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Posts tagged with: Insurance

Life Insurance Update

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I’ve mentioned it before, but we currently do not have life insurance. Yes, I know how irresponsible and dumb this is, particularly since we have children, yadda yadda yadda (<side fact: I googled whether its “yadda” or “yada” and urban dictionary had both spellings, so no consensus).

Well I’m happy to report that I finally got the ball rolling. But, BOY, does it feel like a PROCESS!

I was imagining going online, filling out some questions, getting the quotes, selecting the company I wanted, and BOOM – done. Not so much.

I went to Zander Insurance (who is endorsed by Dave Ramsey), filled out some questions, then got a call from a nurse who gave me an entire hour-long interview (I had pregnancy complications due to the twin pregnancy and – whoa – that opened up a whole rabbit hole of additional questions!!!). The next step is that someone is going to come to my house for an actual assessment, complete with blood draw and who knows what else?! Gulp. I might’ve shaved a few pounds off my weight. Clearly that will have to be rectified, given that I’m assuming they’ll actually weigh me. What all else is included in the home visit, aside from the blood draw? I’m healthy and disease-free, but it still makes me nervous for some reason. Ugh! I don’t even know why but I’m just dreading it (maybe the whole weight thing???)

Als0….not even sure that husband will be able to get covered (and he was the whole impetus for this, given his mystery illness). He hasn’t done the hour-long interview thing yet. Any knowledgeable readers who know about this type of stuff out there? Husband’s official diagnosis was “atypical meningitis.” Is that type of thing a deal-breaker for life insurance? I mean, I know meningitis can cause death and once you’ve had it, your odds of getting it again go up. This is gonna be a problem, right? Sigh.

We will press on. I just wanted to give a quick update about the status of this. I thought that by now we’d have it all wrapped up and I’d simply be reporting on the monthly cost and how it would influence our budget. Instead, we still have no idea if we’ll even be covered???

What I DO know is that we are signing up for a 20-year term life policy (which is much more affordable than a whole life policy), and although we haven’t “locked in” an amount yet, I’m thinking we’ll do $350,000 policies (for each of us). Ramsey suggests 10 times your annual salary, which would put us at roughly $500,000 each, but I feel comfortable with a lesser amount. What do you guys think? I learned a LOT from your comments about my car insurance coverage, so I’d love to hear your thoughts on this!

What would you suggest is good for life insurance coverage? Do you follow the “10 times your salary” rule? What guidelines have you used to select your own life insurance policy amount? What would you suggest for us?


Long Term Care

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Through a series of tragic events, my dad’s sister has entered her late 70’s without any of her 5 children willing or able to take care of her (2 passed away and the other 3 for unknown reasons).   My Dad and his sis are not close  and the fact that she ended up retiring to SA after visiting here only once from the Bronx, NY (where Dad is originally from)  is still somewhat a mystery.  I met her one time prior to her moving here when I was in the 8th grade.  Without sounding harsh, I have to say that I am not particularly close to my Aunt.   I do, along with the rest of my immediate family, want her to be taken care of and in a good situation.  Over the course of the 15 years she has lived in Texas life has brought her unthinkable challenges.  The worst of these challenges was the loss of the three family members she moved to Texas with…in three consecutive Decembers.  She lost her husband, her daughter and then her son one after the other…each December for three years.  

For the next few years my elderly parents did their best to care for my aging aunt.  She was not in good health and the stress was taking its toll on my sweet parents.  My two sisters and I along with my parents then handled another few years working all together to get her what she needed and to keep her in her own home.  Ultimately we had to move her to a “senior apartment” where she lived well for about 5 years.  Then–last year–things got to the point that we knew we had to put her in a nursing home.  I hold power of attorney to handle financial and legal issues and I knew it fell to me to make this tough decision.  I say tough not because my aunt was objecting (really–she was pretty cooperative but sadly somewhat unable to fully understand) but instead because of my own mother.  At 80 years old herself the task of putting a loved one in a nursing home while facing her own physical limitations was very stressful for my mom.  We all got through it but not without a lot of tears, frustration, disagreements….etc.

Aside from the emotional impact that this had, I was ASTONISHED at the financial impact!  My aunt worked much of her life as a Registered Nurse and her husband worked for the City of New York.  Her monthly income was right around $2500 a month and as some of you know I’m sure…that won’t touch the monthly cost of a nursing home.  I was forced to do a spendown of her accounts so that she could receive assistance for her long term care.  She didn’t have a lot of money in her accounts and no longer owned property but it was SO SAD and felt just SO WRONG to have to handle it this way.  After months and months of getting everything in order things are okay now and she is well taken care of and doing much better overall.  The kids and I visit as often as possible.  I think this is both good for the kids but I also love brightening the faces of the nursing home residents!

So I am writing this post because this experience made me stop and think about long term care.  I have done no research at this point but am curious if any of you have insight on the topic of purchasing a long term care insurance policy.  I’m not going to run out and get this tomorrow but after seeing what this did to my aunt and to my parents (thankfully they DO have their long term care plans in place…as well as their funeral arrangements DONE…thank you Dad for saving your five children that stress!), I just want a timeline in my head at this point.  Feedback welcome!  🙂