insurance, and investing the difference that you save vs the premium on a whole life policy. Car insurance is essentially throwing away money too since you hope to never need it, but that doesn't mean you go without it. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465841 Thu, 18 Feb 2016 10:49:45 +0000 DillonLion 2465841@https://boards.hellobee.com/ <p>@2PeasinaPod: I guess I view it the same way as say...health insurance or car insurance. You don't expect to have a stack of cash after paying for those policies, right? </p> <p>I agree that I'm taking a huge gamble in the fact that I may or may not have money leftover at the end of my life, but hopefully continuing with good financial habits and saving and investing like crazy mean that I'll be able to pay any outstanding expenses and still lave something for my kids. But who knows what could happen? Having a chunk of life insurance no matter what would be great, as long as the premiums get paid and the policy doesn't lapse! I guess there's risks either way (either not having enough saved, or having the policy go away unexpectedly) </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465839 Thu, 18 Feb 2016 10:48:59 +0000 Pumpkin Pie 2465839@https://boards.hellobee.com/ <p>I have a lot of research to do! Are there specific insurance carriers that have good rates, or does it depend by region? </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465833 Thu, 18 Feb 2016 10:47:00 +0000 2PeasinaPod 2465833@https://boards.hellobee.com/ <p>@DillonLion: It does! And I guess I disagree with a lot of those articles that try to say how bad whole life is for you. Term life, while cheap is dishing money into a policy that has no value after the term is up. It's why we have a mix of both. I would like the money I put into my whole life policy to go to someone after my passing. Even if that means I'm 90 and it goes to my children and grandchildren. And while most articles argue that growth takes 40+ years to realize, it's why I have the policy...it's there in case it's needed, but will have the realized growth once I've had it for 40 years. </p> <p>When our family members have passed, there are usually a good amount of medical bills that pile up. And once a term policy expires, converting that to whole life is far more expensive when you're older with health issues than when you're 30/35 and healthy. Having that whole life policy ensures that any outstanding medical bills are paid for, and there's something to leave my kids once I've passed.</p> <p>I know you didn't ask my position on whole life, but wanted to make some points in case anyone was thinking about whole life. It's all about what's best for you at that time in your life and what you're able to afford. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465766 Thu, 18 Feb 2016 10:24:08 +0000 mrsjyw 2465766@https://boards.hellobee.com/ <p>We have a mix of term, group term and whole life. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465758 Thu, 18 Feb 2016 10:20:20 +0000 DillonLion 2465758@https://boards.hellobee.com/ <p>@2PeasinaPod: I'm probably not going to be able to explain it as eloquently as others, but I'll give my best try. The returns on the investment portion are much poorer than if you went into the market yourself. The policies are more expensive than term. There are so many more examples, but I don't think I'll be able to describe them correctly. There are endless articles online about their bad features. </p> <p>I'm of the opinion that life insurance is only meant to exist during a time when you aren't self insured. My goal is to save and invest enough myself that whenever my term insurance policies expire, I don't need them anyway. Obviously, shit happens, but it is one of the big reasons we are so passionate about saving and investing above most other ways to spend money. </p> <p>YMMV, but that's where I come from in this conversation. I hope that somewhat clarifies my position! </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465752 Thu, 18 Feb 2016 10:16:58 +0000 gingerbebe 2465752@https://boards.hellobee.com/ <p>Oh yeah, DH's policy is through an independent agent. We both have small standard free policies at work and I have my long term disability through work because it's like $5 a pay period. I'm 34 and have a history of a brain tumor and while the underwriting is taking forever, it still isn't going to cost THAT much to get me some coverage once it goes through so yeah definitely get the term. We also have our agent bud around every year to see if he can get a better rate and DH just told me he was able to extend his term to 65 at the same rate as before so he switched. The health exam was totally easy because they come to your house and do it. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465743 Thu, 18 Feb 2016 10:14:15 +0000 2PeasinaPod 2465743@https://boards.hellobee.com/ <p>@DillonLion: Sorry...I reworded the end of my sentence and forgot to edit the beginning!</p> <p>Is there a reason you don't like whole life policies? My schooling essentially tells me that the term life policies are where money is essentially being thrown away. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465735 Thu, 18 Feb 2016 10:10:37 +0000 DillonLion 2465735@https://boards.hellobee.com/ <p>@2PeasinaPod: I'm confused by your wording! </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465732 Thu, 18 Feb 2016 10:09:28 +0000 2PeasinaPod 2465732@https://boards.hellobee.com/ <p>@DillonLion: Curious as to why you don't think whole life products are bad? </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465724 Thu, 18 Feb 2016 10:07:02 +0000 LuLu Mom 2465724@https://boards.hellobee.com/ <p>Term - enough to pay off mortgage with a little extra (we figure medical bills/pay of additional debt/ect.) </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465708 Thu, 18 Feb 2016 10:00:23 +0000 DillonLion 2465708@https://boards.hellobee.com/ <p>We have a bunch of life insurance, ha!</p> <p>DH has a term policy at work worth 1x his annual salary<br /> He has a small term policy he opened when he was younger (100k)<br /> He has another large term policy on himself (250k)<br /> I have a large term policy on myself (250k)<br /> I have another large term policy paid for by my aunt, as a gift to me and to her son-in-law who sells insurance (250k)<br /> She also opened a small term policy in my LOs name (50k)</p> <p>We follow the recommendation to have at least 10x our annual income in term insurance. We most likely will never have a whole life policy. They are not good products. </p> <p>If you don't have term life insurance in place, get it right away! It is cheap, and you don't want something to come up medically that disqualifies you in the future. Having term life insurance in place means your family is taken care of should something happen to you. Everyone needs it regardless of whether or not you work. If you stay home, your spouse will have to hire childcare if you pass, and that insurance money will help pay for it. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465646 Thu, 18 Feb 2016 09:33:53 +0000 2PeasinaPod 2465646@https://boards.hellobee.com/ <p>We both have a combination of whole and term life. The amounts are significant to ensure that the surviving spouse (or LOs if something happened to both of us) would be taken care of for quite some time after our passing. If either LO decides to go to college, we'll be able to borrow against the cash value of our whole life to help pay for college if needed. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465620 Thu, 18 Feb 2016 09:24:24 +0000 sunny 2465620@https://boards.hellobee.com/ <p>@Miss Ariel: ah gotcha, thanks! :-) </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465605 Thu, 18 Feb 2016 09:20:12 +0000 Miss Ariel 2465605@https://boards.hellobee.com/ <p>@sunny: basically if you can prove you're disabled you can keep your life insurance for free without paying premiums. The benefit continues as long as your disabled or until you turn a specific age, normally 60 or 65. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465355 Thu, 18 Feb 2016 05:49:15 +0000 Truth Bombs 2465355@https://boards.hellobee.com/ <p>We both have 30 year term. Mine is about equivalent to our mortgage and my husbands is twice that (he's a much higher earner than I am). Term life insurance is extremely affordable, even at a high face value, if you buy it when you're young and healthy. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465316 Thu, 18 Feb 2016 01:58:56 +0000 sunny 2465316@https://boards.hellobee.com/ <p>@Miss Ariel: can you explain what you mean by "waive premiums until age 60 or so"? </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465283 Wed, 17 Feb 2016 23:23:12 +0000 Miss Ariel 2465283@https://boards.hellobee.com/ <p>@Mrs. Lion: I don't think most people realize it's there, but it should be on any benefit summary or certificate you have. Your hr may not even realize it's there either, but it's likely included. One of the few perks of working for an insurance company is knowing random details like this! </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465282 Wed, 17 Feb 2016 23:19:53 +0000 Mrs. Lion 2465282@https://boards.hellobee.com/ <p>@Miss Ariel: Interesting! I had never heard of that. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465281 Wed, 17 Feb 2016 23:17:56 +0000 Miss Ariel 2465281@https://boards.hellobee.com/ <p>@Mrs. Lion: most life insurance policies you buy through work include a waiver of premium benefit. Basically it means that if you are disabled you are able to waive premiums until age 60 or so, which means even if you left your job due to a disability you would still be covered. </p> https://boards.hellobee.com/topic/do-you-have-life-insurance-what-kind-of-policy#post-2465275 Wed, 17 Feb 2016 23:08:05 +0000 Mrs. Lion 2465275@https://boards.hellobee.com/ <p>We both have term policies. </p> <p>One thing to consider is that if your life insurance is through your work, and you become so sick that you have to leave your job (say for cancer or another serious illness), you will most likely lose your life insurance and have a hard time getting another policy due to the fact that you had been sick. We follow most of Dave Ramsey's advice, and he suggests people not purchase their life insurance through their employer, and if you have insurance provided to you, to still buy your own.</p> <p>ETA: Definitely not whole life. Always term. </p>