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

Tue, Nov 21 2023, 3:50 am

Having an argument with dh about the necessity of life insurance. I work too, but he is the main breadwinner and we have a medium size family. He says most people don't have. I claim otherwise.

amother

Honeydew

Tue, Nov 21 2023, 3:52 am

Ideally both parents should have

amother

Chambray

Tue, Nov 21 2023, 3:56 am

I'm a SAHM and we both have life insurance. Mine is much lower amount as hopefully DH would be able to continue working to cover the extra expenses that would come up if I passed away. I don't think a lot of people realize how expensive death can be and it is a lump sum that is needed quickly.

amother

Papaya

Tue, Nov 21 2023, 4:00 am

Just dh has since he makes more than twice as much as me. I've thought about getting but it's another expense.

BrachaVHatzlocha

Tue, Nov 21 2023, 4:00 am

We got when Our oldest (now 19) was a baby..it was a small amount , got whole life, so now it's paying for itself. We got a larger (still not huge ) one more recently for each of us. Even you should have , especially if you have young kids, even if you don't work. You don't realized how much you do! Replacing mommies aren't working easy.we should all be well until 120!!

amother

Firethorn

Tue, Nov 21 2023, 4:02 am

If you have children, you should have life insurance. It's irresponsible otherwise.

amother

Lemon

Tue, Nov 21 2023, 4:10 am

Of course and at least a few million. Just a burial alone is costly. Think about housing expenses, living expenses and marrying off your kids

amother

Jetblack

Tue, Nov 21 2023, 4:12 am

We both have a couple policies. We reevaluate as needed. Mostly as we have children. We both have a couple million between term, refundable term, and whole life. We got our first policy when our first was born.
I know couples that only one has in my opinion both should have. It's the responsible thing to do.
In addition, please take care of power of attorney, healthcare proxy, and guardianship as soon as you have children. It's very very very important.

amother

Wheat

Tue, Nov 21 2023, 4:14 am

Parents of children should have. Breadwinner or not.

We can't afford a couple of million (or whatever number was thrown around). And we definitely can't afford whole. We each have a small policy, what we can afford.

We're also signed up with areivim. That's the absolutely minimum.

amother

Steelblue

Tue, Nov 21 2023, 4:30 am

Both parents do. If the non breadwinner parent does ch”v it would cost a lot to replace what they contribute to the household/childcare

Highstrung

Tue, Nov 21 2023, 4:32 am

We both have and have had since we had our first child. It didn’t make a difference whether we were working or not or who was the breadwinner or not.

amother

Ballota

Tue, Nov 21 2023, 4:34 am

I am the family CEO.
It would be super expensive to replace me.
I don’t think my policy is as big as dh’s.

amother

Buttercup

Tue, Nov 21 2023, 4:36 am

You both need insurance

He needs an amount that will allow you to continue to live comfortably, and vice versa

I don’t bring in nearly as much income so my life insurance policy is enough to cover what I did contribute plus childcare help, housekeeping help, etc. Things that will cover the things I took care of so DH can continue working and our expenses won’t suddenly go up.

I can’t tell you if everyone has life insurance but they should. Once you are a parent it is your responsibility not for your spouse but for your children. DH and I got our policies when we were pregnant with our first as did almost all of our friends.

amother

Honey

Tue, Nov 21 2023, 4:40 am

I never understood that are people just waiting for charity when they die? I actually just had a pretty big surgery and have not been able to do much around the house. I was wondering if my family would be OK without me and if they could just hire someone to replace me and oh my goodness I see that you can’t, but I have spent a lot of money on extra help this week because I’m not allowed to do much. I cannot imagine if a parent passes away how much it would cost to replace what even the one who’s not a breadwinner does. I literally do everything in the house and help it’s not so cheap. We each have $1 million at my cousin makes over that a year. But if something were to happen to me it’s just reassuring plus what if both of us God for bid passed away at the same time then we have money for our adult children who are married to look after our younger kids. What would they do? Otherwise? I think it is completely and totally be on irresponsible not to have Life Insurance otherwise, you’re literally hoping that people use their tzedekah money to pay your bills. OK getting off my soapbox now but this makes me so upset when Life Insurance isn’t all that expensive if you get it at a young age. Not saying it’s free or super cheap. Ours is over $800 a year. God forbid we needed it. At least we know we be set for a little while if not forever. Life is expensive.

amother

Cerise

Tue, Nov 21 2023, 4:41 am

Im a sahm and have life insurance. We both do.

amother

Brass

Tue, Nov 21 2023, 5:14 am

We both have life insurance since we had my first two years year ago. We plan to get additional policies as each child is born to up our coverage accordingly. It’s basic hishtadlus imo. And it’s actually astonishingly cheap if you’re young and healthy. I’m paying under $30 a month for 1 million dollar coverage for 20 years. Just need 20 years of coverage for now because once my first is an adult, she can care for herself.

It gives me mental peace too, knowing that if the worst happens, my family won’t be left destitute.

I’m the breadwinner happens to be, my husband is in kollel. What difference does it make? Either of us dying would be a huge problem financially.

simcha12plus

Tue, Nov 21 2023, 5:44 am

Don’t make your family a chessed find campaign!!!
You should live until 120, but please get life insurance. At the least get areivim and consider that your monthly tzedaka.

amother

Aconite

Tue, Nov 21 2023, 5:59 am

happy7 wrote:

Don’t make your family a chessed find campaign!!!
You should live until 120, but please get life insurance. At the least get areivim and consider that your monthly tzedaka.

Unfortunately, most families need a chesed fund/tzedaka in addition to a life insurance policy. Especially a family with young kids r'l. The life insurance can run out pretty fast. It's smarter to right away make a fund for them to be able to live comfortably for afew years before touching the life insurance. May you never know of such tzaros.

amother

Violet ↓

Tue, Nov 21 2023, 6:03 am

We both have. It's a must. I hope to never need it, and I definitely hope to never need tzedaka.

amother

Midnight

Tue, Nov 21 2023, 6:13 am

DH's first wife was sick for 2 years and passed away. DH had young children. He wasn't able to work for a full year after she passed away. Thank goodness she had life insurance as well as him. (She was a SAHM)
Both parents need life insurance, not only the main breadwinner.
Death is unfortunately expensive.
Her funeral and burial were over $5K.
Expenses really add up. He and all the kids needed grief therapy.
Take out after the meal trains stopped and until he got in a groove of cooking.
Etc etc

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