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LIFE INSURANCE
- Thread starter Seana30
- Start date
T
tammykrumrey
Guest
Kelly,<br>
At first the thought of getting life insurance on my babies was
somewhat morbid to me. But then the reasons began to make sense
(even though I did not know about the CF at the time we bought the
first of the two policies).<br>
*funerals are very expensive<br>
*if they go on to have their own children, they would need
insurance to help out a spouse if anything were to happen to
them<br>
*and they can borrow against it in the future for purchasing a home
or something<br>
I think that the policies we bought were for something like
$150,000 and it costs us about $200/year per policy through
American Family Insurance. Of course we hope to never have to
actually use the policies ourselves. We can only hope that
they will grow old and that their own spouses and children
will have the insurance to help them out<img src="i/expressions/face-icon-small-happy.gif" border="0"><br>
<br>
<br>
At first the thought of getting life insurance on my babies was
somewhat morbid to me. But then the reasons began to make sense
(even though I did not know about the CF at the time we bought the
first of the two policies).<br>
*funerals are very expensive<br>
*if they go on to have their own children, they would need
insurance to help out a spouse if anything were to happen to
them<br>
*and they can borrow against it in the future for purchasing a home
or something<br>
I think that the policies we bought were for something like
$150,000 and it costs us about $200/year per policy through
American Family Insurance. Of course we hope to never have to
actually use the policies ourselves. We can only hope that
they will grow old and that their own spouses and children
will have the insurance to help them out<img src="i/expressions/face-icon-small-happy.gif" border="0"><br>
<br>
<br>
Thank you all so much for the many responses!
The policy that my hubby and I are getting are high amounts so we have to go thru the whole physical, blood work, pee in the cup deal.
All I was really interested in for the children was in case something happened to them. As many have stated, funerals are quite expensive. It is morbid to think about, but since we were getting our policy's I thought it was worth looking into.
I worry so much about Courtney when it comes to medical and life insurance. I know if she does not work for a corperation, she is going to struggle to get any type of insurance.
My hubby and I are healthy and we still pay almost $400 a month just for medical insurance. Life insurance is not going to be much cheaper!
I told my hubby last night that he better watch his back because as of today he is going to be worth more dead than alive.....lol. JUST KIDDING!
Seana
The policy that my hubby and I are getting are high amounts so we have to go thru the whole physical, blood work, pee in the cup deal.
All I was really interested in for the children was in case something happened to them. As many have stated, funerals are quite expensive. It is morbid to think about, but since we were getting our policy's I thought it was worth looking into.
I worry so much about Courtney when it comes to medical and life insurance. I know if she does not work for a corperation, she is going to struggle to get any type of insurance.
My hubby and I are healthy and we still pay almost $400 a month just for medical insurance. Life insurance is not going to be much cheaper!
I told my hubby last night that he better watch his back because as of today he is going to be worth more dead than alive.....lol. JUST KIDDING!
Seana
Emily65Roses
New member
How the hell did he get 100K for $16 a month??????
Kelly, I think you got your question answered for the most part but just to specifically answer your question, a life insurance policy is completely different from a will. IN a will, you can leave your personal possessions, money in your bank account, money in stocks.... to whoever you designate. A life insurance policy is money that isn't yours per se (but you pay a premium for) and upon your death, the amount you have previously choosen, is paid to whoever you designate.
Mark's policy is set up to pay 100% to me. But in the event I am not alive either, 50% goes to my parents and 50% to his parents. Then if his parents or my parents aren't alive it goes to his brother... Mine is set up the same, to pay 100% to him, then 50% to my parents, 50% to his... and so on.
I would HIGHLY recommend to ALL parents to get life insurance on your child. It isn't so much that if something happens to them you get the money, but rather as others have said, when they turn 18 you can turn that policy over to them. It's much easier to get it with a child (even one with CF, there ARE companies, I know state farm is one-or at least they use to) than for an adult.
Em, Mark's had the policy since he was about 15/16 years old. I just pulled out our policy, it's actually $23 a month for him and $16 a month for me (sorry). I know it would be more expensive if we didn't have our car insurance and homeowners through them (I imagine probably like $40 a month or so), but we get a line discount and a multiple policy discount.
Mark's policy is set up to pay 100% to me. But in the event I am not alive either, 50% goes to my parents and 50% to his parents. Then if his parents or my parents aren't alive it goes to his brother... Mine is set up the same, to pay 100% to him, then 50% to my parents, 50% to his... and so on.
I would HIGHLY recommend to ALL parents to get life insurance on your child. It isn't so much that if something happens to them you get the money, but rather as others have said, when they turn 18 you can turn that policy over to them. It's much easier to get it with a child (even one with CF, there ARE companies, I know state farm is one-or at least they use to) than for an adult.
Em, Mark's had the policy since he was about 15/16 years old. I just pulled out our policy, it's actually $23 a month for him and $16 a month for me (sorry). I know it would be more expensive if we didn't have our car insurance and homeowners through them (I imagine probably like $40 a month or so), but we get a line discount and a multiple policy discount.
I had 2 policies. One my Mom got before or immediately after my dx so there was no ??? & another I got when I was in my late teens. The agent "ignored' the CF factor. I had them until 6/7 years ago when I cashed one in. The other one I let the premium lapse & it came off the cash value of the policy & that was their way of no longer insuring me with my CF!!!!!!!!!!!!
I have life insurance through Western Southern. I don't remember for sure, but my mom got the insurance when we were kids (not sure if it was before or after the CF diagnosis). When we turned 25 we had the option of purchasing additional insurance. If we didn't get it at that time, we would not be able to get it at a later date. I actually have 2 policies, each worth $10,000. My monthly premium for the 2 is $24.00. It gives me a sense of peace knowing that my spouse will be able to take care of things & have a little bit to help with finances after I'm gone. Good luck; hope you're able to find something.
<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>Jane</b></i>
<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>Ratatosk</b></i>
Someone on CFChat2 q]
CFchat2 ? What's that?</end quote></div>
Another CF forum!
Here is the link: <a target=_blank class=ftalternatingbarlinklarge href="http://groups.msn.com/CysticFibrosis2chat
">http://groups.msn.com/CysticFibrosis2chat
</a>
<div class="FTQUOTE"><begin quote><i>Originally posted by: <b>Ratatosk</b></i>
Someone on CFChat2 q]
CFchat2 ? What's that?</end quote></div>
Another CF forum!
Here is the link: <a target=_blank class=ftalternatingbarlinklarge href="http://groups.msn.com/CysticFibrosis2chat
">http://groups.msn.com/CysticFibrosis2chat
</a>
I have life insurance through work. As long as, my policy was
less than $75,000. Then I did not need to have a
physical. But I could only take up to 3 times my income.
The college also gives us a $20,000 policy. I pay like$7 a
month. I wanted to up my policy because my income went up but
the HR department warned me they would do a physical if I upped it
even though my policy is less than $150,000. I think my
policy is $75,000 plus the $20,000 the college gives us.
less than $75,000. Then I did not need to have a
physical. But I could only take up to 3 times my income.
The college also gives us a $20,000 policy. I pay like$7 a
month. I wanted to up my policy because my income went up but
the HR department warned me they would do a physical if I upped it
even though my policy is less than $150,000. I think my
policy is $75,000 plus the $20,000 the college gives us.
JennifersHope
New member
I have a life insurance policy I got six months before I was dx with CF. It is only for about $50,000 now, when I first took it out it was for much more, but since dx, they were able to reduce my coverage because they found out within a few days of the six months that I had CF and they cut me off.
I do have an extended illness insurance as well, I get $40,000 cash if I have a heart attack, stroke, need an organ transplant, or get cancer. I am going to increase this amount a lot now that I have a good job.
I guess for CFers it is important to get life insurance if you can, but for the average person, I don't think it is worth it. I think it is much better to put your money in a 401k or something, because by the time you die as a healthy person, you paid so much into the policy it is hardly worth the money you get back.
Plus most polices lose a lot of value once you are over the age of 60 something. I know my dad's did. He cashed his in while alive.
For me, I just wanted enough money in my policy to cover my funeral.
Jennifer
I do have an extended illness insurance as well, I get $40,000 cash if I have a heart attack, stroke, need an organ transplant, or get cancer. I am going to increase this amount a lot now that I have a good job.
I guess for CFers it is important to get life insurance if you can, but for the average person, I don't think it is worth it. I think it is much better to put your money in a 401k or something, because by the time you die as a healthy person, you paid so much into the policy it is hardly worth the money you get back.
Plus most polices lose a lot of value once you are over the age of 60 something. I know my dad's did. He cashed his in while alive.
For me, I just wanted enough money in my policy to cover my funeral.
Jennifer
I have a whole life policy through met life. I got it when I was 14, when my parents who also use metlife were offered special deals on insurance for their children - which didn't require medical exams. Needless to say, we signed up right away. I have 100,000 in whole life right now, and it will automatically expand as I age to 250,000.
More importantly, I also have a pretty great disability policy through my work. If I were to become disabled for any reason, I would receive 35% of my current income until age 65. This policy was offerred as an optional benefit when I started my job, and had a thirty day grace period where physical exams were not required. It is transferable if I ever leave my current job.
Chris
26 w/cf
More importantly, I also have a pretty great disability policy through my work. If I were to become disabled for any reason, I would receive 35% of my current income until age 65. This policy was offerred as an optional benefit when I started my job, and had a thirty day grace period where physical exams were not required. It is transferable if I ever leave my current job.
Chris
26 w/cf