by tgk » Sun Jan 11, 2015 07:24 pm
I do not have any life ins. I am in good health and very low debt with an excellent credit rating. A home valued at $230,000 with a mortgage of $ !05,000 I have no pension. An IRA which is being used for real estate state tax.
Should I consider final expense , burial, or a 10 year term policy of $50,000 at a cost os $1260.00/month?
Should I consider final expense , burial, or a 10 year term policy of $50,000 at a cost os $1260.00/month?
Posted: Thu Jan 15, 2015 07:38 am Post Subject:
$50,000 of life insurance at a cost of $1260 per month? That's $151,200 in premiums. Simple math says that's not even remotely reasonable.
Put $1260 in a shoe box under your bed each month . . . and at 0% interest, you'll have $50,000 in 3 years and 4 months, as long as the burglar doesn't find it. If you die sooner, there's probably enough money in your IRA to pay for a funeral after income tax is figured.
If you are age 76 and have the income to pay a $1260 monthly premium, you don't need a $50,000 policy.
Add your comment