How many people have thier family covered?

[xpaeanx]

ok this is a spin off from the living comfortably thread.

How many people on here have thier families covered if the "bread winner" is no longer there? I work in financial services, so that's something that interests me. Obviously the easiest way to do this is with lots of life insurance. In fact my game plan is to get a lot of life insurance, spend all the money I earn, and leave my kids the insurance money(which is tax free) and my house. (I also have one policy that I use as retirement plan) But this includes ALL assets(investment accounts, real estate, etc...)

Anyway, I can't tell you how many people we meet that something happened to the bread winner and they didn't have enough to support their way of life and it has to change dramatically. Or the amount of people we meet that know they don't have enough, and don't seem to care!

If something happens to me my dogs have a couple hundred thousand--> i'm almost jealous of them! lololol

So I'm just wondering about other people.

 

[bubbatd]

My grown family know that I can't leave them anything but Ollie , my car and my house . Years ago though , we had it set up with my cousins to take the kids if something happened to us . We had more than plenty then ...so it wouldn't have been a financial burden .

 

[xpaeanx]

at least you had a plan! I seriously can not believe the amount of people that have no plan, and also don't seem to care!

 

[bubbatd]

Can't believe that !!! That was our #1 priority !

 

[Adrienne]

Like mentioned we have good life insurance coverage although I still need to make a living will.

 

[Paige]

When I read the title I was thinking covered as in being someone's back up in a robbery.

 

[boneyjean]

If either my husband or I died, the other would be covered. We took out larger life insurance policies than what we had, when we bought a house so that we wouldn't have to lose that and would have our home to live in if something were to happen. We are young so the premiums are not really high for a term policy which we will later roll over into a different type. At least we have already qualified though. It would also cover the cost of college, cars and much more for at least 2 children if not more. Financial planning would have to be done to make it last but it would get everyone left by for quite some time with the other peson still working like they normally did.

If one of us lost our job and had trouble finding work, we would be covered for 3-6 months depending on the time of year and how well we tightly budgeted. It would mean no eating out or other "fun" stuff but we would be fine.

We do however need to have our wills done. That has actually been something on my list of things to do but I am not sure if we need to wait until the baby is born or not.

 

[adojrts]

We have insurance policies for all of us (hub, me and son), we also have an extra policy that completely pays off the mortgage in full in the event of the death of either/both of us. Although our mortgage is almost finished now, we will have managed to pay it off in under 15 yrs.

 

[ACooper]

We have life insurance as well as 401k that each of us are the beneficiaries on. Any loans we have are insured for death including the house. Each of our kids have a 10,000.00 life policy on them until they reach a certain age.

As far as who would care for our kids if something happened to both of us, my mother is still living, Kevin's parents are both still living, Kevin's paternal grandparents are still living, his maternal grandmother is still living, and his ex wife's parents are still living for the three kids...........I think they have it covered, LOL, there would probably be a fight over who gets them.

 

[cinnamon]

We got life insurance when we got married. I work with a couple of women that don't have wills. I told them it will be great when the court decides who gets custody and who will look after the money.

 

[Miakoda]

We both have life insurance policies, although his is MUCH higher than mine will ever be. I am the beneficiary to his 401K. And we have mortgage insurance on our home mortgage which will actually pay off the mortgage in the event of his death so we wouldn't lose the home.

 

[sparks19]

My husband has a good life insurance policy and a good retirement fund willed to Hannah and I to take care of us if the unthinkable happens.

As for me... I don't qualify for insurance here at the moment and I don't work so I don't have anything to leave.

Brian and I already talked about if the unthinkable happens to me... his mom is going to move in and help take care of Hannah

We are very lucky to have his parents who have scrimped and saved their whole lives so they have money to leave their kids and to have money to give them when they REALLY need it

 

[a.baker]

Hmmm dare I sate our unstable situation? sigh... Here I go, my daughter has Medicade for health and dental. In our county we have one dentist who comes in twice a week to serve all the Medicade dental patients of the county. Believe me I have thoroughly checked this out. So even though my daughter has dental we can't get her in. My daughter has life insurance through Gerber.

Me and my husband have no health, dental or life insurance and no retirement. We are lucky we rarely get sick. I am lucky my teeth are as healthy as can be. My husband is a contractor for computer work. He and his business partner bring home every dime and never have anything they can do without to put back into the business. Boy have they been close to making it big!!! I feel really bad for my husband since he needs all his teeth pulled and dentures. Hes young He has had many teeth pulled from infections luckily they have been in the back.

I can't wait til my daughter starts school because I can than go to work. Long story with that. So hopefully nothing happens within the next 5 years while my husband tries to build his business. We are young so still building a foundation.

So with my hubby gone we would lose all and with me gone my daughter would have nothing but a live in grandma probably, I have no clue because dare care for us is not affordable.

 

[a.baker]

To add lol my dad will say "well you need to do this and that". Its like duh; you don't think we have thought about that and tried?! Its just life and you do the best with what your given. We are fortunate in many ways

 

[wcladymacbeth]

Anyway, I have life insurance through my work.. about $100,000 and work pays for it. But if I lost my job and THEN died then I would be completely screwed. I have no other plan and I only have that one because it comes with my job. But I'm only 25, no kids, not even married yet. I have my insurance set up so it goes partly to Justin and partly to my parents since they're still helping me pay some of my student loans...

Although don't my student loans just go away if I die?

 

[puppydog]

I have disability cover, life insurance, dread disease and income protection. Everything goes to my parents as I have no dependants and my dog goes to them seeing as she spends most of her time velcro'd to granny I don't think she would even blink!

 

[Gempress]

We're covered.

 

[Fran27]

My husband is covered... life insurance and disability insurance... so I'll be fine if something happens to him. I have no life insurance, but being a sahm, it's not like he would miss any money or something.

 

[xpaeanx]

My husband is covered... life insurance and disability insurance... so I'll be fine if something happens to him. I have no life insurance, but being a sahm, it's not like he would miss any money or something.

Actually, they would! Who would watch the kids? Would he have to start paying for daycare or a nanny? Just because you dont bring in money, does not mean that your role does not impact the household finances.


I'm glad to hear that most people do have their families covered on here! you wouldn't believe the amount that dont! I may be over planning(I don't even have a family and yet i'm getting all the insurance my budget allows(this way I can get a lower premium and I still have nothing wrong with me*knock on wood* so I get the premier rating)). No one in my family had any sort of planning done, and that really screwed things up.... So I guess that makes me all for it now. If I do die at a ripe old age, I will die happy knowing that I'm leaving my kids/grandkids millions. If I die early, I will at least be happy knowing that my kids will have enough to support them through school w/o drastic changes to their lives.

 

[Fran27]

Yeah you're right. I guess I never really wondered if I was or not... I might be anyway... I'll have to ask him, lol.

I know insurance doesn't work the same way in France, but my dad had life insurance and it really helped her - she gets checks in the mail every month now, for half his salary I think... and his job sent her a $130k check when he died, so she was able to pay off the mortgage for the vacation house they had just built, and she lives comfortably now. I can't even imagine if he hadn't been insured...