Ok, our term life insurance policy is here. I am pretty sure I have the peace of mind I was supposedly to have from finally having life insurance. It is a little early to tell. All I know is I better never have to use it!
We set out to get a term insurance policy for the sake of our unborn child. It will be our first and we found out it will be a boy. So he now has this financial safety net in case the worst should happen to his dad. I have not quit my job just yet but the plan is that I will give up working to stay at home and raise our son. The plan at this point is to have two or three children. Having a larger family than that has not been ruled out but we will see how it goes along the way first. Children seemed to bring out the financially responsible genes in my husband and me. I do not think either of us gave life insurance a thought until I got pregnant and then it all of a sudden seemed like something we had to do.
So it is a little early to report how much better I sleep but I am glad we have the policy. It was pretty simple to get after all. I ended up going online and getting term life insurance quotes from lots of insurance companies, compared the best term life rates and bought the cheapest 30 year term policy. Term insurance does not provide any cash value at any point and you can not borrow against it like you can whole life. But it is the lowest monthly payment of any type of life insurance and both payment and payout remaining the same for the life of the policy term. Of course I will not ever personally find out about the payout part.