Over at It's Just Money the question was brought up on whether you have a will or not.
I bet by the title of my post you already know my answer. I don't have one. I don't have life insurance either (but my husband has a small policy on him thanks to his parents long ago).
Both things I better get cracking on and get done. I think the biggest reason I have dragged my feet was because of the mortality issue. I hate thinking about death in all regards. I'm not done with what I have to do here on Earth just yet. But if the unthinkable happens, I don't want my husband and son drowning in debt.
That leads to the next dilemma. How much life insurance to get?
I don't want to go too high, because costs need to be kept low at the moment. I think $100,000 policies (at least) should be taken out on each of us so at least the other spouse can try to get their life back together with no debt.
Gosh, this is so depressing to even think about. But I guess it's a fact of life that has to be done. I don't want my son paying for mistakes that I made if I have the ability to avoid them. And I don't want the court deciding who should raise him.
With that said - writing up a will and shopping for life insurance is my goal for the next week. This is too important of a matter to let keep sliding by. A thanks to It's Just Money for bringing the topic up.
3 comments:
Check with your job, or your husband's job. A lot of times companies can get better rates on life insurance (car insurance, etc) due to their size. I got my life insurance through my job and pay for it through an automatic deduction from my paycheck. The money comes out before taxes and you won't miss it, if you never get it. Life insurance is important, just as a safety net. Good luck with your search.
It does suck to think about but both things are very important. That being said, we have yet to do wills either. As for insurance, you really should get it. Dave Ramsey suggests http://www.zanderins.com for life insurance. That would be a good starting point to see what some going rates would be for both of you. It's a really simple process too!
g. - unfortunately, my husband works at a small mom & pop shop (but will be leaving soon) and I work for a smaller company as well. Both do not offer life insurance.
kim - thanks for the site. I'll check it out.
Thanks to you both for your comments :)
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