I spent the better part of the day going over insurance and investment stuff with my parents and brother. My brother had a consultation with someone from one of the big insurance companies and was confused about what, if anything, he should buy. I *think* we managed to steer him from the whole life, although he was still skeptical about putting $20/mo. into term life for 20 years and "getting nothing" back. Ah well. You can lead a horse to water...
Anyway, I got out some of my paperwork to review with him and found that I could stand to revise some of my insurance too. Right now I have:
Term insurance for me: 3x my salary (roughly $66k given my PT salary). $50k on DH (the max I could get at the time - he couldn't get anything through his job as he was a student), and $4k on my kids (I know, morbid and unecessary, but it costs less than $1/mo). I pay $5.20 per pay period, which comes out to $135.20/annually. I can't up mine any with my current company since I can only ever get 3x my salary, but I did review the newer literature and found out that I can get $100k on DH. Unless he can get something better with his new job, I think I'll make the change now that he actually has income to replace. I can't see it being a substantial raise in price - but we certainly can spare a few more dollars per month given our low rates.
Then I started to look over my car insurance policy. Anyone know how to figure out when it's time to drop collision? We have it on both cars right now, a 2005 Sentra (we'll keep collission on this one) and a 2000 Windstar (it can probably go on this one). It would save $164/yr. off our policy of about $1300. I also want to look into raising our liability limits. I *think* we have 100/300 right now, but I have heard that you really should have more. I guess you can't be too careful these days. Lastly, I'm overdue for my defensive driving course. Rats. I hate taking that thing. The good news is that I get a cheap class through my union - $18 will save me 10% for 3 years. I guess it's a no brainer.
I have to make some changes
November 15th, 2007 at 12:42 am
November 15th, 2007 at 02:48 am 1195094892