How much did you pay for your will? Did you sign up for life insurance and how much did it cost?
Gotta get it all squared away before the baby comes!
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We had our wills done online. It was cheap. (It cost under $100). Our CPA and his employees notarized and were witnesses for us and didn't charge for their services.
I'm not sure how much our life insurance is.. I do know mine's cheap though.
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I have no idea how much our life insurance is. We don't have a will yet.
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This is an interesting question--we just had a meeting with an attorney yesterday to discuss Power of Attorney (Financial and Medical) and a will....and he said it would be about $1000. I thought that seemed crazy???
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We don't have wills yet, but we probably should... we have a few different life insurance policies, let's see... through our insurance agent, we pay $90/month total for $250k for a 30-year term for my husband, $150k for a 30-year term for me, and $25k whole-life for me (had this since I was a baby). Through my husband's employer, we pay a grand total of $30/month for $500k life for my husband, $250k life for me, $500k AD&D for my husband and $250k AD&D for me.
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our life insurance is around 2k/year for me and mr. bee. we don't have wills yet!
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@Mrs. Bee: $2k?? That sounds like a lot... What kind do you carry, term life? I know we need life insurance but it confuses me
I always thought term life insurance was fairly inexpensive, but I guess I dont really know how much it costs. My husband used to pay $600 per year for a whole life insurance $100K policy (I THINK that's what it was called) and I thought that was way expensive, so he cancelled it. Maybe I was wrong... haha
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Our life insurance costs around $1500 for the year for me and DH. We each carry a $1 million 30-year term policy.
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@sweetchic: it's for 1 mil coverage on each of us. it's also based on the results of your physical, and that rate can come down.
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@sweetchic: from my vague recollection of what DH told me (he used to be in financial planning) - he says that most couples will want/need a mix of group term life (through work), term, and whole life insurance. Whole life is guaranteed money as long as premiums are paid at the death of the policy holder. Term life is guaranteed money for the death of the policy holder throughout the specified time (works like car insurance?) and that it is used mostly to cover costs like mortgages, etc. in the event of an unexpected death. Group term is the same as term except it is for the duration of your employment at that company and also used to cover costs like mortgage, loss in income, etc.
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@peacockblue: We were just quoted $1000 for a comprehensive estate plan (wills, living wills, health care proxies, and durable power of attorney for both me and my husband). I thought that seemed high but I've shopped around and it actually seems quite standard.
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@sweetchic: Term life is definitely the most inexpensive, and it's usually sufficient for the needs of most people. (i.e. by the time the policy runs out hopefully your children will be grown and supporting themselves, and your spouse will be covered by retirement savings). Hubs and I will probably each do a 30 year term policy for $500K on each of us.
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@MamaMoose: That's what I've heard too, although then I wonder what happens after the 30 year term is up? Are you not able to get life insurance anymore at age 60-something? (which is how old I would be after 30 yrs)
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@sweetchic: You are certainly able to get it. But it will be at a much much higher premium. If you want coverage for a longer period you are better off looking into a whole life policy. But that will be expensive from the start.
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Holy crap, $1,000? @chopsuey119: where did you get yours done online? We also don't have a CPA... we just use TurboTax when it's tax time lol. We are cheapos.
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@MamaMoose: Ugh, so complicated! That's why I've been stalling on purchasing it for the last 3 years, haha.
Who are your life insurance policies through? State Farm or whoever your general insurance carrier is? I've also looked into MetLife ("looked into" as in briefly browsing the website before becoming overwhelmed and closing out)
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Oh, and I have 30-year term life $100,000 death benefit for $273 per year ($11.38/paycheck). I think DH has term life through his employer also, but I don't know how much it's for.
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@sweetchic: We actually haven't done it yet so I haven't picked a carrier yet. I work in financial planning so I have the ability to easily get a number of quotes. I haven't dealt with it yet because I know it will be pretty easy for me to get it done.
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@ladyfingers: haha we only have a CPA because of my husband's businesses! I'll ask DH where he did our wills and will he back to you!
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@ladyfingers: Most banks have a notary.
I always thought term life insurance was fairly inexpensive, but I guess I dont really know how much it costs. My husband used to pay $600 per year for a whole life insurance $100K policy (I THINK that's what it was called) and I thought that was way expensive, so he cancelled it. Maybe I was wrong... haha
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