Planning for baby..do you have life insurance?
It always amazes me when I talk to people with children that:
A) Don’t have a life insurance policy set up for the incomprehensible, even if its just basic expenses, to help plan for your childs future if they were to be left without a parent. I think its so easy to add the breadwinner, generally a husband, but leave out the wife. But in a lot of cases, including my own, if something happened to me, my kids would need during the day care, so I have a life insurance policy as well.
B) Don’t have a will stating where the kids will go if something happens to parents.
Personally, I am taken care of in both departments. I is smart like that.
Charlotte is listed on the life insurance policies of Chris and I both and our will states her custody and where she would go in the event of our (untimely!) deaths. We even have it all drawn out so if the person we listed can’t care for her, where she would go after that and after that. Mama isn’t taken any chances.
Of course now I have to get Phoenyx added.
Here is my discussion and thoughts regarding the topic:
Remember…its very easy to think that nothing will EVER happen to you while you are young. We tend to only think of death as something for the elderly, but when you have children, you cannot be too careful in planning for their futures. We are proactive about slings, diapers, breastfeeding, pacifiers…but when it comes to the important stuff we are often too passive.
Now you join..I want to put out a little survey in the comments:
- Do you, your spouse, or both of you have life insurance. If not, why not?
- Do you have a will set up dictating where your kids go in case of a death of both parents? If not, is there anything holding you back from it?
~Trisha
This sponsored post was inspired by Genworth Financial. Opinions expressed are my own. For more information about the different life insurance types visit the Genworth Financial website.
We do have a will and we probably updated it at least 5 times throughout the years with guardian changes. I was so relieved when they both turned 18 so that I knew we were past that stage, but it’s super important to make sure that’s in place. You’re right!
We also added the kids as secondaries on our life insurance policies when they were born, and then we appointed a financial guardian for them too.
Nope we don’t have life insurance or a will, but in October we are doing it all!!! You are right, it is SO important to be prepared just in case.
I think this is a super important topic! We have a will and life insurance. We set up a will right after our 1st was born and everyone was like “but your so young?” but I want my kids taken care of JUST IN CASE something happens to us. I don’t want anything up to chance or to be questioned. We also have life insurance that will take care of the boys if something happened. It’s better to be safe than sorry is this situations, I think.
We totally wen in depth with our life insurance. We set up a living trust and put in there where the kids go if we die and all that jazz. I have not purchased life insurance on my kids yet. That is important and I need to, but I’ll be honest – it freaks me out to think of my kids dying before me.
We do not at this time but I keep saying I need to look into it. I just have no idea as well, I don’t know of any adults in my family older than me that have it so I ‘ve never really been educated what to look for etc. I need to be a bit more proactive.
My husband and I have life insurance it is a must. We are working on a will now as I do not know what would happen if something happened to us. I need this all on paper.
We definitely do have life insurance – on everyone. In fact, I have the same life insurance policy today (at 36) that was bought by my parents when I was born. Both of our boys have had a policy since their birth as well. We do have a power of att. as well for the boys to be taken care of by my mother in the case of death or hospitalization etc.
Side note – there are so many affordable options now. We pay just $17 every 3 months for the boys. Everyone should be able to have insurance on their children these days.
charlotte has a 10K policy to cover funeral costs in the event its ever needed and its whole life so its hers as she ages
I agree that planning ahead is so very important. I don’t have children yet, but I do have a will.
1) We do all have life insurance through my husband’s employer. There was a time when he was not employed when we did not have life insurance because we could not afford to buy both our own health insurance and life insurance, so we had to choose.
2) Although we have everything unofficially arranged for our children’s care if anything ever happened to us, we have not updated our legal papers since the twins were born.
Life insurance for us and the kids … yes. Our wills need to be update to add little dude … no excuse there seeing he is now two. ::blush::
Do you, your spouse, or both of you have life insurance. If not, why not?
My husband has life insurance. We did the math and the policy is large enough for me to have a year without working and then I’d have to go back to teaching.
Do you have a will set up dictating where your kids go in case of a death of both parents? If not, is there anything holding you back from it?
We don’t have a will. We’ve just never gotten around to it. Other than our kids we don’t own much (an old car)…but we should probably get something done since we have 2 now & both sets of Grandparents are in ill-health as well.
We both have life insurance through our employer. I have a will, but we never got it witnessed or notarized, so we need to get that done.
No I don’t think we have life insurance.. I don’t know WHY we don’t have it. I guess I should talk to him about that!
And no will set up…. I guess we should do that as well LOL
Yes to the life insurance on hubby and I. We have not done an actual will yet. We need to and talk about it all the time but just haven’t done it. We really need to.
Believe it or not I have had life insurance on me since I was 25 yrs old and all my children since the day they were born. It honestly cost next to nothing and I have a piece of mind having it. u never know life throws the unexpected at you and god forbid something awful should happen atleast I know my baby’s will be taken care of
I totally agree Trisha…Mt husband and I both have life insurance and we definitely have a will defining where our children should go. I have seen where children are placed where they shouldn’t be after the death of a parent, and it is heartbreaking so I definitely made this a priority.
We have looked at insurance and I know Jeff has a basic one for himself through work. As for a will we haven’t gotten one together but that’s due to we don’t have anyone we feel comfortable letting raise O should anything happen. That’s not a general “I’m mom/dad and no one can do better” thing but my dad is on his own and barely able to keep himself a float, my mother I haven’t seen/talked to in 3 years and when I did she barely acknowledged O, Jeff’s mom/dad already have enough to deal with watching his niece 5-6 days a week and his dad has horrible back problems. As for siblings my sister has 3 kids and working a dead end job with little pay & my brother is 18 and in the military. His sister barely talks to O and if around more than a few hours (we use to live with her) it’s a bother. When we’re together he’s the one that’s always getting the blame too. His brother is not the kid type. We talk about it everyday and start to write something up but I don’t know where to go with trying to decide who we want to leave Oj with.
My husband and I both have life insurance… but probably not enough. And, we’re actually in the process of working on a will right now.
Right now my husband and I both have life insurance and we also have a will. My husband is getting out of the Navy at the end of the year so we’ll lose our life insurance but we will purchase some asap.
You know, this is actually rather funny that you posted this today because we just took out a life insurance policy a few hours ago! It’s something we’ve been meaning to do for a while, and we finally got around to it!
Hubs and I both have life insurance, but no will. Why not? Laziness and business I guess.
Busyness, not business. LOL
LOL!
I am pretty sure you can get a will online done and then just get it notarized…very important!! I cant imagine anything more scary than not dictating where my kids went if i died..kwim?
We do have life insurance, and we have not decided that via a will, but have talked about it!
Since yall are in the service, they will do all the work for you. Just set up an appt and they will draw it up based on some questions you answer.
I didn’t know that! Thanks, checking into this today.
call JAG