[Emmaline Lola]

Does CCAA or any specific agencies require BOTH parents to have life insurance or any life insurance for either parent?

I know my husband has a tiny policy through his company, but I have no clue and neither does he, who it is with, how much $$$, etc.

Do I need to take care of this too NOW, or am I ok?

I know i need to have life insurance, I am just lazy about certain things in my life, and this happens to be one of them!

Do we need life insurance to adopt from China? (We are planning on using CCAI for our agency-fyi)

Thank you!

el

[Shelley]

That sounds like a good question for your agency. I'm not sure if it's required, or not, but it's good to have at any rate. Shelley

[Momof2boysinOH]

I believe it is required. During the homestudy you need to state who the child's guardians would be if you passed away and about your life insurance coverage. Also, in the financial statement for your dossier, you are asked for life insurance amounts. I'm using CCAI.

Life insurance is always a good thing to have, even if you don't have children! My husband and I have had policies since we were married, at ages 22 and 23 respectively.

[prechrswife]

I know that when we did our homestudy, we only had life insurance on dh and not on me. We were researching our options at the time, and that is what was stated in the homestudy. Our dossier was logged in back in early July. We are taking care of getting life insurance coverage on me, but because we feel that it is a good idea, not due to a CCAA requirement.

[Mailbox13]

Many companies that offer or provide life insurance to employees will also offer optional life insurance on spouses. Often the spouse insurance is quite inexpensive. Although I am the only "wage earning" spouse, we have life insurance on both of us. There are a couple of good reasons for this. If my DW dies, I will have costs related to the funeral that will need to be covered. Also, currently my DW is a stay-at-home-mom. If she were gone, I would have to pay for child care even though my wages would stay the same.

[Lissa]

The only life insurances hubby and I had were through work. (Basically enough money to bury us!) Not that big a deal. They just wnat to know if you have a plan at the HS phase.

[terryb]

Only hubby has life insurance and we were not told this is a requirement. We did not see a reason to have life in insurance for me as hubby is the sole income earner in our family and we felt that we wanted to add some insurance (outside of work gives him) in case something happened to him so I would be able to raise our children without worrying about money. We live in Canada.

[Mama Butterfly]

We had to have my life insurance increased for our homestudy. As a stay-at-home parent, I did have to purchase a separate policy. Besides covering any costs associated with a death, you may want to also consider the additional cost of childcare if you are an at-home parent. We substantially increased our policy after reflecting on all the things I do at home which would be needed to keep our family going. Yes, it is awful to think of, but I do think it comes with the "parenting responsibilities" package.

[sak9645]

China does not require life insurance. However, many agencies DO.

I am a single (long divorced) woman. When I applied to adopt, my parents were deceased and there was no one else for whom I needed to provide. As a result, I did not have life insurance. I fully intended to buy some once I became a parent, and had the resources to do so.

My agency insisted that I go out and purchase some even before I adopted. It originally insisted on an amount that was unreasonably high, given my earning power and so on. It eventually agreed to accept my purchase of a lesser amount.

Especially if you do not have high levels of savings, life insurance can be very important if one spouse, or a single parent, dies. I strongly recommend that every family with children buy as much as they can afford.

Sharon

[skingspan]

There are many companies out there that provide low cost term life insurance. If you are a healthy non-smoker under 35 you can get a 30 year term $500,000 policy for under $500/year or a $1,000,000 policy for under $1000/year. Nice to know that if anything happens to you your family will be taken care of.

[Emmaline Lola]

Thank you all so very much for your responses! I have called my husband's company and am not able to make the changes to increase our coverage until their open enrollment period, which will probably be in late January to early Feb. Not a huge deal, because I am hoping to mail our application into our agency in January, but my husband wants to wait until March , but either way we will be fine!


Thank you all again for your help!

el