Supplemental Life Insurance

odusgolp

I currently have the option of purchasing Supplemental Life Ins. & AD&D coverage in the amount of $250,000 for roughly $20/month through payroll deductions. During this enrollment period, no physical assessment is needed - no pre-existing conditions considered.

I have Standard Life Insurance in the amount of about $120,000 also through my company, but no independent policies.

I am a divorcee with a 5 year old.

Do I WANT Supplemental Ins. or should I look at getting an independent policy? Anyone know their *kitten* on this?

anubis609

I'm only familiar with Property and Casualty. I can answer that question in a few years, once I get my life license.

NiciS72

Typically this is WAY cheaper to get at work than an independent policy. I'd say for $20/month/paycheck go for it that is WAY cheap!

bcampbell54

You really should do a quick assessment of your Life insurance needs, and weigh the cost of an equal amount of term life to what this would cost you.
In my case, I do purchase this, because it is a good deal for me, and because it doesn't require a physical, up to a certain maximum.

odusgolp

For $20/month, $10/check and no physical, I was thinking of just moving ahead with it b/c we need to decide before month end (long story on why we weren't given advance notice). I don't really have time to investigate and I have a rather poor family history and number of prior surgeries that could count against me... That being said, I don't know much about it. All of our other Life Insurance policies were cash valued and had to be liquidated in my divorce, so I need to start again.... And I'm unmotivated *LOL*

poustotah

We talked to an agent and shopped around and we found that the supplemental was cheaper through my hubby's work policy so we got that and then bought a term policy to cover us until the kids turn 18. We have 4 kids and one income so we had to bulk up our insurance just in case.

liftingbro

I currently have the option of purchasing Supplemental Life Ins. & AD&D coverage in the amount of $250,000 for roughly $20/month through payroll deductions. During this enrollment period, no physical assessment is needed - no pre-existing conditions considered.

I have Standard Life Insurance in the amount of about $120,000 also through my company, but no independent policies.

I am a divorcee with a 5 year old.

Do I WANT Supplemental Ins. or should I look at getting an independent policy? Anyone know their *kitten* on this?

I would find out what the term is on it. Is it 10, 15, 20 years? If you have a 5 year old it may be best to have coverage for 15-20 years so that if you die before she's grown up he/she'll money to fall back on.

I get a great deal through the Knights of Columbus but you have to be a member and be Catholic for that.

What I have is a 100K , 20 year termed policy for about $15 per month and a Full life policy for 50k. I pay on the full life policy for 20 years but am covered for life. The full life policy has cash value that you can borrow against and you get dividens every year. Basically over 20 years I pay $12k, then by time I'm retirement age it's work about $50K cash value or $50K AD&D/Death benefits. It also will payout about $150-$200 in dividens per month at retirement age.

We have a full life policy on my wife, myself and my daughter and my wife and I each have 100k 20 year terms. This way, if one or both of us die, our daughter will $300K to help her Godparents care for her and for college. Plus she'll have her own policy worth about $30K cash value by the age of 24.

Another issue is that many times if you lose your job, you lose your insurance coverage as well so it's better to get a thirdparty insurance.

odusgolp

I should go back to Thrivent as well - it's the Lutheran version of what you're describing. I used to have policies through Thrivent and State Farm. Must research *sigh* dangit *LOL*

marnijojo

Ok, I hope I am not repeating someone else, as I wanted to dash this off before I left work (God knows, I don't spend my home time on mfp - I may be an addict, but not THAT bad)

An interesting perspective was recently given to me...don't have all of your life insurance thru your employer. If you would have a health issue that resulted in the end of your employment, it is possible that you would become un-insurable on the open market and when your employment ended, so would your existing life insurance.

Just something to consider.

california_peach

I say do it, but if these policies are offered through work check to see if they are portable if you ever leave your employer.

odusgolp

Ok, I hope I am not repeating someone else, as I wanted to dash this off before I left work (God knows, I don't spend my home time on mfp - I may be an addict, but not THAT bad)

An interesting perspective was recently given to me...don't have all of your life insurance thru your employer. If you would have a health issue that resulted in the end of your employment, it is possible that you would become un-insurable on the open market and when your employment ended, so would your existing life insurance.

Just something to consider.

Very good point, thanks!

odusgolp

I say do it, but if these policies are offered through work check to see if they are portable if you ever leave your employer.

It is portable - I know that. But the cost would change and it may not be competitive. But it would still be there.