Comments on: Advice Please - To Insure or Not To Insure http://www.starrspun.com/dailydollardiary/2007/11/29/advice-please-to-insure-or-not-to-insure/ a financial voyeur's dream come true: all the intimate details of how, where, and why I spend money Fri, 05 Dec 2008 13:49:51 +0000 http://wordpress.org/?v=2.6.3 By: Elizabeth http://www.starrspun.com/dailydollardiary/2007/11/29/advice-please-to-insure-or-not-to-insure/#comment-106 Elizabeth Sat, 08 Dec 2007 19:30:20 +0000 http://starrspun.com/dailydollardiary/2007/11/29/advice-please-to-insure-or-not-to-insure/#comment-106 threadbndr, Thanks for being the first brave soul to respond to my request for advice! Since The Husband is the "bread-winner", he feels that he's the one who needs to be insured. And his is, to a small degree. Considering his age, medical history, and current diagnosis of cancer, there's no way he could get any more coverage. I will have his salary, the life insurance, and the business to fall back on if he should die though I think he's really underestimating the emotional impact his dealth would have on me and his adult children and how long it would take to figure things out and get cash flowing again. Really, the unanswered question is whether I should have life insurance. He thinks "no" because he'd still be here making money and paying bills and could take care of the kids. I think "yes" because even if I should die before he does and before the kids are grown, the chances are high that he won't live to see the youngest all the way through college and if he does live that long, there's no guarantee that he'll be healthy enough to still be working and paying the bills. A lawyer might not be a bad idea -- we have one; he drew up DH's will. I'm just not sure that whether or not I need life insurance would be within his area of expertise. threadbndr,

Thanks for being the first brave soul to respond to my request for advice!

Since The Husband is the “bread-winner”, he feels that he’s the one who needs to be insured. And his is, to a small degree. Considering his age, medical history, and current diagnosis of cancer, there’s no way he could get any more coverage.

I will have his salary, the life insurance, and the business to fall back on if he should die though I think he’s really underestimating the emotional impact his dealth would have on me and his adult children and how long it would take to figure things out and get cash flowing again.

Really, the unanswered question is whether I should have life insurance. He thinks “no” because he’d still be here making money and paying bills and could take care of the kids. I think “yes” because even if I should die before he does and before the kids are grown, the chances are high that he won’t live to see the youngest all the way through college and if he does live that long, there’s no guarantee that he’ll be healthy enough to still be working and paying the bills.

A lawyer might not be a bad idea — we have one; he drew up DH’s will. I’m just not sure that whether or not I need life insurance would be within his area of expertise.

]]> By: threadbndr http://www.starrspun.com/dailydollardiary/2007/11/29/advice-please-to-insure-or-not-to-insure/#comment-104 threadbndr Fri, 07 Dec 2007 19:05:04 +0000 http://starrspun.com/dailydollardiary/2007/11/29/advice-please-to-insure-or-not-to-insure/#comment-104 Dear, I'd grab a lawyer that specializes in estate planning. It would be worth the bucks to cover all the bases. I'd never be without life insurance with children under 18 or 21 (depending on if college is in the cards). I can tell you that the insurance was a God-send when I was widowed in my 40s with a child still at home in HS. You will need more ready cash than you think. Since a big chunk of the net worth is tied up in family owned business, a good business succession plan should be on the table, too. Dear, I’d grab a lawyer that specializes in estate planning. It would be worth the bucks to cover all the bases. I’d never be without life insurance with children under 18 or 21 (depending on if college is in the cards). I can tell you that the insurance was a God-send when I was widowed in my 40s with a child still at home in HS. You will need more ready cash than you think.

Since a big chunk of the net worth is tied up in family owned business, a good business succession plan should be on the table, too.

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