https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Fri, 12 Jun 2026 11:33:04 +0000 https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4946 Tue, 18 Oct 2011 16:04:49 +0000 DisneyBee 4946@https://boards.hellobee.com/ <p>My hubby has a life insurance policy through his work, and we even bought extra. I was denied insurance last year since I was pregnant and on bed rest. Then I find out that the extra life insurance we bought for my hubby through his work can be taken away if a medical issue comes up. For example, his co-worker suffered a heart attack, and his extra life insurance through work was terminated.</p> <p>Therefore, when it comes time for open enrollment, we'll just be sticking to the usual life insurance that the company gives him for free. Then we'll buy term and whole life through an outside company. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4932 Tue, 18 Oct 2011 15:06:50 +0000 erwoo 4932@https://boards.hellobee.com/ <p>My husband had life insurance before we got married and added me and then our son after he was born. We upped the amount after our son was born just so that our house would be paid off and he would be provided for in the event anything happens to either of us. And given both of our ages we bought term (30-years) for now, I think. Hubby took care of that but I believe that's what we have right now. We'll probably look into it again when we have another one later on. With each child, I feel like we have to up the amount so they each have enough. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4923 Tue, 18 Oct 2011 14:13:09 +0000 elouise 4923@https://boards.hellobee.com/ <p>We purchased life insurance for my husband shortly after we got married (We would have purchased for me too, but I don't qualify. Instead, I have a small amount available through our health insurance policy). It's enough to cover the mortgage and bills if something were to happen. When we have children, we will look into covering them too (if they need extensive or long term medical care, I believe life insurance will cover it depending on what coverage/policy you purchase... as long as you purchase while they are healthy). We also have a will that will be adjusted at that time too. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4892 Tue, 18 Oct 2011 12:58:49 +0000 looch 4892@https://boards.hellobee.com/ <p>@mrsjyw: thanks...that's good to know. I will look into something for DS. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4888 Tue, 18 Oct 2011 12:51:02 +0000 mrsjyw 4888@https://boards.hellobee.com/ <p>@LOOCH, hubby's parents bought life insurance when he was young because it was cheaper and as a precautionary to cover funeral costs. It aids him now because of the type of insurance they bought. It still covers him to this day and he is 30 years old today! </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4887 Tue, 18 Oct 2011 12:44:53 +0000 looch 4887@https://boards.hellobee.com/ <p>@wifefromscratch: what's the benefit to insuring your LO? I always thought of life insurance as income replacement, but there is obviously something I am missing! </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4874 Tue, 18 Oct 2011 12:24:41 +0000 mrsjyw 4874@https://boards.hellobee.com/ <p>I definitely don't like to think about it ever happening, but hubby and I met at a mutual fund/life insurance company; so we learned to buy life insurance early. The younger you are, the lower the rates. Hubby is fully and probably over-insured with the policies that his parents bought for him. I have a whole life policy and a term life policy that's enough for now, but am looking to purchase more once we have children.</p> <p>For those of you looking into writing wills, it is highly recommended that you set up a trust for your estate; as this saves probate court costs and time for your loved ones in the end. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4871 Tue, 18 Oct 2011 12:20:13 +0000 bakingAbug 4871@https://boards.hellobee.com/ <p>We both have smaller policies through work. We plan on bumping them up with supplemental term policies after the LO is here. By the time I was ready to apply I was already too far along in my pregnancy. They typically will not rate or will rate a pregnant woman higher after 4 mo into her pregnancy. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4855 Tue, 18 Oct 2011 11:50:05 +0000 sandsandmore 4855@https://boards.hellobee.com/ <p>Thanks for the explanations! Off to do research.... </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4833 Tue, 18 Oct 2011 11:24:36 +0000 winniebee 4833@https://boards.hellobee.com/ <p>We both have death benefits (sad, right?) through work. We plan on getting life ins. before LO is born and will also do a will. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4819 Tue, 18 Oct 2011 10:53:33 +0000 Running Elley 4819@https://boards.hellobee.com/ <p>We both have separate life insurance policies. We got them right before we got married. It was important to us because we plan to have children pretty quickly and we'd want the remaining spouse/guardian to have that cushion at least. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4817 Tue, 18 Oct 2011 10:49:43 +0000 wifefromscratch 4817@https://boards.hellobee.com/ <p>My husband and I have policies that we got right after we got married. We're planning on insuring our little one right after she's born, since children are typically very inexpensive to insure and it's the easiest to obtain a policy right when they're born.</p> <p>As for the term/whole life difference - ooh! Something I can actually speak somewhat intelligently about! :) Tequiero21 gave a pretty good description of whole vs. term - basically, the way I think about it is whole life insurance is like buying a house / car and term insurance is like renting / leasing. </p> <p>With whole (or "permanent") life insurance, you build up cash value that grows year by year (tax deferred!) that you can borrow against, usually at a very low interest rate, should you ever need it. If you decide down the road to "cash out" your policy if you don't want or need it, you can obtain whatever the cash value was in your policy in the form of a check. Also, with whole life insurance, there isn't a set term for how long your coverage lasts, so you don't have to worry about it lapsing/not having coverage after a certain age. Some people believe in buying whole/permanent life insurance as a portfolio diversification strategy, since it grows yearly and is unaffected by the stock market, largely.</p> <p>Term insurance is much cheaper than whole life insurance, since you're only covered for a specific amount of time, you can't "cash out" the policy and get any money/value back from it, and the value of your policy doesn't grow. Some insurance companies allow you to convert your term insurance into whole insurance during a specified time period (called an "exchange"). You can typically get cheaper rates for whole life insurance if you do it as a "term exchange," but not every policy has this benefit.</p> <p>Also, depending on the type of policy/who you buy your policy from, some companies pay policyowners back yearly with dividends, typically that they can use to put toward the next year's premiums. You get higher dividends on whole/permanent life insurance policies than you do with term insurance policies.</p> <p>There's a lot more to it than that...but that's a pretty basic explanation. Hope that helps! </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4804 Tue, 18 Oct 2011 10:12:42 +0000 Mrs. Bee 4804@https://boards.hellobee.com/ <p>i'll try to find a financial planner who can write a guest post. i don't fully understand the way life insurance works, but our agent was encouraging us to buy whole and term. well of course since he makes more money that way. :) but if you can swing it, whole is prolly better since term lapses as soon as you stop paying.</p> <p>we only bought term, but hope to add whole in the next couple of years. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4800 Tue, 18 Oct 2011 10:08:14 +0000 Mrs.VW 4800@https://boards.hellobee.com/ <p>As soon as we get pregnant we're going to. Enough to pay off the house and live for awhile without having to work. It's hard to think about, but I know I couldn't work if anything happened to him..... </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4795 Tue, 18 Oct 2011 10:01:31 +0000 tequiero21 4795@https://boards.hellobee.com/ <p>@sandsandmore - i know the basic difference - with whole, you pay higher premiums, but you can build up some cash reserves that you can always use for whatever reason. and i believe if the insured dies, they give the difference (proceeds minus what you used in the cash portion)? something like that. term is where they only cover you for a specified term - typically 30 years? and it's cheaper. </p> <p>people used to say to get whole. but now they're saying to get term and i'm not sure why. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4794 Tue, 18 Oct 2011 10:01:19 +0000 DillonLion 4794@https://boards.hellobee.com/ <p>My husband has a policy, and I used to have one but it lapsed because someone else was paying for it for me and they quit paying it. We'll probably get me set up with one soon again. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4778 Tue, 18 Oct 2011 09:16:33 +0000 sandsandmore 4778@https://boards.hellobee.com/ <p>What's the difference between whole and term life insurance? Agree that a post on this would be great!</p> <p>I have a policy on my husband through work, the maximum I can get -- but it wouldn't even cover our mortgage. The one I could get on myself is significantly more though. I onced looked into getting more, but haven't found the time. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4757 Tue, 18 Oct 2011 07:18:58 +0000 tequiero21 4757@https://boards.hellobee.com/ <p>@mrs. bee - when you discuss it, are you going to go into whole vs term? also, does it make a difference if you've already had kids or something? i heard it's cheaper if you get it before you're pregnant. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4746 Tue, 18 Oct 2011 06:02:09 +0000 Mrs. Bee 4746@https://boards.hellobee.com/ <p>@jennimac - our accountant recommended a life insurance agent and we went through him. you can get term or whole life insurance, and rates depend on your amount of coverage, age and health (they take your blood, weight, height).</p> <p>i'll write a post about it some time, but to give you a general idea, it cost me about $500/year for 1 million in coverage because i'm relatively young and in good health. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4741 Tue, 18 Oct 2011 01:57:49 +0000 looch 4741@https://boards.hellobee.com/ <p>I don't think it is weird to plan for the future and the what-if situations that occur in life. IMO it is worse to go around thinking that everything is going to be roses and cupcakes and then be totally unprepared for something as serious as losing a spouse. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4732 Mon, 17 Oct 2011 23:29:23 +0000 MaisyMay 4732@https://boards.hellobee.com/ <p>We've discussed this, and although we don't have a will now, when we get PG again, we'll have one written before birth. We're holding off for now because we want to be able to name guardians and don't know who yet. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4729 Mon, 17 Oct 2011 23:22:05 +0000 tequiero21 4729@https://boards.hellobee.com/ <p>my work gives me a small $100k insurance for free. not sure if i'd take it with me when i quit my job. my husband has a substantial one but right now, it's just term. not sure if we want to invest in whole life. still need to talk to a financial planner. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4649 Mon, 17 Oct 2011 20:57:00 +0000 chopsuey 4649@https://boards.hellobee.com/ <p>Yes we have life insurance. Since I'm a SAHM mine is substantially lower than my hubs'. If anything were to happen to him and I managed the funds responsibly, I wouldn't have to work ever again if I didn't want to. I hope we both live long fruitful lives though. :) </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4639 Mon, 17 Oct 2011 20:29:02 +0000 Andrea 4639@https://boards.hellobee.com/ <p>We hired a lawyer for the will and we have a financial planner for the insurance. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4636 Mon, 17 Oct 2011 20:22:44 +0000 singingbee 4636@https://boards.hellobee.com/ <p>How do you go about doing this? Sorry if this is a 'silly' question, but I just thought about it and I really don't have any idea of how I need to go about this. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4624 Mon, 17 Oct 2011 20:00:34 +0000 yin 4624@https://boards.hellobee.com/ <p>My husband and I have separate life insurance plans. My parents actually started my insurance policy for me when I was a teenager. I still have to send in some paperwork to change the beneficiary to my husband and son. </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4620 Mon, 17 Oct 2011 19:58:44 +0000 Andrea 4620@https://boards.hellobee.com/ <p>Yes, we bought life insurance and got a will done before the LO was born. It's important to have the LO taken care of for the worst case scenario...if both of us go at the same time and she is left... </p> https://boards.hellobee.com/topic/have-you-bought-life-insurance#post-4614 Mon, 17 Oct 2011 19:50:54 +0000 mrbee 4614@https://boards.hellobee.com/ <p>Do you think about losing your spouse?</p> <p>Maybe Mrs. Bee and I are weird, but we both think about this a fair amount... we even bought life insurance just to be on the safe side. Not as much as we'd like, but enough to provide a cushion if anything happened to one of us.</p> <p>Do you think about losing your spouse? Have you bought life insurance? </p>