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Homeowner's insurance
roses25
Posts: 567
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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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).
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!
Carolyn