I just called Zander and asked this question and was surprised to learn that they really don't recommend insurance for someone in my position. Long term care insurance, yes, but not life. I have a small burial policy with another company. My 20 year term with another company just expired and the rate jumped from $60 a quarter to $200! I don't have long term care insurance, but maybe I should look into that. I WILL NOT go to a nursing home though. I've seen enough about life there and would just as soon call Dr. Death.
The road to success is always under construction.
I think you have to look at your own individual situation.
July 31 2012, 1:46 PM
I have $250,000 on me. We took out that policy when the kids were smaller. Our reasoning was that dh would more than likely either do daycare, or have someone come to the house and care for the kids. He would also more than likey have hired someone to clean and do the other things I do.
I think if your kids are adults, a burial policy probably makes sense.
I believe soem of the long term care policies cover in-home services. I haven't done a lot of checking yet, so I don't know many details.
I have heard that Obamacare may have some negative effects on long term care insurance, so it might be a good idea to get it sooner than later.
Re the life insuance: I say as long as your spouse is working, I personally would have at least a small policy. That way, if the spouse wants to take more than a few days off from work, their salary can be covered. If I were married, I'd hate it if I had to go right back to work. My sister I believe was out 3-4 weeks when my BIL died. Par tof that was haivng to spend time getting stuff straight w/ his business and the register of deeds (he had no will).
I'm not married and no kids, and I have a little on myself. It will pay for my burial expenses, any outstanding debts, and anything left goes to my executor. Currently, my beneficiary is my mother, but I will be changing it to my sister very soon. Should she pass before me, I am going to arrange for someone to be paid to handle everything after I pass, with what little left to be donated somewhere.
I doubt that your DH would have significant expenses, such as child care, if you died first. You do not add to the income now. Assuming you are on Social Security when you die, your DH would lose your benefit, but he also would not have (pardon me for sounding so harsh) any expense for you.
We no longer have any life insurance, including burial policies. We both plan cheap "final expenses" and figure if we are debt-free (as we are) and can't come up with a few thou$and, then we are in bad shape. I expect to leave an estate to my children, who will therefore be able to cremate me and still have enough left for a cup of coffee and a donut.
Your husband isn't going to take 3 hours off for the funeral then go right back to work, is he? =8-| I think he is probably going to have to take some time off! I don't think insurance is ever a bad idea - if you can afford it.
And I'm with you on the nursing homes! I'd prefer to die, thank you.
Unfortunately, we don't typically get to choose when Dr Death comes knocking. Mr almost dead often calls, and leaves folks incapacitated, incontinent, disoriented and incoherent, unable to stay alone.
If Mr almost comes to both dh and I, long term insurance may be our saving grace - at least then my kids have choices as to where to send us.
I guess what I'm saying is, NO, I don't think anyone desires to end up in a nursing home, but we may not have a choice. I do not want to burden my children with caring for me 24/7/365.
I suspect that it is rare that any housewife doesn't contribute in a way that would be deserving of at least a modest life insurance policy. If something were to happen to you today Tnetter - what would dh have to pay a contractor to finish up the construction projects that you have in process? Are they things he would/could finish on his own - or would he hire it done? While you may not be contributing to the income, you are contributing to the household in a big way in my book!
We took out 20 year term life insurance when I was pregnant with our first with the assumption that we wouldn't need anything after the kids were in college because they would inherit our retirement funds. Now I'm rethinking that. I wonder if we should extend them by a few years not so much for the kids, but for each other.
Except for grilled cheese and eggs or oatmeal. I'm about ready to call someone to get this done though. I told dh to call the electrician and see if he could get over here at 6 am Saturday so they can get it done before the temps in the attic get over 110. That would be by 9 am.
The road to success is always under construction.
Once the kids are older, I agree that the need is less. However, if you've always stayed home, your family may not have been able to save up much of a retirement or inheritance. A life insurance policy on you could remedy that. Depends on what it costs to maintain one. Check with Edward Jones or other investment places: you might be able to take the cost of monthly insurance premiums and invest those and come out really sweet if you do live a good long time still, kwim? If the kids are little (I realize yours aren't), then I agree with Monica.
We have about a year's salary (my husband's) on me so that he could take a family leave if he needed/wanted to.
As for long term care insurance, my accountant, who is extremely conservative, highly recommends this and wants me to get this insurance for me and my husband. I've got to look into it.