Remember how I started the process of trying to get life insurance for my hubs and me, oh….2 months ago???
Well I’m happy to report that it’s finally done….kind of.
Both of us have had our physicals and been approved. I just mailed in my contract today and my husband’s contract hasn’t yet arrived but should be here any day (he’s already been notified of the total costs).
Readers had pointed out (and of course this is the case), but everyone always advertises their “best” price and then you end up getting hit with extra costs once all the exams are complete. So, once my husband’s health history and our height/weights were taken into consideration, our costs ended up being higher than the original quote.
To insure us both, the annual cost will be $575. Ouch! (We were originally quoted just over $400, but my husband’s recent health issues, Nov-Dec 2013, influenced prices).
You get a bit of a break for paying in one lump sum for the year instead of monthly installments, so I went ahead and sent in a check for mine along with the completed contract (remember – we’re still waiting for husband’s contract). My portion was $207, but I was able to take $113 from my “annual purchases” savings to help cover some of the cost (this wipes out my “annual purchases” savings account).
Since this month is a bit tight anyway, I’m thinking we may wait to send in the payment for husbands’ life insurance until next month. To help cover these costs for next year, we’re going to increase our “annual purchases” savings from $45/month to $100/month. This should allow us to cover the full $575 annual premium, and still give us a little bit of wiggle room.
I had no idea this would be such a long, drawn-out process but I already have so much peace of mind knowing that if something were to happen to me, my kids would be taken care of. Mary Poppins (my replacement) isn’t cheap! ; )