Need help on Life insurance !!

[HALEY]

I am so confused when it comes to Life Insurance, well my husband's company dropped his life insurance, so i been looking for a life insurance now, just what i needed but i am confused! Should i get term or whole life?
Then i don't know how much to get on him?
Any suggestions out there?

[HALEY]

Talked to my sister and she told me term life insurance, i know its cheaper than whole life, i guess i have to check out the differences... i called an agent, she's looking into prices for me.

[Marilyn]

According to Dave Ramsey, term life is the best way to go. Whole life works like an investment account, but the return is not good at all according to Dave. You are better off with term life and investing another way. You may want to check out his website for more information. www.daveramsey.com

Hope this helps!!

[judy]

Definitely do research. Term is also an investment, like Marilyn said.

As for your dh, what's he worth to you?

[goofywife]

We have both a larger term policy and a small whole life policy. The term policy will gradually cost more when it comes up for renewal. We put 20 renewable on them, so the price is locked in. The whole life price will always be the same. We get great rates by combining all (car, house, & life) of our insurance from the same company. That can be bad if it ever goes belly up.

Our plan is that if one of us dies, the other has enough life insurance to pay off the house, so that the one left will not loose it (it takes both our salaries). Eventually the term life will get to expensive as we retire (get old) and we will just have the whole life. But who knows, maybe the prices will still be affordable.


Anyhow that is our plan.

[HALEY]

Originally Posted by Marilyn

According to Dave Ramsey, term life is the best way to go. Whole life works like an investment account, but the return is not good at all according to Dave. You are better off with term life and investing another way. You may want to check out his website for more information. www.daveramsey.com

Hope this helps!!

Marilyn i love this site been on it for an hour now, love the total money make over, wrote everything down, doing some of the things already that he was talking about, so at least some ways i was smart with my money.. oh thank you, love this site.....

[HALEY]

Originally Posted by judy

Definitely do research. Term is also an investment, like Marilyn said.

As for your dh, what's he worth to you?

I'm trying to figure that one out Judy, i have to go home and combind our dept. and see how much i would need in case something does happen to him, i know now that i couldn't afford everything by myself with Micah.. Before Yes, with Micah and the mess were into with remolding the house NO..

[HALEY]

Ok let me know if this sounds alright! im taking Dave Ramsey's advice.
i'm getting a 20 year term life policy on my husband, i combined the total i owe on the house, car, and credit cards and funeral expense, this is how much i'm taking the policy out for, plus getting a rider for Micah!
Now i already have a savings account Dave was talking about, been putting 200. per month. i also have an IRA thru my back, that's 50..00 a month i put in that.
All Credit cards will be paid off in August, so this is when i'm going to start looking at mutual funds get them started so when my 20 years are up we will be self-insured.. also after the credit cards are paid off, i'm going to increase the amount of money that im putting into my savings account, according to Dave you should have 3-6 months of salary in your savings.. So come August, I will get the ball rolling on this. ONce this is going good, i have to send Micah's college fund in...

[judy]

Wow! You are so organized. It really sounds like you have it all under control.

Good for you!

[DianaB]

I'm impressed!!!!!

[Marilyn]

Sounds like you are working the plan, Haley. Good job!!! You might consider buying a copy of The Total Money Makeover. I'm sure you could get one for a very low price on Amazon.com. You are on track to live a very happy life. Not having to worry about money gives you such freedom!!! We're not rich, but we are comfortable because we have tried to "live like no one else, so we could live like no one else". It's amazing, but when you can afford to buy most anything you want, you realize that there are not a lot of things that you really want.

My next goal is to get to the point that I have the time to really enjoy the blessings. That's the plan we are working on now. I just have to learn to be patient with this new plan.

[HALEY]

Aww thanks guys, i need to start thinking about the future! Especially with Micah, I do have a good 401 K thru work, but i don't think it's going to be enough to live on when we retire, and Lord only knows how much prices are going to be going up by then.. So i need to start planning now..
Thank you so much Marilyn i spent hours on that web site and he made alot of sense to me.. Plus i talked to my sister about mutual funds. Hope to get those started soon as i build up my emergency fund a little more.. I have some savings bonds i'm going to cash in and put into a mutual fund.
I am going to get his book too, sounds interesting!

[Janet]

Never heard of this guy before, but after seeing you posted a link (haven't gone there yet) I saw another post about him on another forum. Guess when I have some time, I'll need to check the link out.