Insurance

So, I decided that its time to tackle the insurance issue!

Phil has life insurance through is work, equal to one years salary. That won't get us very far. I'm thinking about taking $500,000 out for him. That would get everything paid off, a house, and money to invest, while I find a job and can care for Charlotte. Dave recommends 8-10 times annual income, and thats just over. Of course we'll do term life insurance and I think for 20 years.

For my life insurance, I'm unsure what to do. I'm thinking just $50,000. It would take care of burial and such, and pay for a couple years of childcare. By then, Phil would be making more money and Charlotte would be getting close to school age, where childcare costs less. Does this make sense?

I think we'll pay the life insurance's this year monthly, it ends up to be a little more, but then we're not trying to find a large sum right now, thus delaying us buying life insurance.

I ordered our Will's today. The company has a combo pack that includes the Will, Living Will, and Power of Attorney. It costs $29, plus $15 to get a second copy for Phil. The payment should be approved within a day and Phil and I will need to take some time to get them filled out, copies to loved ones, and such.

The Identity Theft Protection is $140/annually or $12.50/month. I'm thinking of paying this one right now (since we can), and saving the amount each month, so that we can pay in full again next year. This will save us $10. I need to talk to Phil first, so I don't spend the money without him knowing. I'm hoping to do this today as well.

Phil also will need disability insurance. I will have to look into it some more, but that is also on the to do list. I'm not sure what his company offers at this point, so I also need to look into that.

I guess its time to go listen to Dave's lecture on Insurance from FPU!!