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your husband doesn't WORK?

March 11th, 2011 at 04:35 pm

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. Big Grin

11 Responses to “your husband doesn't WORK?”

  1. Petunia 100 Says:

    I'm pretty amused at her attitude. Smile
    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.

  2. whitestripe Says:

    I'm not sure what term is? maybe it's different in australia...?

  3. FrugalTexan75 Says:

    Wow, the lady was pretty pushy!

  4. FrugalTexan75 Says:

    In the US there is Whole Life and Term. Whole life you pay premiums into, and it's good till you die. Term is for specified amounts of time - ie 10 years or 20 years. Term generally is much better.

  5. baselle Says:

    Wow, she is pushy! And kind of a cultural idiot.
    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. Smile

  6. Tightwad Kitty Says:

    I don't know if they do it over your way but here in Australia. The bank staff have to sell you bank products and are driving the customers mad in doing so. They can lose their jobs if the don't get people to sign up.

    I am forever being ask to changes my credit card account or my bank account or insurances over it's never ending.

  7. retire@50 Says:

    You're a lot more patient than I am. I called my insurance company to pay my car insurance over the phone the other day and of course they can't just let you do what you called for. She wanted me to wait while she looked up my account to see what else she could sell me.

    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.

  8. KiwiJo09 Says:

    People are so stupid. Just ignore her and move on. LOL.

  9. crazyliblady Says:

    She can "advise" all she wants, but it is your decision and you should make that clear. You can also try getting quotes from other insurance companies just for comparison.

  10. whitestripe Says:

    thanks guys Smile now I don't feel like I have 'rocks in my head'. I mean... we already HAVE life and total/permanent disability insurance - is approx $68 a month. Look, if either one of us were hurt so much that we could not make any income at all, the last thing we would be thinking about is our house really. possessions mean nothing to us. we would sell it, if worst came to worst. of course i love my house, and being our first home we have many memories in it. but it after all, some cement, timber and paint. i rather feel like i would have rocks in my head if i were to sign ourselves up to so much insurance that we could not afford to eat (considering you are not covered for insurance if you self inflict an injury!)

  11. Jerry Says:

    What a crappy salesperson that woman is... I hope that even if you DO opt for additional health insurance coverage, you go through someone else. Anyone who is that aggressive (not to mention clueless) doesn't deserve to be selling anything.
    Jerry

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