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Old 03-10-2013, 09:15 AM   #61
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I like the idea of keeping your existing life insurance coverage in place for at least the next few years. That isn't much $ for that much coverage. If be inclined to keep it even longer, really, since your kids are so young.

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Old 03-10-2013, 09:31 AM   #62
gone traveling
Join Date: Feb 2013
Location: Leominster
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Originally Posted by Buckeye View Post
A regular life insurance policy that covers the balance of the mortgage would probably provide more flexibility for the surviving spouse. Surviving spouse may want to dump the house ASAP and travel the world on the insurance proceeds!

That is very true. I most certainly would dump the house and live on in a hobo style. Hopping from cruise ship to train to cruise ship myself.

My DW on the other hand would probably get bombarded by suitors looking for her lovely hand in marriage. I would suspect though she would be pretty careful in any decision. I can guess that she might return to Korea to live out her life.

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Old 03-10-2013, 09:59 AM   #63
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Lots more thoughtful comments. In brief:

- brewery work might be fun for 2 weeks. After that, it is hard, dirty, hot, potentially dangerous work. I will be very happy to keep it as a hobby rather than a job.

- I do all the admin work for DW's business salready, so I will do it for my own as well. Its a "keeping control" issue more than the money.

- I haven't really decided what to do with the life policies long term. In the short term, they will stay in place. The first couple years will be a transition period with an elevated risk of failure. As a result, I plan on going in with ample insurance coverage, lots of excess liquidity, an untapped HELOC, all possible maintenance done to house and cars, certain things stocked up or purchased (just bought a generator, for example) so I won't have to lay out in the first couple years, etc. Once the ship is launched safely, I will consider letting go of some of the extra safety stuff, especailly the stuff that costs money.
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Old 03-10-2013, 10:17 AM   #64
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Congrats! Colorado is a beautiful state; I made lots of trips to Colorado Springs before I retired.

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