Updating My Will And Purchasing More Insurance

I’m on a roll.  Here’s what I’ve done today.  (No more procrastinating…)

Term Life Insurance – I went online (to insure.com and zanderins.com) and got quotes for two term life insurance policies, one for me and one for wife.  I chose 20 year level term policies that equal 12 times our annual incomes.  (We already have two term life policies, and we may or may not choose to keep them, once the new policies are approved.)

Disability Insurance – Again, I requested quotes and applications from zanderins.com.  The applications should arrive in the next few days.

Wills – I spoke with my attorney.  Tomorrow, at 11:00 AM, my wife and I will sign our new wills.  Tomorrow night, I’ll sleep soundly.

Renter’s, Automobile, and Umbrella Policies –  Right now, I have sufficient Renter’s and Automobile coverage.  But, I have my policies with two separate companies.  I’m looking into moving those policies to a single agent – and then obtaining an Umbrella policy.  Tomorrow, I’ll contact both of my agents and see what each offers.  (I might end up canceling both policies and going with an entirely new agent, if need be.)

Organizational Steps –


I spent some time today organizing several of our important documents.  I put our marriage certificate, the kids’ birth certificates, and our income tax returns in a safe, secure place.  I also made copies of all of our insurance policies.  Tomorrow, I’ll put a copy of our new wills in the same place.  And, I updated our list of accounts.  (I update this list two or three times a year, so that my wife will have easy access to our current financial situation.)

I’ve done all that I can do for today.  Tomorrow, we’ll sign our new wills and I’ll call both of my insurance agents.  It feels good to get the ball rolling and it will feel even better, once all of my bases have been sufficiently covered.

NCN

http://www.ncnblog.com

No Credit Needed is a personal finance blog about debt reduction, saving money, and simple living. Thank you for visiting the site and please consider subscribing to No Credit Needed by Email. Have a blessed day!

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8 thoughts on “Updating My Will And Purchasing More Insurance
  1. Pastor's Wife

    Did you scan those documents for digital safe-keeping also? In my recent scanning frenzy, the certificates, wills and passports were among the last to be digitized. Duh.

     
  2. NCN

    @Pastor’s Wife…
    I recently purchased a new scanner/copier… and I’ll scan the docs just as soon as the will is signed… good idea!
    NCN

     
  3. PT

    Way to go! I need to start thinking life insurance too. Term is the one Dave Ramsey pushes, right?

    As for the will…why did you go with a Lawyer instead of doing it yourself? Do you have to have a lawyer draw it up?

     
  4. Jeff

    12x your salary seems excessive. Mine is only 5x my salary and that was based so that my SO could live for 5 years at my present income. I don’t think life insurance policies should pay off bills or pay for funeral expenses but that is just me. I am amazed at how many people do not have renters, auto, and life insurance or a will. One of life’s necessary evils I guess. Thanks for the good blog

     
  5. Brianne

    My boyfriend and I just purchased renter’s insurance and new car insurance and going with one company was a giant savings.

    I wonder if there’s a website out there that will give me advice on whether or not I need more life insurance than my company already supplies. I’m 29 with no dependents and my only debt is my car and my student loans. I’m pretty sure the student loans are forgiven upon my death and my car is worth about what I owe on it. My company supplies $10K of life insurance, which would hopefully pay for my funeral.

     
  6. NCN

    @Jeff…
    My hope is, at 12 times my salary, my wife could invest the insurance money, and if it grows at 6 to 10 percent a year, she can use those proceeds, and never have to ‘touch’ the insurance money, itself… or, she can just have one, really super awesome party…
    NCN

     
  7. TJ

    “12x your salary seems excessive. Mine is only 5x my salary and that was based so that my SO could live for 5 years at my present income. I don’t think life insurance policies should pay off bills or pay for funeral expenses but that is just me. I am amazed at how many people do not have renters, auto, and life insurance or a will. One of life’s necessary evils I guess. Thanks for the good blog.”

    Jeff,

    12x salary seems low to me. Would you insure your car for only half it’s value? How about your house? Seems like you wouldn’t insure your life for less than half its value either.

     
  8. Jeff

    Quote
    12x salary seems low to me. Would you insure your car for only half it’s value? How about your house? Seems like you wouldn’t insure your life for less than half its value either.
    End Quote

    TJ,

    This is apples and oranges. Your car and house insurance are variable. They depend on assessed value at the time of pay out. (Good thing life insurance isn’t that way, some of us would not get paid a dime!) Considering that life is priceless, you can’t really put a value on it can you. You are insuring your present way of life for your loved ones for a number of years to assist them until alternate income can be obtained, whatever that may be.