Reply To: Life insurance

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edmontonalberta
1 month ago

@nicolajinks

A very simple philosophy; buying enough life insurance to pay of the mortgage ensures you can refuse mortgage insurance with the bank since that insurance is much more expensive than life insurance.

Another purpose of life insurance is to help your loved ones financially “just in case”… When my first wife died, I paid off our house plus had enough money to cover living expenses for five years. This allowed me to rebuild my life; I got remarried five years after Donna passed away…

Basically, the amount you should consider purchasing depends upon your financial needs as a family.