life insurance, private medical coverage

[tugofwar]

I just wanted to see how many others have obtained life insurance in the event of one parent passing that there will be something left for the child in such event? If so, how much is the norm?

How about medical/dental coverage (extended/private health coverage) ? I currently have a good plan thru work (ex self employed doesnt have one, am also keeping ex on my plan)
My fear is in the case that I dont have coverage later on, what can I do? If we are no longer together, can we still obtain coverage for the child together? Should I include this in the agreement?

He's fighting me tooth and nail for any further expenses regarding our child, I want it to stop.
My lawyer recommended ex get $100,000 life insurance and extended medical coverage. Im thinking of forgetting about this and do what I can to support our child and take away the extra $$ ex would have to contribute to our child in hopes that ex will stop this non sense and stop attaching a dollar amt to the child.

[Mess]

My agreement requires my ex (who is paying child support) to maintain life insurance which pays out to the children with me as the trustee, basicly meaning I can use it to cover the child support if she dies. The amount was calculated by my law clerk as roughly what the full support payments would be (I don't know how she factored inflation) and the agreement says that my ex can reduce coverage over the years, since the amount of support to be paid will be less as time goes by. In practice she will just keep the same coverage and the children receive what's left over when they are 18.

Because I'm not paying support, we didn't include in the agreement that I should carry life insurance, but I do, with the same trustee set up. If I die, she will likewise have increased expenses for the kids. Her lawyer didn't ask for such a clause, I don't know why, so my lawyer didn't put one in, but I still feel I should be responsible about this.

I'll mention, I have a life insurance plan that I "own", so it is also an investment, if I live, then after the kids are 18 I can cash it in. I think it will end up as about $40k by then.

For health coverage, we worded so that neither of us specificly would provide health/dental, but that either of us could provide it by including the kids in a work plan. If neither of us had a work plan, we would purchase a private coverage and consider it a section 7 expense. For us, the issue is that she has work coverage right now, but is a professional could in theory end up self-employed in a private practice some day. I am self-employed, but could end up with a salaried position and work coverage some day. So the wording is flexible and we covered all the bases with it.

[tugofwar]

I was just thinking I would word it as as long as child has coverage thru my plan then I will not ask for ex to get private but in the way if I loose coverage, someone is going to have to get it and was wondering and maybe I will wait till tomorrow and call some companies to see if we both can contribute to it in the event child has no coverage.
What is the cost a month for life insurance? Say for $100,000 and both quite young and healthy?

[blinkandimgone]

I took out life insurance for myself and my child when my first child was born and another policy for the second child when born. Their dad got a policy as well when he moved in with us. The children's policies pay out to each other and ours pay out to the children split equally. The children's plans roll over to fund post-secondary education when the time comes or they can choose to continue payments and maintain the policy.

I believe for children it's 100K each, roughly $28/month for female and $25 for male. For the adults I believe it's 150K each, roughly $38/month for female and $32/month for male.

As for benefits for medical/dental, we both have fairly good coverage through our workplaces that it hasn't become an issue yet but I would probably want private insurance coverage if we weren't covered already.

[billiechic]

It's a great idea to include the clause, especially if you would struggle to provide for her if he is unable to support her. Make sure that both policies also include coverage for disability.

I am insisting on life insurance coverage for each of us, with our daughter as beneficiary. I've designated my mom as trustee though. If he wants it changed to him, then he will have to ask for it, as I trust my mom's financial decisions much more than his!!

[tugofwar]

So, I called Blue cross just to get an idea about private extended medical/health insurance in the case I lose mine thru my place of employement. There has to be a parent on the plan and then it covers the child. Pretty expensive and Im young right now and on no meds!
So, I want to wash my hands of my ex and this money issue.
So, I am just going to take care of our child the best I can and in away that's not going to cost the ex anything more in hopes ex will just let everything else go already!!!!!!!!!!!!!!!!!!

[blinkandimgone]

Here is a good resource for calculating how much life insurance you would need:

CPP - Insurance Needs Estimator

If I remember correctly, Blue Cross was one of the most expensive ones available a coupole of years ago when I was looking at medical/dental plans.

[tugofwar]

Originally Posted by Mess

I'll mention, I have a life insurance plan that I "own", so it is also an investment, if I live, then after the kids are 18 I can cash it in. I think it will end up as about $40k by then.

Im looking into getting my own life insurance for my child and made some inquires. Mess, what exactly is the plan you got?
I was explained a few different options but not sure if this one was mentioned, but really that makes sense.
Is a basic life insurance policy good enough, I was suggested other things like accidental, disability?