Thread: Life insurance
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Old 05-31-2018, 12:22 PM
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Twisted Canuck Twisted Canuck is offline
 
Join Date: Jul 2009
Location: GP AB
Posts: 16,211
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Quote:
Originally Posted by buckbrush View Post
I looked into the "investment" life insurance. After doing the math it made more sense to go for a 10 year term for me. I do my investing separate and have a decent ROI on that.

I find it funny talking to guys at work who are content with our work life ins policy. I think it pays out 75k. How long is that going to last a family that is used to 150k/year after paying for funeral expenses.

Also, mortgage/loan insurance. I'm no adviser but for me it worked out way better to increase my coverage on my term policy than it would be to have insurance on a mortgage and the wifes suv. Those rates don't drop no matter how much you pay off??
Good point on mortgage and loan insurance! Premiums are usually high, and they don't go down even as you are paying off the mortgage/loan! How does that work?? The amount of my protection/coverage decreases monthly, but my premium stays the same? Good deal, I'll take two policies!

Yup, get enough term insurance to cover those payments as well, much cheaper, and your payout remains constant with the premium.
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