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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote]A life insurance policy that costs 200/year plus some from work is probably not going to be enough to help the surviving spouse stay in the house. Also there was a poster on this thread who talked about being disabled. You need disability insurance.[/quote] What a crappy generalization. My company offers $50K life insurance + $20/month for 2.5x my salary, which they reimburse me for, so essentially still free. This is part of my benefits plan. Plus $15/month for disability. [/quote] A life insurance policy worth a few hundred thousand dollars is probably not enough for income replacement. Certainly not in the OP's case if they want to continue to afford their hefty mortgage while savings for college and retirement.[/quote] That is why its such a crappy generalization. That is a couple hundred thousand life insurance right there that is free, I'm not paying for. Then just $20/month for term insurance for another $500K. There's almost a cool mil at expense of only $20month. Which is alot of money. Might not pay off the house, but why can't the surviving spouse work to bring in some income, even if its a few years later? [b]Kids.. tough luck b/c you just lost a parent, do well in school and hopefully you get some merit scholarship. Worst case, they can take out a loan.[/b] Their ability to go to college isn't hinged on whether or not I left them enough in my life insurance to cover tuition. But we don't know OPs whole financial picture, his expenses or his savings. If OP has zero savings left, just kinda living paycheck to paycheck, I'll be freaking out with those numbers. I'm in the same boat as OP in terms of similar income and housing budget.. and I am not freaking out or feel like I'm pushing the limits. Maybe because I have savings and low expenses. [/quote] OP said they have a 150K emergency fund and no debt so they are doing quite well. You are lucky in terms of life insurance. I was just turned down for a 20 year term life policy (1 million) with an estimated cost $162/month. I do get 50K life insurance for free from my job and pay ~$45 dollars a month for ~300K life insurance on top of that through my employer. As a single parent though I wanted more coverage for my kid though. I agree OP should have adequate disability (for both OP and DW) and life insurance at least to cover house. [/quote] I disagree with this attitude entirely. What a shame to tell kids, sorry, you lost mom or dad and have to take out loans for college or not go to graduate school because mom or dad couldn't pay a few hundred dollars a year more for life insurance.[/quote]
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