Monday, April 02, 2007

How much life insurance do we need?

Deciding on a life insurance policy can definitely be overwhelming. There are so many different kinds, and also so many different factors that go into each one. Term life insurance is the most common, but, there are four other kinds, as well. They are whole life, universal life, and variable universal life.

If I were to insure myself for the period of time until my children graduate college, and I didn't die, when my children get out of college, the policy would expire and I wouldn't get any cash out of it. I don't think I like the sound of that one.

The one that my husband got is also some sort of savings account, so that we can cash it out should we ever need it. That seems pretty cool, unless you cash it out and then die a year later, and leave your benefactors with no money for all of the funeral expenses and everything else that would need to be taken care of.

Another thing I wonder about is if we need insurance on me, as I am a stay-at-home-mom. My husband thinks that we don't, but, I worry that we might need at least some type of coverage for me.

Speaking of insuring me, I learned something else at - my weight would actually be an issue in regards to the premium. I mean, I've always known that being overweight is a health concern, I just never considered it in regards to life insurance. If we were to get me covered, however, the premium could be higher because of my weight. There is one more weight-loss motivator!


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