OP
OP
iam21177
Recycles dryer sheets
- Joined
- May 26, 2011
- Messages
- 159
Funny this thread popped up; I finally have some actual figures from the insurance company today.
Allstate said term life insurance of 14 years and $200,000 had better premiums than if I went for a decreasing life insurance plan (the kind that would shrink as the mortgage shrank).
He quoted us $14.50/month for $200,000 on my spouse for 14 years (14 = # of years left on the mortgage). It would be a lump pay out.
Does this sound like a good thing?
To summarize, should I find myself widowed, I would not be able to afford to keep living in our current house after one year on my salary alone. I can afford a house, just a smaller house. Well come to think of it, we are paying extra on the mortgage, so I could probably swing the actual mortgage payment.
Allstate said term life insurance of 14 years and $200,000 had better premiums than if I went for a decreasing life insurance plan (the kind that would shrink as the mortgage shrank).
He quoted us $14.50/month for $200,000 on my spouse for 14 years (14 = # of years left on the mortgage). It would be a lump pay out.
Does this sound like a good thing?
To summarize, should I find myself widowed, I would not be able to afford to keep living in our current house after one year on my salary alone. I can afford a house, just a smaller house. Well come to think of it, we are paying extra on the mortgage, so I could probably swing the actual mortgage payment.
