Question Life Insurance pre-filing

[berkeleygl]

I posted this in the insurance forum, but thought it might get more visibility here...

So, my husband and I are looking at filing a chapter 13 in late February. I am working hard right now to best educate myself and do as much pre-filing prep as possible. We have stopped paying our credit cards this month, and realize that all of a sudden I can make a budget and stick to it. There is actually money now . Anyway, I was just wondering if it is recommended my husband and I take out life insurance policies before filing. We will easily be able to build it into our budget (we are looking at around $150/month total for us both to have decent coverage). Before I sign on the dotted line, I just want to make sure this is a good decision, that it won't be frowned upon by the trustee, that our rates for the insurance are locked in for the duration, etc etc. Any advice will be appreciated! Same question applies for renter's insurance....worth it? We have been woefully uninsured and it's high time we get our financial/personal life in order!

[JEM]

Absolutely a good idea! I haven't seen anywhere on this forum where it's been an issue.

[DebtHater]

Having life insurance and renters insurance is an excellent idea!

First renters - In the event of a (god forbid) fire or other incident resulting in loss of personal property who's going to replace it? Not the landlord. He's not obligated to and your belongings are not covered under his insurance.

Life insurance - In the event you or your other half passes on unexpectedly, will the other have the income to survive? If not you need life insurance. My recommendation is term life. Whole or universal life is an overpriced rip off. Term is much more affordable and you can do better investing separately then you can with whole life.

[berkeleygl]

Thanks debthater and jem. That is pretty much what I thought . Going for 20 year term life.

[ConfusedinOC]

Getting insurance prior to filing is beneficial especailly if you are going to do a 13. Prior to filing my CH7 I obtained disability, life and even earthquake (for home) insurance. All expenses were allowed and not a peep from the trustee.