https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Thu, 21 May 2026 09:23:13 +0000 https://boards.hellobee.com/topic/life-insurance-question#post-1201869 Thu, 07 Nov 2013 12:42:26 +0000 prettylizy 1201869@https://boards.hellobee.com/ <p>I'm in Canada so I don't know if things are different here, but we have small whole life policies that will cover burial expenses when I die, and DH and I both added 10 year term riders for our current needs. Every 10ish years we'll re-evaluate what we need and go from there. </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201844 Thu, 07 Nov 2013 12:38:05 +0000 Adira 1201844@https://boards.hellobee.com/ <p>@sunny: Yes, that is our goal as well! Once we're in our 60s, we should have enough money elsewhere to not NEED life insurance (should all go according to plan)! </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201843 Thu, 07 Nov 2013 12:37:52 +0000 MamaMoose 1201843@https://boards.hellobee.com/ <p>@Beyond2: While I agree with you that reupping would be expensive at 60, I don't see a reason you would need to. 30 years from now, our mortgage will be paid off in full and our children will be through with college. So one spouse dying doesn't leave a huge financial burden on the remaining spouse. Not to mention, once you are 59 1/2 you can draw from IRAs without penalty should you need additional funds. </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201830 Thu, 07 Nov 2013 12:35:09 +0000 sunny 1201830@https://boards.hellobee.com/ <p>My friend and I discussed insurance and we both agreed that the goal of a life insurance payout (for us) was to help cover the lost income of a spouse (or both parents) so the surviving family could still maintain their lifestyle. We also are both likely to be able to save enough for retirement by our 60s. </p> <p>With those assumptions, I would say you don't need to consider insurability after age 60 since you aren't likely to be working much past 65 so you don't *need* the payout to raise your children. By then your kids should also be grown.</p> <p>If you think you can get there sooner, then a shorter term might work too. My friend said that his policy can be cancelled anytime. Once he reaches a target networth goal (say he wins the lottery at age 34) he can stop the policy. </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201717 Thu, 07 Nov 2013 12:03:46 +0000 Beyond2 1201717@https://boards.hellobee.com/ <p>The downfall to the 30 year term policies is that they will lapse at say age 60 when you are much more likely to become uninsurable. There are typically conversion options but from the quotes I've seen while I worked with insurance (multiple companies) they are typically very expensive policies, which makes sense because the only people who convert are those with health problems that can't go through underwriting. There are also stipulations on the time frame in which you can convert and unfortunately people often miss them. The target age for long term policies are typically to people in their upper 30s and 40s which puts you in a good position to by long term coverage (universal life or whole life) after the term policy lapses. Regardless of what you choose, make sure you really understand how the policy works and the fine print. There can be a lot of little nuances that make things complicated. </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201436 Thu, 07 Nov 2013 10:56:10 +0000 Sparkler 1201436@https://boards.hellobee.com/ <p>I just did a 30 year term policy through Northwest Mutual, which had really great rates at the time. I know my husband and I and it took us so long to get organized that I didn't want to have to think about it again. We made our policy for about 8-10x our salary and the premium is so affordable that we just pay it once a year and don't think about it otherwise. Also, if you have a health condition that materializes in the next 10 years (or your husband's cholesterol levels go way up) it would stink to not be insurable;) </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201389 Thu, 07 Nov 2013 10:45:48 +0000 mrsjyw 1201389@https://boards.hellobee.com/ <p>We have term life insurance that is the life of our mortgage. It's recommended most homeowners do a 20-30 year depending on what you've got left to pay off on your house.</p> <p>We also have whole life insurance on top of term to cover other "expenses" </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201192 Thu, 07 Nov 2013 09:52:12 +0000 Adira 1201192@https://boards.hellobee.com/ <p>@Beyond2: Thanks! I was actually leaning towards the 10 year term after it was pointed out to me that that was an option and it sounds like you think that would be the way for me to go too! </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201170 Thu, 07 Nov 2013 09:47:27 +0000 Beyond2 1201170@https://boards.hellobee.com/ <p>I worked with Life Insurance before becoming a stay at home mom. For people in their 20s/30s who are healthy (no high blood pressure, obesity, cholesterol, other health concerns) they usually recommended a 10 yr term and then to reevaluate the situation after that lapses. there are many other factors to consider in the future (ex-if you'd want enough coverage to enable your children to go to college with insurance proceeds should you pass away)... </p> https://boards.hellobee.com/topic/life-insurance-question#post-1201145 Thu, 07 Nov 2013 09:38:55 +0000 Adira 1201145@https://boards.hellobee.com/ <p>Okay Bees that have Life Insurance or have thought about this topic at all, I have gotten conflicting advice and need your help! The two pieces of advice I've received are the following:</p> <p>- Get life insurance for a 25/30 year term with price-lock guarantee now<br /> - Get life insurance for a 10 year term and re-evaluate later - the 10 year term now will be cheaper and you may not need as much coverage later, so even though it might be more expensive, you might choose a smaller coverage and end up saving money (or spending the same overall)</p> <p>What say you?? </p>