4Real Forums: Financial Matters

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Topic: Financial Matters

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MarilynW
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Posted: April 13 2007 at 7:18pm \| IP Logged

Whenever I am expecting I am motivated to get all our finances in order. I am realizing that our life insurance and wills etc are very outdated. Has anyone got any recommendations for levels of life insurance, living trusts v simple wills etc? Also has anyone written their own living trusts?

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Marilyn
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Maryan
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Posted: April 13 2007 at 7:42pm \| IP Logged

Ugh.. very good reminder. We need to do a will.

For life insurance, we decided to do term insurance. We worked out some number for covering our mortgage and living costs for at least five years.

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Maryan
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MarilynW
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Posted: April 13 2007 at 7:59pm \| IP Logged

Re wills - we have a simple will dating back several years. I believe that a living trust is better - but I am so loathe to pay huge attorney fees. We paid $700 for a simple will years ago - and I know a living trust is at least double that. The hardest for us is the guardianship provision - ours is completely out of date.

Term insurance is the best I believe - we took ours out in our 20s with only child. We both have more medical history now and are in late 30s - it will be more expensive. Plus I need to research what is a good level. I think it is some multiple of salary. I also need to find a good company - our current one is John Hancock - not sure if we will go with them.

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Marilyn
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Maryan
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Posted: April 13 2007 at 8:38pm \| IP Logged

Wow! Those are big fees!

No help on the insurance -- our insurance is through USAA -- it's military.

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Maryan
Mom to 6 boys & 1 girl: JP('01), B ('03), M('05), L('06), Ph ('08), M ('10), James born 5/1/12
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JodieLyn
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Posted: April 13 2007 at 10:20pm \| IP Logged

Knights of Columbus is the best for cost we've found including USAA (we're eligible through FIL).. but then.. KofC doesn't ask about line of work.. you can imagine those that do.. firefighter is close to uninsurable by reason of cost.

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