Thinking about Life Insurance

Thinking about Life Insurance

Postby RobKluver » Thu Oct 04, 2012 1:34 am

As a dad who is getting older every day, I am starting to think more and more about what would happen if I died. Some of you out there might say, "What the heck do you care, you'll be dead so there is nothing to worry about".

But I am worried. Even though their mom works, I have been the one making sure that our essential needs are taken care of every month. With me gone, its going to be really tough on them. Insurance can be expensive and right now I have none at all and I am seriously thinking about doing whatever I can do get at least some minimal coverage so at a minimum they won't have to worry about the costs of putting me in the ground. I would also want them to be able to make it without me financially at least until they are all over 18.

The cost is my biggest concern while at the same time, I would need a policy to provide them with enough funds to get by without me. So a small policy under $10,000 that would probably cover getting rid of me, but not much more. I guess what I should think about is how much money they would need a year to get by, and how many years left until they all turn 18 or maybe even 21. With my youngest only being 3, thats at least 15 years, figuring on about a minimum of $25,000 a year. That would mean I want a policy around $375.000?

I guess there may be other ways to get by with less life insurance coverage, perhaps having some of it invested in bonds, CDs and other financial instruments. Now, since I'm pretty much broke, $375K may be way out of my affordability range. In fact, I may be lucky to afford a policy with around $100,000 worth of coverage.

Do you have life insurance? Are you thinking of getting some? About how much do you pay for how much coverage?

I know I am not alone in the universe as the only person who doesn't have life insurance and have thought about getting it.
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RobKluver
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