I need to get his life insurance back up and running, then we'd be just fine. | Printable Version of Topic
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| Parenting Club Forums > General Relationships > If your spouse passed away tomorow |
| Posted by: mckayleesmom Mar 5 2008, 09:53 PM |
| The other day I was watching this Oprah show where this womans husband killed himself. He had been abusive during their whole marriage and spent all their money and ran them into debt. Right after he died she found out he cancelled his life insurance on himself 3 months prior. She didn't even have money to afford groceries. So...this got me to thinking....Are you financially secure if something were to happen? Do you have a emergency plan worked out. Right now we live paycheck to paycheck....We don't really have a savings.....although we are getting back up there.....Moving 6 times in 5 years doesn't really leave a whole lot of money left. Plus we had a horrible financial year last year. If something were to happen to dh, Im pretty confident that I would be alright....We have talked about it before...I think its important to work out a plan together in case. Dh has life insurance and imediate death benefits. The military would pay for the funeral and supply me with the death benefits...last I read it was 10 thousand....not sure though. His life insurance policy now is pretty high. I would move back home near my family. The kids college would be paid for through the military..since he is active. |
| Posted by: luvmykids Mar 5 2008, 09:54 PM |
| Yes and no. We'd be ok but would definitely have to scale back. Then again, after the year we had, there isn't much to scale back on I need to get his life insurance back up and running, then we'd be just fine. |
| Posted by: mckayleesmom Mar 5 2008, 09:59 PM | ||
Monica....Do you guys ever talk about what you would do? Me and dh talk about it every once in a while....For both of us.....I guess you can call it piece of mind....Makes me feel a little morbid though. |
| Posted by: MoonMama Mar 5 2008, 11:27 PM |
| I didn't vote because I would have to say other. While we do have life insurance, honestly if heaven forbid something ever happened to DH....Braedin and I would be fine, but not because of the life insurance. |
| Posted by: mckayleesmom Mar 6 2008, 02:32 AM | ||
I guess my we will be OK...would be more long term because of the life insurance, but we would definantly be ok even without it....We have great family support. For example...say the life insurance was out of the picture....I would just move home with family (at least for a little bit) , then get a job and make it from there. Actually...that is the plan either way....because I probably wouldn't touch the LI money until absolutely necessary.... Also, I forgot that since he is active...I would also recieve his paycheck up until his next enlistment date.....He only has one left coming in October and then he is active until he retires. |
| Posted by: mommy~to~a~bunch Mar 6 2008, 03:37 AM |
| No, we wouldn't. |
| Posted by: gr33n3y3z Mar 6 2008, 03:58 AM |
| The kids and I will never have to worry about money |
| Posted by: Teesa®© Mar 6 2008, 04:50 AM |
| We all have life insurance and we'd get an obscene amount of money if DH died. Despite our personal problems, the money is worthless, even though we'd be more financially secure with OUT him, I'd rather have DH. |
| Posted by: My3LilMonkeys Mar 6 2008, 05:06 AM |
| Probably. DH's life insurance is enough to cover the cost of funeral and then pay off most of our 'major' bills (car, house, etc). My income would cover the normal bills and while it would be tight, we'd get by on those. Where I'd possibly run into trouble is day care. We work opposite shifts so right now we don't have to pay for day care, and I have no idea what the cost is so I don't know if that would break us or not. The reverse, however, is the opposite. Though we make about the same and the life insurance policies are the same, I don't think DH could make it work without me. He is a financial nightmare. |
| Posted by: luvbug00 Mar 6 2008, 05:10 AM |
| Lars and i are not married yet of course but if we were i would be fine. He is a financial wiz. all cards are payed off and he has life insurance and saved for such an occasion. So i would be good. |
| Posted by: PrairieMom Mar 6 2008, 06:07 AM |
| We would be okay. We both have life insurance, and have since Ben was born. We also have wills, and living wills. It is SO important to talk about these things and get them taken care of. Life insurance is so important, get term, not whole life, and it is super cheap. I have something like Dave Ramsey suggests that you have around 10 times your income, and we do that for about $30 a month. |
| Posted by: booey2 Mar 6 2008, 07:23 AM |
| Yup, insurance was one of the first things we got when we got married and got the house. DH lost his mother when he was 2 years old so he is super paranoid that something will happen to me so he has planned for everything. Either one of us goes or both, the house is paid, and the kids will be fine. My mom has set up RESP's for them so their schooling will also be looked after. We have wills and our lawyer pushed us to plan for the worst, both of us going, so we are prepared. Mentally and emotionally I would be a wreck but I know we would be fine financially. |
| Posted by: A&A'smommy Mar 6 2008, 07:39 AM |
| me and lissa would be fine!!! |
| Posted by: :.Mrs_Mommy.: Mar 6 2008, 07:49 AM |
 I hate thinking about this stuff. But I would be fine I think. DH doesn't have LI and won't for a little bit, I do through work though. We don't own anything except 2 vehs and have no house payments because we rent, I can work to support my kids. ETA: I wouldn't be able to send my kids to college, they would have to work to pay for it like I did. They wouldn't get allowances, or expensive clothes. They would have to buy their own cars, again like I did. We wouldn't go on vacations or anything but I would be able to put a roof over their heads, love in their hearts, food in their bellies and shoes on their feet. |
| Posted by: Mommy2Isabella Mar 6 2008, 07:53 AM |
| The kids and I would be good! We have life insurance but I also have a wonderful family that would help out until I could figure out how to get on my feet! |
| Posted by: danahas4monkeys Mar 6 2008, 07:57 AM |
| I voted yea we have life insurance. Dh is covered really really well so I'd be ok and the house and cars would be paid for. And our family is also really great we'd be fine. We talk about this all the time and also what happens if something happens to both of us for the kids because although his family is great I am not sure I'd want them raising my kids so that is something we have to deal with so that things are done as I'd want them to be. |
| Posted by: moped Mar 6 2008, 08:05 AM |
| Yes I think we would be fine! Life insurance etc |
| Posted by: TheOaf66 Mar 6 2008, 08:23 AM |
| Jennie has life insurance although not that much. I don't even want to think about her goin anywhere. If she went I would have to sell the house and probably get an apartment or something for me and the boys. |
| Posted by: Maddie&EthansMom Mar 6 2008, 08:50 AM |
My kids and I would never have to worry about money again. Although I hate the thought of carrying on without him.  We also have wills and living wills. |
| Posted by: lisar Mar 6 2008, 08:54 AM |
My dh is worth more dead than he is alive  . And I tell him that all the time playing around. |
| Posted by: msoulz Mar 6 2008, 08:55 AM |
This is such a great topic. It scares me that so many women totally rely on DH for financial support. I have friends that I pray thier husbands don't become ill or worse. A disability can leave a family finacially much worse off than a death. As unpleasant as it is, we need to think about this kind of stuff!  We would be financially OK but as someone else noted, emotionally wrecked.  |
| Posted by: Jackie012007 Mar 6 2008, 08:58 AM |
| we would be SCREWED!!! DF has life insurance but it isn't much, it's like $10k through his work. He is the only source of income as I stay home to take care of Carly. Sooo yeah I'd be moving back in with the 'rents! |
| Posted by: Calimama Mar 6 2008, 09:21 AM |
| Yes luckily we'd be fine. We've talked about it before because of his job. Scariest thought I'd ever face though. |
| Posted by: mckayleesmom Mar 6 2008, 11:42 AM |
| Ya.....alot of people don't think of even discussing it. The woman on Oprah hadn't worked in many many years, had no job skills...etc. |
| Posted by: My2Beauties Mar 6 2008, 01:55 PM |
| Well prior to August I would have been fine, DH had a $150k policy through my work, I had $300k we were allowed to cover our spouse for half I had that plus 2x my salary which was almost $400k on just me. Now at my new job spouse life is only $25k. $25k would obviously pay for the funeral but not pay off my house and I could NOT afford my house on my own. I'd probably have to sell it, I'd probably want to anyways, too many memories. I hate thinking about this stuff. We need to check out his policies at work, because I think they only cover him if he was to get killed at work...he works for the railroad (federal job) so if something were to happen to him there....then I'd be one rich woman but nothing could ever soothe the pain of losing my DH, I wouldn't care if he had $10 million in life insurance, I wouldn't even want the money, just him. Now if I die, DH is set for life. The house would be paid and every other bill we have. I have about $300k in life insurance through my new job. I mean once I sold the house I'd be fine, I make enough money to make it on my own with 2 kids and no help at all. It probably wouldn't even be too tight. Our mortgage payment is just so high, other than that we've consolidated credit cards to a very affordable monthly payment and our car payments are low so I'd be good. Our house payment is what kills us on his slow months. |
| Posted by: mysweetpeasWil&Wes Mar 6 2008, 03:19 PM |
| I wouldn't make nearly as much as DH does, so our lifestyle would change, but we would be okay because we are good about paying off debt. Plus we have family to help. Scary thought though. |
| Posted by: sparkys2boys Mar 6 2008, 05:10 PM |
| Yes, me and the kids would be fine to. What a scary thought thoug h |
| Posted by: Cece00 Mar 6 2008, 06:04 PM |
| Yeah, we'd be good. DH has life insurance. We need more, but for right now, we have enough. Plus I am working now, so I could pay the bills. And I have my parents, who I know would help out, and they are financially set, so I dont worry about it. Not to mention I know my inlaws would help if need be. |
| Posted by: Brias3 Mar 6 2008, 06:24 PM |
| We do have life insurance policies and are fortunate to have plenty saved due to the fact that so many expenses were covered by DH's company for many years that we were overseas, but I wouldn't be able to rely on it forever. I'd definitely be able to make a decent living and support a family, but we wouldn't be near as comfortable as we are now. |
| Posted by: TrulyBlessed Mar 6 2008, 06:40 PM |
| I would be screwed and I should know better. I lost my dad back in 2004 and since he wasn't married, I was next of kin and had to handle his estate with no will. His funeral expenses were just under $11,000.00. DH and I have talked about writing up a will, but I don't even know how much that costs or where to start. |
| Posted by: Brias3 Mar 6 2008, 07:26 PM | ||
We always just do our will through our lawyer. It's relatively inexpensive and very worth having one. I do know you could also get information on writing a free will online. There are some downloadable templates that you can fill out. When signed, these docs can at least hold you over (and are a good idea to have) until you get an official one drawn up. |
| Posted by: redchief Mar 6 2008, 07:50 PM |
| Both of us have life insurance. Life would cease being fun though. |
| Posted by: HuskerMom Mar 6 2008, 08:24 PM |
| Yes me and the kids would be fine. Dh just got life insurance last week. Dh and I have sat down and talked about what I would need to do if something were to happen to him so I'd have some sort of plan. |
| Posted by: MyBlueEyedBabies Mar 6 2008, 09:00 PM |
| We have life insurance so would be okay for a while. I believe his insurance would last for about 5-10 years mine would pay off any debt and help with babysitting for a while.... |
| Posted by: Boo&BugsMom Mar 7 2008, 08:05 AM | ||
I always threaten Troy that I'll push him down the stairs. I'd be more worried about our emotional state than our financial state. Money comes and goes and I believe God will always provide it for us even when money seems tight. I'm confident and faithful in that, however, Troy being gone is not something I think I could take. With or without life insurance, I'm not worried about $$$, I'm more worried about carrying on without the man I love and father to my children. On the original question...we'd be fine for awhile, but I'd eventually have to work full time again and probably sell our house or heaven forbid...move in with my parents. |
| Posted by: mummy2girls Mar 7 2008, 08:26 AM |
| id be ok. Because i have been alone with jenna for over 4 years i did everything financially and such. I paid all the bills, etc. yes it will hard for sure expecially because there woudl be another child in our life. But i feel i will be ok. Tight for money but ok. |
| Posted by: bawoodsmall Mar 7 2008, 09:09 AM |
| I think we would financially but not mentally. We both have good life insurance policies in place. The house would be paid for and Dh has a pension through work. We do need to talk about what would happen though. I would like to have a living will in place. |
| Posted by: lovemy2 Mar 7 2008, 09:21 AM |
| We would be fine but would more than likely sell our house only because it would be too much for me to maintain - but I hope to never have to make those decisions - although with his job you never know.... |
| Posted by: My2Beauties Mar 7 2008, 09:53 AM | ||||
Beautifully stated.....that is how I feel. I'll find a way financially to do it, I'm strong in that aspect but....I'd never be the same without DH. |
| Posted by: wcs40110 Mar 8 2008, 04:50 PM |
| I hit the wrong button and didnt get to vote!! lol. Yeah, I wouldnt be in this house I can tell you that much. I'd be okay, but very broke for a minute. |
| Posted by: Hillbilly Housewife Mar 8 2008, 09:13 PM |
| Dh and I both have long term 100,000 each. We also have 250,000 each on a 20 year term. The kids are insured, currently, long term, for 25,000 each of them. The policy can be signed over to them when they are 18 and they can choose to keep it, or upgrade it, whatever. We will likely keep it for them though...just to make sure they have SOMETHING and don't cash it out. The beautiful thing about our plan is that after a few years... it will be paid for by the quarterly dividends....in 5 years, we will not have to pay anything. As it is, the dividends we get pay for about 1/3 of the cost. We pay 294$ a month, before dividends kick in. We are insured through the Knights of Columbus. You CANNOT beat that plan.  So yes, if my husband or I were to pass away suddenly, the other would be financially stable for a long time. |
| Posted by: youngmomofone Mar 21 2008, 02:45 PM |
| My dh has a life insurance policy w/the Army so we'll be ok for a while. It would help pay for things while I was in school and trying to figure out what I wanted to do with my life. Plus get all the other benefits that comes along with it, but I hate thinking about it. |
| Posted by: emiliosmom Mar 21 2008, 08:18 PM |
| I would be fine, we need to get some life insurance on me though so that if I died my dh could provide my son with great childcare, and cleaning lady. |
| Posted by: Boys r us Mar 30 2008, 06:29 PM |
| I would totally lose my mind if my DH passed away..and it's one of my biggest fears! But, my DH has made sure that we would be very well provided for in the event of that tragedy, we would never have to worry about finances, just our broken hearts! |
| Posted by: mom21kid2dogs Mar 31 2008, 06:12 PM |
| We are very well insured by natural death, however most policies don't pay or pay a greatly reduced benefit in the event of suicide so in the case cited in the original post, most of us would be in that poor soul's position. A disability would be pretty financially devestating for us, though. |
| Posted by: mom21kid2dogs Mar 31 2008, 06:16 PM | ||
It's wicked true, isn't it. Stephen just joined the Knights and we bought additional coverage through them even though we were very well set before he joined. You really couldn't beat the plans they offer.  |
| Posted by: Crystalina Mar 31 2008, 06:22 PM |
If one of us dies the other will be better off financially. We've already talked about it. If he dies first I'm selling the farm and moving into town. If I die first he keeps the farm and continues living. It's all good.  |
| Posted by: coasterqueen Mar 31 2008, 06:35 PM |
Dh and I discussed this at lunch today because I'll say I don't pay attention to the finances that thoroughly to honestly be able to answer this question. He knew it too and commented on it when I asked him.  I know we both have life insurance policies through our work and on our own, but as to how much I had no clue. Dh said the girls and I will be very well taken care of financially and then my parents would step up and help out in every way possible so there is no need for us to worry about that. Dh would be screwed, though. He'd have a hard time financially with the girls as my policy isn't as big as his and we both equally contribute to our financial status. |
| Posted by: Hillbilly Housewife Mar 31 2008, 07:00 PM | ||||
They're the best anywhere!! And, they even cover suicide, as long as the suicide if after 2 years of having the plan. We have disability on ours, too, covered up to a maximum of I don't remember what. The rates never go up, and the plan pays itself with the dividends after a few years. It really is awesome! |
| Posted by: Kirstenmumof3 Mar 31 2008, 07:13 PM |
| My DH's aunt took out life insurance policies for my DH, the money goes to the children and they each get 1/2 million dollars. He also has RRSP's, investments and we bought life insurance when the kids were small. He has done everything to make sure that we would be okay if anything ever happened to him. If I were to pass away DH and the kids would be fine as well. |