Life Insurance is it a good idea?

I know the topic subject is kinda lame, but I am only 26 and hubby is 30, and after the year we have had with his Mom dying so unexpectedly the day before our wedding I started to think that it might be a good idea to get some life insurance in case something happens to either of us.  Do you think it is a good investment at this point in our life?  I am not sure, I have never had to think about this, but then again I now know to expect the unexpected.

DH and I have life insurance linked to our mortgage -- if either of us pass away, the mortgage will be paid, leaving one less worry for the surviving partner.  Obviously I hope we never need it, but it does make me feel better to know that we have it.  (We're 29 and 30).

I'm no expert, but here's my opinion: If each of you has a job that would keep you afloat on your own, I'm not so sure it is needed. If that's not the case, I'd get some! If one of you is the breadwinner, insure that person. If you both split the breadwinning pretty evenly and either would be in trouble without the other's income, insure both of you.

My husband and I have discussed this recently, especially as I used to support myself, but I left that job to come here with him. Now I'm reliant on his income, and to top it off I last year developed serious knee problems that may make it harder for me to work full time (not to mention in my field, it's lucky to find a good-paying job like the one I left, so again, my earning potential is iffy with the bad knees and leaving one of the few well-paid jobs I'd ever found). Which is all to say: I would be in big trouble if something happened to him.

We would definitely buy insurance if he didn't have a good plan (at least I think it's good) through his work. It would pay out two years' salary and then $15,000 a year after that. That wouldn't keep me afloat without working for the rest of my life, but it would give me time to hopefully get on my feet back in the States if anything happened to him. And with my knee problems and worries about if I'll ever be able to fully support myself as easily as I used to, we may still eventually opt for more coverage. FYI, we are both mid-30s. Nothing is likely to happen to either of us for a very long time. But you sure don't want to end up grieving AND getting evicted if something tragic happens!

Yep I would get one tied to the mortgage.

But even if you have a good job and don't need the SO's income, you may still need insurance. Will you go back to work right away, are you so devastated that you can't go back to work. Who is going to watch the kids? What if you decide to say home with the kids, it would give you that freedom.

Unfortunately a very necessary evil, this life insurance crap.

What if, like myself you dont' have a mortgage or kids?  I was just looking into it to take care of my hubby if something happened to me.

i think life insurance makes you ask really difficult/touchy questions.  if i were in your position, i'd ask myself & have a conversation with hubby along these lines:

1- if i were to get seriously ill, had to leave work, how would we cope?  could we manage for 1 month, 3 months, 6 months?

2- if you were to get seriously ill, had to lave work, how would we cope?  coudl we manage for 1 month, 3 months, 6 months?

3- if i were to die suddenly, could you cope financially? 

4- if you were to die suddenly, could i cope financially?

personally, both my partner & I have 3 months worth of expenses in ISA.  we're working on saving 6 months each.  these would be used if one of us got ill.  now, if one of us passed away, the other is still working, and so would not be financially effectted too much (looking just at finances here, not emotions).

but we're not married, we don't have kids, but we each own a house (we live together in one of them).  if one of us passed away, the house belonging to that person would be sold and the surviving spouse would live in the other one.

Me and my husband have life insurance linked to our mortgage (we're 22 + 24).  I personally think it's a good idea.

this article might be worth a read:

http://www.moneysavingexpert.com/insurance/level-term-insurance

I recommend Your Money or Your Life by Alvin Hall (UK financial planning) and The Wealthy Barber by David Chilton (Watch out! There are Canadian and American versions.).

Both books are an easy read to understand financial planning. 

they also have something in the UK called income protection insurance.  more restrictive and has loopholes/limitations, but the basic idea is if you get sick, you get XX/month.

they also have something in the UK called income protection insurance.  more restrictive and has loopholes/limitations, but the basic idea is if you get sick, you get XX/month.

Income protection insurance is explained in Your Money or Your Life by Alvin Hall, if anyone wants to learn more. 

I've had Life Insurance since I'm 13.  My dad is an agent and does investments as well.  IMO, it's very important regardless if you have a mortgage, kids, etc. to do a financial plan.  When I was working in the US I also had long and short term disability policy's. (Not sure if they do that here, but I would hope so)

It's great you are thinking about this

I've had Life Insurance since I'm 13.  My dad is an agent and does investments as well.  IMO, it's very important regardless if you have a mortgage, kids, etc. to do a financial plan.  When I was working in the US I also had long and short term disability policy's. (Not sure if they do that here, but I would hope so)

I've had it since I was a teenager, too. My dad's not in insurance, but he's pretty savvy when it comes to financial matters.

I recommend Your Money or Your Life by Alvin Hall (UK financial planning) and The Wealthy Barber by David Chilton (Watch out! There are Canadian and American versions.).

Both books are an easy read to understand financial planning. 

I just ordered "The Wealthy Barber" after seeing it here. I'm pretty sure he'll advise to save money (and not to impulse buy like I just did), but at least it was a used copy!

I have a very small insurance policy that my grandmother took out for me when I was a small child, she did the same for my brother, but really it is barely a drop in the pan.  The reason we are thinking about this is because of a joke really.

Hubby and I were walking and he walked by a tree and picked a berry off and ate it and joked "I hope that was a wild cherry" and I said "It better be a wild cherry, cause you can't leave me because we don't have life insurance" and that brought up a pretty serious conversation.

I am thinking that we need to get some sort of policy in place, just in case, and hope we don't ever have to collect.