Life Insurance Question?

[HALEY]

ok Hubby finally got the work truck yaaa about time, so now i have some extra money to get him some life insurance, i want to go with term life 30 years, but how much do i need to get, i was thinking around 80,000 so at least the house and vechicle will be paid off and i can survive on my own with Micah, but somehow i wanted to get more, but i don't want to put all my eggs in one basket ,cause with my savings once i get enough in there i want to pull 1,000 out and get mutual funds so maybe around 25 years down the road we'll be self insured and i will have made enough of money i can cancell his life insurance policy.. anyone else have any thoughts on this one?????

[Janet]

Sorry Haley, I'm no good when it comes to insurance. There are so many knowledgable people here I'm sure someone can give you their thoughts.

[DianaB]

I would go for a little more. You can tuck away some of it for college expenses for Micah too. The best advice I can give you is to talk to an insurance man, someone you can trust. Don't go in thinking that you're buying now but let him know that you're looking for information and checking around. Then hopefully you won't have so much pressure from him to buy. I would at least do $100,000 but you'd have to check into what your payments would be.

Just for comparison, I had $250,000 on my husband and it was costing me around $400 a year and we had that price locked in for 10 years. This year it goes off and I'll be paying a lot more, it looks like around $2700 if we decide to stay with this company. I just got a bill. YUCK!!! We may be doing some shopping for insurance ourselves!!!

I know that it sounds like a lot but with that amount our home will be paid for and some of our farm expenses. Then I'll have the option to sell off part of the farm to cover the rest of the expenses or keep it and rent it out or farm it myself. It won't be just money in my pocket, but it will help things to run more smoothly for me.

[HALEY]

Thanks Diane, my next step is to start a college fund for Micah i got the paperwork in a month ago, now that i'm getting caught up with our bills and cc, that is the next step, cause they want 350 down and 50 a month.. and all his extra Birthday/Chirstmas money will also go into that account.
i'm also going to start pulling some money out of the savings account and put into mutual funds so i don't just have life insurance i'll also be making some money is stocks, i do have extra insurance thru work for Mike also, so right now i think the 80,000 will be enough plus my extra i got on him to cover the balance i owe on the house and my truck, plus the cost of the funeral.. i am starting to feel better that i'm finally getting this stuff done, it took a year for me to get out of this debt and paying off my mother and Mikes DUI.. I still can't believe he finally got his company truck and he's been behaving, staying home etc. that black cloud over our heads is finally moving on.....