Does a breadwinner parent have life insurance

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Does a breadwinner parent have life insurance?

Yes

95%

[ 126 ]

[ 6 ]

Total Votes : 132

amother

Purple

Tue, Nov 21 2023, 9:17 am

Our life insurance broker asked what it would cost to replace me if I wasn't here. You need to pay for a housekeeper or someone to watch the kids if you want the other parent to be able to work full time.

Suggest with your husband that he speaks with his broker. Not having any insurance is a bad idea. I think we pay about $50 a month for a million dollars of coverage for me. It's not that expensive and it is a petty big risk not to have it.

amother

Pistachio

Tue, Nov 21 2023, 9:20 am

We both have and I’m a STAHM mine is a bit higher due to health issues.

amother

Papayawhip

Tue, Nov 21 2023, 9:54 am

We both have policies. We both work but his brings in the health insurance and covers a majority of the bills. But if CV something were to happen to me how could they replace my income and everything I do for the family? Plus therapy for the kids?

amother

Navyblue

Tue, Nov 21 2023, 9:56 am

Both parents should have life insurance. Even if a spouse doesn't work, you must calculate what it would cost if you have to pay to replace the services provided.

Also long term disability is even more critical than life insurance because many people are unable to work - either for a long period of time or permanently. That would impact the family as much as death in terms of income.

Also I very much doubt that there is enough money available so that every person whose spouse dies or is disabled actually is able to replace that income. Not to be cynical, I think unless there is something especially "noteworthy" or tragic about the circumstances, most people are not able to raise enough to replace a good insurance policy.

amother

Pink

Tue, Nov 21 2023, 10:12 am

We each have 1.2 million. Honestly it’s not really enough for a lifetime but it’s enough to give time to figure things out. Costs $1k a year for dh $400 for me. We hope never to need it but if chas veshalom we did we would hate to be one of those families needing a go fund me or being a burden on the community.
We also have long term disability, it’s cheap through our works so we have it but I don’t think that’s as common.

amother

↑ Violet

Tue, Nov 21 2023, 10:15 am

In many cases it's smarter to invest most of the life insurance money in a relatively safe investment and use the returns, rather than living off the capital which is limited.

amother

Ruby

Tue, Nov 21 2023, 10:16 am

I have 5x my salary, and dh has a very small policy. getting bigger policies for both of us is ideal.

giftedmom

Tue, Nov 21 2023, 10:16 am

We both have. I’ve seen what happened when a mother passes away. It def costs a lot and even then things are still all over the place.

amother

Poinsettia

Tue, Nov 21 2023, 10:31 am

We both have a policy. And disability insurance. We have a combo of whole life and term policies. We just got these a few months ago and wish we did it sooner. We are both in our early 30s.

amother

Honeysuckle

Tue, Nov 21 2023, 10:41 am

We have policies for both of us in addition to having Areivim.

zaq

Tue, Nov 21 2023, 10:58 am

Does A breadwinner? The breadwinner should, for sure, but evidently many don't. It's a mistake. Even some non-breadwinners have life insurance. Funerals are a very expensive proposition. And if a non-breadwinner spouse dies, there will be expenses for services that person provided. Your spouse might need to pay for housekeeping and child care, for example.
Who does not need life insurance? A child.

amother

DarkGray

Tue, Nov 21 2023, 1:29 pm

We both have. I remember years ago, Rabbi Krohn said in a speech that anyone who has car insurance but doesn't have life insurance loves their car more than their wife.

cfriedman2

Tue, Nov 21 2023, 2:58 pm

I'm divorced with 1 child and I have a million dollar policy. Everyone should have life insurance. If gd forbid something should happen your family will likely not have the funds needed to continue living "normally". A term policy is not very expensive and even if it is (due to health/smoking, etc) your rate of passing is higher and your family will still need the money so its a worthwhile expense.

chocolate moose

Tue, Nov 21 2023, 8:00 pm

if you have dependants, you need life insurance.

amother

Darkblue

Tue, Nov 21 2023, 8:05 pm

im married 3 years, have a 2 year old and another on the way. im the main breadwinner :/ but I dont even make that much. can someone dumb this down for me... who do I speak to about life isnurance and how much is it each month? I want to do the right thing

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