Sunday, December 11, 2011

Self insuring

We don't carry life insurance.
There, I have said it.

My husband had a professor who did not believe in life insurance.
Fortunately, while my husband served in the military, he was insured by the government.when he left the Army, we left insurance behind. He could not see it as something necessary. It has worked out so far.

Instead of insurance,we have worked hard to make sure that we have things paid off and we have savings. About three years ago I began to feel that his plan had worked. I still have concerns. He is older, but his family has a longer life span, in general, than mine.

Sometimes I get nervous. We lost several family members suddenly a few years ago. Something could always happen. I could be hurt by a collapse of military health care.

Still, I don't see us turning back now.

Do I recommend this plan to my children? No, quite the opposite. When asked, I tell them that both members of the family need insurance until children are long gone.


Renee said...

You don't even have Survivor Benefits insurance? I can understand having $ saved for burial expenses and the kids are grown so you don't need $ for them....

Janette said...

I have the min on SBI
We got out in Saudi and I didn't really think that one through.
I would, most likely, move into a much smaller house and- as long as military health holds- I should be fine.

RAnn said...

It's like any other insurance--you buy it to protect yourself against things you can't afford to have happen. If you can afford to have dh die, then you don't need life insurance on him; if he can afford for you to die, he doesn't need it on you. At your age/stage of life, life insurance needs should be minimal; at your daughter's age/stage of life, they are high. Unless there is good news you haven't shared, I can't see why your son would need it--his wife was self-supporting (or supported by her parents) not long ago, and could self-support again.