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Homeowner's insurance

roses25roses25 Posts: 567
edited November -1 in Parenting and Life
If you have home insurance and a mortage....did you choose to get term life insurance to pay off the mortage if something happened to you? I was thinking it might be important to have as a single mom. I have life insurance through my employer but this seems to be different, specifically to pay off the house loan.
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    fischfisch Posts: 570 ✭✭
    edited November -1
    Yes we did. But it wouldn't pay off our mortgage here in California. Still, it might get us through the year on our own. I would get it for peace of mind.
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    ShannyShanny Posts: 2,456
    edited November -1
    I did.
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    K&HK&H Posts: 3,368 ✭✭
    edited November -1
    Something to think about also is whether someone would want to keep your house if you died. Where would your kids go, and what money would be helpful for that situation. Would the guardian you have chosen move in to your house, or move your kids to their house?
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    MNmommasMNmommas Posts: 1,081 ✭
    edited November -1
    K&H wrote:
    Would the guardian you have chosen move in to your house, or move your kids to their house?

    This. Ironically, I would be much less worried about money (in case of my death) as a single parent than I am as a two parent family. As a two parent family, we each have life insurance so that if something happens to one of us, the remaining parent w/the kids wouldn't be thrown into financial chaos as they suddenly try to figure out how to be a single parent, and they could afford to remain in the same house if they choose to. If I were a single parent, the life insurance choice would depend on the financial situation of the people who would be taking in my kids. I assume that the kids would go to live in the home of those adults and that our house would be sold, unless the adults had previously expressed interest in living in our home in such a situation. But unless the chosen guardians were rich, I'd still be sure to have at least a low level of life insurance to cover part or all of the cost of college for my kids (60-100K per kid).
    Donor 7070, births 2012 & 2013
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    ShannyShanny Posts: 2,456
    edited November -1
    I just re read the question and I'm a little confused. What does having home owners insurance have to do with having life insurance? Not be snarky, I'm genuinely not following.

    I have life insurance and it would more than cover paying off my house but that's not what it is for. I fully intend that my life insurance would be used by her caretakers to offset the increased costs associated with having another child added to their family.

    MNMommas - I realized as I was reading your reply that I was like "who on Earth plans to pay for their child's college like that?" Yet, I think nothing of shelling out thousands each year for preschool and now even more for elementary. I feel like I don't have a choice in that matter though, but it was just an interesting moment for me!
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    michelle.malottmichelle.malott Posts: 107
    edited November -1
    You can pay extra for a clause in your insurance that would forgive the loan in case of death. It makes sense for a two parent family, not sure it would for a one parent family since the kids would live with someone else.
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    roses25roses25 Posts: 567
    edited November -1
    Yes, it was something specific that this homeowner's insurance offered as an add on option, specifically to pay off the house.

    Carolyn
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    ShannyShanny Posts: 2,456
    edited November -1
    Ok, got it. Hadn't heard of that.
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