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Okay, I head life insurance through my employer. But as I've left work to stay home with Nicholas, I obviously don't have it anymore. And I didn't think of it today when we got a mailer from our bank.Glad I didn't die or lose one hand and sight of one eye in the past month. (No, really. That's one of the things.)AnYWAY, for those with AD&D... what do you pay monthly/quarterly/yearly/etc? What's a "good" amount to have? I can choose up to 300,000, though 100,000 looks to me (with no experience on this subject) to be very affordable. Is 16.50 a good amount to cover family? (Monthly.)Someone with more experience on this topic, talk me through it. I'm aware that it would be good for me to have but know nothing about actually researching it, etc. :) Thanks!
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There lots of ways to look at this. I would recommend contacting a fincial advisor and asking for some advise on your situation specifically.But basically this is what we did. We have enough insurance on Andy for me to pay off all debts and live off of with out me working for a few years. This would give me time to get on my feet and have a job to support us.On me, we have enough to pay off all debts and enough for Andy to be able to put aside money for the kids care while he's at work as I am a stay at home mom.Does that help at all? I always hated thinking about this. Especially when we took policies out on the kids. Yuck.Blessings,Jenny
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One thing you need to think about is how much would be needed if (Heaven forbid) you dies. A lot of SAHM are tempted to have little insurance because they have little or no income. However, think about Joshh's work schedule. If he has to pay for someone to watch Nick while he is on 24 shifts, it could get expensive. Plus I believe you are working part time at home, so making some money. And you want to think about Nick's future (college, etc.) I got a worksheet from one insurance company that helps you to figure how much you realistically need. As far as costs, is the $16.50 for just you? Or does that get Josh coverage as weel? Is this term or whole life? How long is the term? There are a lot of questions to think about. My advice would be to go and talk to an insurance agent or two. They could help you figure out how much you need and explain the different options to you. There is no obligation to actually use them. You could just use their information and go wherever you want. The biggest piece of advice: Make sure you use a reputable company. I have heard horror stories of people who pay for years and then when family tries to claim the money, there is some loophole and they never get it. If you use a bigger, more reputable company, this is less likely to happen. (Can you tell I have done a lot of research on this topic? I am super prepared for everything, even death!!)