Monday, December 24, 2007

Frightening thought about insurance

Okay, I have to admit something bad. I have little to no life insurance. I think I have twice my salary covered through work. Great. That gives me about $160,000, which clearly would pay half my mortgage. I need to fix this before I get mauled by an escape lion from the zoo. It could happen...

I just looked up some insurance quotes. I have no idea why I have not done this yet. I did a little research this morning on how much I should carry to pay off debt and make sure my daughter is taken care of. I figured about $800,000.m That's ten times my salary and should be enough to pay off all my debts and make sure she's taken care of and gets to college. If you have the insider tip on amounts, come forth and share!

According to the Advantage One, which is a great site because they gave me quotes from a whole bunch of companies I was familiar with, a 20 year guaranteed plan would cost me a little over $450 a year. It's not a bad start. I have a lot of research to do about life insurance and what I need. But, it terrifies me that I don't have it.

I'm still finalizing my New Year's resolutions still, you'll see more on that later. But I think high on the list is figuring out and obtaining life insurance. You know, escape lions and all.


Tim said...

Are you married, do you have children?

If not, what do you need life insurance for? Life ins is not a good savings vehicle if you are disciplined enough to save elsewhere. Put that money into a S&P Stock Fund each month until you get someone who is reliant on your well being. You'd be better off with disability insurance as you are much more likely to end up disabled than dead at your age.

Little Dough Girl said...

I'd agree if I didn't have a little one. But, I do have a three year old little girl so I need to make sure she's okay. Of course, I also need to make sure her dad does the same thing. ;)

Thanks for the comment Tim!