I finally got off my butt and am getting some life insurance on myself for DH's protection if something happens to me. We had a policy on him for about 15 years (when he was working) but once our roles reversed I never took one out on myself. Add in that until the past few years we were terribly broke and went through bankruptcy and I didn't even have the extra money each month to pay for a term life insurance policy.
I do have $70,000 through my job, so that is at least something. I am getting a $250,000 policy. Not enough, most likely, but he'll either be able to live on that or pay off the house and live on what's left. I would also think at that point, with no income, he would then at least qualify for SSI. Then down that road, that we keep getting closer and closer to, he'll have social security (from me) and my 401k. The quote I just got online was about $25/mo - unless they decide I don't qualify as very healthy and it's a higher rate, which for some reason I am just expecting to happen.
I got the quote through Dave Ramsey's website. I used to listen to his podcasts quite often and Zander was the company he endorses. It was quick and easy to go online and get some quotes and the company I picked was Genworth - which is the same company the owner's of the company I work for have their life insurance policies through, so I feel comfortable that I am going with a quality company.
I guess I will be getting a call sometime soon for a nurse to come out to my house and do a quick 15 minute exam and then my application will be submitted. I remember going through this same process years ago when we got DH's life insurance - though his ended up costing more because his cholesterol was high. My last annual exam was November and my cholesterol was down at 200, so hopefully it's staying down there now. I just take an herbal supplement (Red Yeast Rice) that was recommended by my doctor and it seems to have done the job. The only other medication I am on is Atenolol, for an occasional heart arrhythmia I've had just about forever.
I've been going to get this taken care of for like that last year or more! I just kept putting it off and brushing it under the rug saying to myself "I'll do it next month". I'm such a terrible procrastinator. Next thing we need to take care of is wills......maybe I can just find something basic that I can do online and cheaply for us. It's not like we really have much of anything to make it a complicated will. Anyone else done a will online?
Good for you for taking care of that.
ReplyDeleteYou might also want to look into getting a living revocable trust too.
I've never heard of those. I researched a bit - is this something that would be in place of a last will? Sounds interesting.
DeleteWe just did our wills and trusts and stuff, so now I'm sure we'll probably live forever. Part of me wishes I could get life insurance, but I cannot, so if something happens DH will just have to go back to being a wage slave or figure out how to live very frugally on our savings. We have not done terrible saving on our own, and my mom did leave us some money that we've invested for our older and grayer years. With planning and careful budgeting he would be fine.
ReplyDeleteGood for you! That's my goal this year - to get this stuff taken care of.
DeleteThanks for the info!
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