Went to the bank yesterday to change my name, and transfer my super fund, so that we can get our life insurance deducted from it and save us $60 a month in outgoings. This apparently means that you are asking to be berated about your lack of several types of insurance. *sigh*
She was not going to take no for an answer, so I let her print out some quotes. Apparently, the things we are insured against, which are pretty standard, are no longer enough. Currently we have:
Home & Contents Insurance
Life & TPD Insurance
CTP & Comprehensive Car Insuarance.
This roughly costs us $2500 a year. We're considering health insurance (for the extras & dental benefits) which will require we fork out another $800-$1200 a year.
That's approximately $3700 a year that we are shelling out on the idea of something maybe happening, at some stage, in our life. (If we saved what we spent on insurance, and considering the price increases each year, we'd have close to $40k in ten years. Wouldn't that be enough to cover most emergencies, anyway? Our health system is quite good)
But you see, we're underinsured. According to this woman, anyway. We should have Mortgage Insurance. And also Accident Insurance. If we don't, we have rocks in our heads. Lets not get into how I feel about insurance. What I found most amusing about the hour I spent in the bank with this woman, was the conversation we had and her realisation that *gasp* I don't rely on Hubby to pay the bills. She was typing away, looking at the screen, calculating a quote for me.
Her: 'So we'll do $300 000'.
Me: 'But we only owe less than $290 000, and I'd be perfectly fine with half that anyway. In the event we take out this insurance, and in the event that something happened to either of us, we'd be perfectly capable of paying for half or more.'
Her: 'Yes, but this is for your mortgage'
Me, confused, obviously? 'Errm.... I know?'
She dismisses me: 'So anyway, we'll do $300 000'.
So she calculates the quote. It's the cheapest insurance, she tells me, and the most worthwhile. $84 a month, for the both of us. Well, actually, that's the most expensive insurance we would have, if we were to get it...
I try to explain: 'Well, you see, the reason we're changing our super funds to here, is so that we can get our life insurance taken out of it, thereby reducing our monthly outgoing expenses. Getting another insurance policy that costs more, is not what I had in mind today'.
'Ok, well we'll reduce the amount from $300 000 to $250 000. You really should have this insurance, what if something happened, heaven forbid, to your new Hubby, how would you pay the mortgage? Maybe you should just insure Hubby then?'
'Well, actually, he's not working a lot right now. Actually he hasn't really worked for the past... hmmm... six months? So that would be a bit redundant, seeing as I am the main income earner at this stage.'
Shocked, she looks rather taken aback: 'Why not?!'
'He's a tradesman, it's typically slow this time of year, even more slower due to the economic climate. And in the event that we're both working, each of us earns enough, or can earn enough - in the event I can't work, DH has several opportunities to work outside his specialised trade, that can cover the mortgage and bills if need be. That's why I'm not really sure we need this at all, really.'
Now it's her turn to look confused. I am sure she is thinking How Odd! She pauses for a moment before looking slightly smug with herself: 'But what about when you have a family? Hubby will definately be the main income worker then.'
'Well, no, not neccesarily.'
'What?' Again, utterly shocked. I beging to tire of the conversation. I'm not getting anywhere, I've been here for an hour, all I want is to change my name!
'Nevermind. Sure, just give me the quotes and we'll think about it.'
Dear god, does this woman not realise it's no longer 1952? There was even a segment on television the other day about the increasing amount of SAHD's. It is NOT a foreign concept here, believe me!
Anyway, I was thinking about MonkeyMama for the whole last half of my visit to the bank. 
your husband doesn't WORK?
March 12th, 2011 at 12:35 am
March 12th, 2011 at 12:48 am 1299890939
Seriously, $84 per month for $300k of insurance for 2 healthy 20s adults? That's highway robbery! If you want some life insurance, buy term.
March 12th, 2011 at 12:52 am 1299891163
March 12th, 2011 at 12:54 am 1299891292
March 12th, 2011 at 12:57 am 1299891447
March 12th, 2011 at 04:10 am 1299903058
That's happened to me a couple of times. I smile, collect all of the papers she gives me...which are usually bank branded and tend to not be a deal, and I do not sign anything. "Let me talk it over with my husband tonight" works as an excellent stall, along with "no I don't have my cell phone with me" and "no I will not sign anything until I talk with my husband first." Keep repeating for fifteen minutes (and pointedly look for a clock or your wristwatch), then politely say, "I have to go now." And I have left.
Even if you don't get done what you want, and you have come back to someone else, it doesn't make any sense to get steamrolled into a fiscal decision that you weren't prepared for. An hour seems a little long to wait for something you want to do.
March 12th, 2011 at 11:34 am 1299929681
I am forever being ask to changes my credit card account or my bank account or insurances over it's never ending.
March 12th, 2011 at 06:22 pm 1299954132
How come you don't have life insurance? Just stupid I guess :0 nevermind that I have no debts, no dependents and my beneficiaries have enough cash to pay anything needed before the will takes affect. I told her I had to go and hung up.
March 12th, 2011 at 08:40 pm 1299962407
March 12th, 2011 at 10:41 pm 1299969684
March 13th, 2011 at 01:52 am 1299981159
March 18th, 2011 at 09:53 pm 1300485225
Jerry