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do you all have term life insurance now? I’m especially interested in those who maintain it if your children are grown and out of the housel
we don’t have it. We never have. Because we don’t have children we didn’t need it because each of us can support ourselves if our spouse died. I had a policy at work that did not cost anything. I think it was 1.5 times my annual salary, which is pretty much actually. but I never thought much about it. Now that I’m retired, I don’t have that of course.
Never have. Never will. Don't understand the point of it really.
(I think if I read the fine print, I may have some small policy as part of my fire department package of shiny objects, but I've never bothered to look, I think it may be about enough to bury me if a building collapses on me or something.)
I purchased term life about 6 years ago when I was working full time, and DH would not be able to pay our bills if I died. I got what I thought would be the minimum he would need to pay off the mortgage and then have something at least to add to his SS, which isn't much. It is a $250k policy for $117/month. That rate will expire when I turn 80, and I will definitely not continue to pay the new rate after that.
Wait— you didn’t have term life insurance when your children were under your roof?Quote:
Originally Posted by catherine
No. Dh and I have talked (need to actually do it) about putting money to cover death expenses into a special/separate joint savings account. Hopefully, it will be enough to cover both of us. Other living expenses after one of our deaths will just need to be covered by our incomes at the time.
We did when we were employed and got it as a benefit, but not when we were on our own. I went out on my own in 2008 so by that time my kids were out of college.Quote:
Originally Posted by iris lilies
I have company-paid life insurance that tapers down gradually until it hits about $20K, if I recall correctly. DH has no life insurance.