Do you have a life insurance policy? if yes, who's the beneficiary?

[Dancing Fire]

your SO? your children? or Dancing fire?

Wife and I used to have life insurance policies, but when our daughters became young adults we just let ours expirer. IMO, life insurance is a rip off if you have a long life span. My 100K policy (purchased in 1987) was $60 per month, but they take out $18 in fees each month.

 

[Wewechew]

My husband and I each have policies on each other, with the other as 100% beneficiary. We got them before we were married, after we purchased our home together. The policies cover paying off the mortgage and a little “cushion” in case the surviving spouse has to take some time off work, etc.

Morbid, but we want to make sure we are both taken care of if something were to happen.

 

[mom2dolls]

We have life insurance that covers paying off the house and college for the girls plus a cushion.

 

[Daisys and Diamonds]

im about to reassess mine
i have 2 polices - i have no children and only one morgage
i have had one for years, the premium is good but still goes up every year
the other one i have only had for 2 years i got it in a lead up to getting the morgage - its through my superannuation provider, not the bank. i need to look at all our insurence - its all over the place - cars, contents, house and life - im sure we could be getting a better deal
we don't have good life length in my family and i would not want to die leaving any bills and im only 2 years into the morgage although its only 100k and a wee bit more.
we also have funeral insurence each

thanks for this thread Dancing fire
i have clarity now ive thought about it
i need to compair my 2 policies and stop one of them

 

[jordyonbass]

My wife and son are the beneficiaries for mine. I do so much driving for work that I felt it would be best to have one to help look after them if anything happened to me. I had a really serious car wreck in May and one of the first things I did after the accident was check my policy was still OK.

 

[nala]

No. Thankfully everyone I love is self-sufficient. Plus I think it’s morbid.

 

[Daisys and Diamonds]

My wife and son are the beneficiaries for mine. I do so much driving for work that I felt it would be best to have one to help look after them if anything happened to me. I had a really serious car wreck in May and one of the first things I did after the accident was check my policy was still OK.

that's terrible about the car crash
hope you're all ok now

 

[dk168]

My brother and my ex-husband, plus charities that I support.

DK

 

[jordyonbass]

that's terrible about the car crash
hope you're all ok now

Thanks @Daisys and Diamonds, we were all OK although the other driver got a broken leg. I had a sore back and some mild kidney trauma but it was nothing serious, the emergency services couldn't believe that we all survived as none of us were able to open our doors and we all had to climb out of broken windows to exit the vehicles. We all got very lucky that day.

 

[Daisys and Diamonds]

Thanks @Daisys and Diamonds, we were all OK although the other driver got a broken leg. I had a sore back and some mild kidney trauma but it was nothing serious, the emergency services couldn't believe that we all survived as none of us were able to open our doors and we all had to climb out of broken windows to exit the vehicles. We all got very lucky that day.

ouch !
glad no serouse damage Jordy, you must have given your wife a scare too

 

[Ally T]

Yes, we do. In the UK you have to have Life Insurance in order to get a mortgage. Although we were lucky enough to be mortgage free after only 12 years, we let the policy continue to run, my husband & I being each others beneficiaries. Husband also has another policy through his business.

For me, if anything happens to him, I will need an income until I can get life sorted out. I currently only work 2 hours a day at my childrens school, as they are my priority until they are older teens. Taking them to school, collecting them each day & getting them to their classes, is my job. I could never earn what my husband does & feel that if the worst happened, the last thing they would need initially would be mummy disappearing off to work long hours in a new job. They would feel pretty abandoned.

For him, if anything happens to me, he says he'll need to employ a live in Swedish Au Pair

 

[jordyonbass]

ouch !
glad no serouse damage Jordy, you must have given your wife a scare too

It gave all of us a big shock, especially since Finn was only about 6 weeks away from being born. Everything is back to normal now though and life is great

 

[kenny]

No.
I hate insurance.

Here's what gives me peace of mind:
1. Not supporting those fat greedy insurance companies.
2. The substantial bank balance from a lifetime of buying only insurance required by law, or my mortgage bank.


I also never buy extended warranties on anything. Ever!

 

[elle_71125]

Yes. My DH and I each have one with the other spouse as the beneficiary. It was important to me that we be covered in the event of the unthinkable. There’s enough to cover the mortgage with a little extra to account for time off work, etc. As someone with anxiety issues, I find these give me peace of mind.

 

[missy]

We used to have a few policies on my dh and one on me but now we only have one on my DH. Our mortgages are pretty much paid off (small one on beach house) so we didn't continue with all the life insurance we were carrying but have enough of one on my dh (he is the only one earning/working now) to cover expenses g-d forbid anything should happen to him. He has it through two investment vehicles and through work too. I am the only beneficiary.

As @elle_71125 wrote peace of mind is everything (I have anxiety issues too) and I am thankful my dh wants to make sure I am OK in the event of something terrible happening. Of course I cannot even bear thinking of the worse case scenario and hope we both die together.

 

[MamaBee]

No..We don’t have life insurance...We let them expire..

 

[bling_dream19]

This is very helpful and many factors to weigh out. Interesting to hear everyone's opinion. I contributed immensely to the insurance co pocket for about 14 years when I was married. I am leaning towards no life insurance for my upcoming marriage but I really do not know what to do. We are actually older and one of us will die so it might actually be of use but it feels like an awful concept to get a payout from an insurance co for someone's death. Lots to think about DF.

 

[MeowMeow]

I had a small one through my bank. But I had to let it go because I don't currently have an income. It's absolutely morbid to think about but after losing my mom suddenly when I was 19 my father and I had to quickly learn to be more prepared for going through that in the future with him or potentially any of us since death does not discriminate and it would be hard to bury any of us without it.

 

[baby monster]

Yes, my job pays for it. My mom is the beneficiary. I figured she was the least likely to want this potential benefit.

 

[redwood66]

Yes. DH and I are each other's beneficiary 100%. Our sons are secondaries at 50% each. The large one is through my former work and DH keeps one at his work that doubles his annual salary for around $1.50 a paycheck. I will keep the large one as long as we have a mortgage.

 

[stracci2000]

I have one through my employer. It is not huge, but something's better than nothing!

 

[marymm]

Yes, my DH is the beneficiary of my life insurance policy, and I am the beneficiary of his life insurance policy. Both policies designate my youngest nephew as the secondary beneficiary (should we die together). These policies were originally part of a work benefit package and after leaving that employment we elected to continue (port) the policies due to their very low cost. We wouldn't have sought out life insurance on our own nor have continued these policies had the cost not been so reasonable.

Just a general shout-out to anyone who does have life insurance - please confirm the beneficiary information held by the insurance company matches your current intentions and please also ensure you have designated a secondary/contingent beneficiary.

 

[msop04]

Yes... my husband is primary and my daughter is secondary.

 

[Dancing Fire]

I have nothing against life insurance if you are young and with kids but since our two adult daughters are out on their own I don't feel we needed life insurances now.

 

[Dancing Fire]

No.
I hate insurance.

Me too!. Kenny, we are probably the only two PSers who don't have insurance on our diamond rings.

 

[MamaBee]

This is very helpful and many factors to weigh out. Interesting to hear everyone's opinion. I contributed immensely to the insurance co pocket for about 14 years when I was married. I am leaning towards no life insurance for my upcoming marriage but I really do not know what to do. We are actually older and one of us will die so it might actually be of use but it feels like an awful concept to get a payout from an insurance co for someone's death. Lots to think about DF.

@bling_dream19 I don’t know how old you are..but we had life insurance when we were younger. We are older now and are set up for retirement if my husband ever does retire...He retired from one company and took another job..He will probably retire from that one in less than two years..fingers crossed. If one of you dies and it causes either one of you financial hardship..then life insurance would be a big help...especially if you still have a mortgage. We don’t have mortgages on our homes so we decided we would do away with having it. Of course you would be devastated...but at least you would have money to pay your bills...Peace of mind is very important.

 

[Rockdiamond]

Alright already!!
DF- please stop calling our house past midnight.
I'll call my broker and change it to having you as the beneficiary....lol!!!!

 

[bling_dream19]

@bling_dream19 I don’t know how old you are..but we had life insurance when we were younger. We are older now and are set up for retirement if my husband ever does retire...He retired from one company and took another job..He will probably retire from that one in less than two years..fingers crossed. If one of you dies and it causes either one of you financial hardship..then life insurance would be a big help...especially if you still have a mortgage. We don’t have mortgages on our homes so we decided we would do away with having it. Of course you would be devastated...but at least you would have money to pay your bills...Peace of mind is very important.

Thanks mamabean! He is older than I and I still have a mortgage. We are not sure where we are going to live yet. One decision at a time. I'm thinking yes on life insurance as peace of mind is invaluable. Thank you for sharing your insight. Hugs!

 

[Dancing Fire]

Alright already!!
DF- please stop calling our house past midnight.
I'll call my broker and change it to having you as the beneficiary....lol!!!!

Of a beautiful 3.5ct 60/60 stone? Please no flat top 60/60.

 

[cmd2014]

My husband and I do with each other as the beneficiary. The idea was to allow whomever was left some time and room to breathe before having to decide what to do next if something were to happen, and to replace the other's income for a while. We both work, so losing one income would put a lot of our future plans in question, which is not what each of us would want for the other. Besides, we get ours through one of our professional associations, so it's not much of an annual fee. Once we get closer to retirement age though and have our retirement funds in place, I suspect we will likely cancel the policy.