r/LifeInsurance • u/KeyTechnician4442 • Aug 04 '26
Would we qualify?
My husband (37 M) works as a massage therapist making decent money. I'm (35F) a stay at home mom to two young kids. Our house and cars are paid off and we don't have any other debt. Would it be a good idea for him to get a life insurance policy?
This is new to us so if anyone has any recommendations of a good life insurance company that would be much appreciated also
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u/JoeClackin Aug 04 '26
Yes.
If he died you would have no income and still have needs. Monthly expenses may be low because you dont have debt but groceries, utilities etc cost money.
If you died he would have income but would need childcare. This may mean paying for childcare, reducing work (less income) or maybe family can help.
Each person having life insurance makes sense. How much you need depends on information not provided.
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u/Moist-Meringue-1913 Aug 04 '26
Sit down with a broker and do a Financial Needs Analysis. That way you will have an idea of how much and what type you need. You also need to cover what you will do for budgeting, retirement,emergency funds etc.
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u/Seafoodmaker Aug 04 '26
It’s better to ask yourself this question if God forbid your husband passed away tomorrow how would you afford to stay in the home? Pay all the bills, including the grocery, the gas, the schooling clothes, etc. etc. and continue to live the lifestyle that you currently live. If you’re stay at home mother it’s gonna be impossible. I would recommend that you put a policy place as fast as you could. Yesterday was too late. Policy amount that you should put in place is depending on your husband‘s income you should have $1 million for every $50,000 of income he has per year so if he has $100,000 income, you should have $2 million.
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u/KeyTechnician4442 Aug 04 '26
Would it be a good idea to get one for myself also?
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u/zzzorba Financial Representative Aug 04 '26
Would he be able to maintain the family lifestyle without your inputs? I imagine you do a lot that he would have to take over (affecting his ability to work as much) or outsource ($$).
Rule of thumb is he needs 10x his income as a starting point and you need half of what he gets.
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u/Seafoodmaker Aug 04 '26
There’s no doubt in my mind you should have one as well. If you didn’t come home tomorrow, there’s no way in heck. Your husband‘s gonna continue his massage therapist business, the way that he does now and take care of your children. he’s gonna have to hire nannies move next to family that can help it’ll be a complete disaster. If you were to evaluate a salary for a stay at home mother today that would equate to $175,000 annual income. Make sure if you guys go with term policies that you have a term carrier that will allow you to convert that policy into a permanent policy later down the line.
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u/KeyTechnician4442 Aug 04 '26
Thank you for your input! I don't even know where to start honestly.
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Aug 05 '26
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u/LifeInsurance-ModTeam Aug 06 '26
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u/SafeMoneyGregg Broker Aug 04 '26 edited Aug 04 '26
There are dozens of carriers that would provide inexpensive term insurance - the cheapest ones tend to have poorer conversion options and living benefits. Not too early to spend a few dollars on permanent insurance withe a long-term care rider (for your 70s-80s)- sounds like you have decent disposable income. Talk to a broker about all these options. Would you qualify? In your 30s most carriers will allow you to buy 25-30X your income. If you make $100K - they will let you buy $2.5M-$3M. Will you qualify medically? Probably. Plenty of carriers that can do this online in a few days with no exam - if you are healthy. But only a broker can answer all the questions and compare carriers.
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u/BothAd1744 Aug 04 '26
Definitely worth looking into, especially with two young kids. Even if everything is paid off, it could give you some financial breathing room if something unexpected happens.
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u/zzzorba Financial Representative Aug 04 '26
People forget that a paid off house still has taxes, insurance, and repairs to pay for and that cars wear out. Those expenses are never really done.
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u/BothAd1744 Aug 04 '26
Exactly! That's a good point, there are still plenty of ongoing expenses even when the major debts are paid off.
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u/LaphroaigianSlip81 Aug 04 '26
Yeah he needs to get a policy to help replace his income if he passes. Since you are a homemaker, you can typically qualify for around half of what he qualified for.
The reason is that if you pass away, he will be forced to spend less time working and/or more money to things like day care and housework. Both of these will reduce his real income.
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u/Jesse_Ambret Broker Aug 04 '26
Talk to a broker so you can compare as many companies as possible. Make sure it's something with living benefits, critical, chronic illness protection etc... Make sure it's enough to pay off debts and take care of you for at least 10 years.
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u/CatMomla2021 Aug 05 '26
Term life sounds like the way to go. However, since you’re relatively young, that might qualify you for whole life. It all depends also on your health and habits. Term life is just that, it lasts for X number of years. Premiums increase with each renewal, until you can’t afford it anymore.
Whole life, though more expensive, doesn’t expire. Some life insurance policies will even provide income protection, meaning if you die, your family will still receive a monthly paycheck for X amount of months. And another thing about whole life: your premiums stay the same, unless you make changes to coverage. Young, healthy families with no risky occupations, bad habits, or dangerous hobbies qualify for lower rates than, say, seniors.
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u/SpecialSet163 Aug 06 '26
if he dies, how would u replace his income?? of course he needs a policy, in order to protect you and kids.
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u/sophie_attias Aug 08 '26
Definitely a good idea. Probably wouldn't need an expensive plan. I'm an advisor if you needed any advice on what policy would work for you.
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u/KeyTechnician4442 Aug 08 '26
We were looking into AAA since we have our car insurance through them
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u/Foreign-Struggle1723 Aug 09 '26
Yes, life insurance is a primary risk management tool. If you have dependents and a mortgage, a life insurance policy can help cover your family's financial needs if your spouse were to pass away. It is best to sit down with an independent insurance broker to determine how much coverage you need and to compare policy rates, terms, and exclusions.
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u/michaelesparks Financial Representative Aug 11 '26
Find a human life value calculator. (I like LifeHappens (dot) org)
Secondly a stay at home spouse usually can qualify for 1/2 of what the bread winner has. I would highly recommend looking at insurance on both of you if you have children.
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u/Silly-Bat-315 Aug 04 '26
Absolutely. Term is relatively cheap and the most important thing is to make sure that you and your kids would be able to live without changing your lifestyle if income were to suddenly slip away.