Life Insurance Questions

[oats_a_plenty]

I was really considering getting life insurance before, but do to recent events, I'm convinced that I should get it. It would make sure the house is paid off, cover final expenses for me, and some more to take care of my pigeons and dogs. I don't want a funeral and just want to be cremated, plus I can always make my own urn ahead of time (which I

Comments

[takatha]

Thats really noble thoughts! I am guilty of "I will be dead, I will not care" and dont have even a will. Everyone tried to convince me I should have all the usual stuff, but I cant help think its just a tax on my life for others benefit. I guess If I had family I cared about or something it would be different...

But, in your case do forget inflation. In 20-30 years, $750,000 may NOT be enough to pay all those things :)

[oats_a_plenty]

Very good point!

The house is at a fixed rate, so I doubt it will go up. Granted my property taxes keep rising (houses are selling pretty fast and are going up in price in my neighborhood), or insurance on the house might go up (I'm sure it will over time for inflation). I guess right now it costs $2000-3000 for cremation, so if I adjust for inflation and say, $10,000. $250,000 is still enough to pay off the house, final expenses for me, and leave about $100,000 left to take care of pets and property taxes and other misc costs on the house.

Hmmmm, maybe I should get the $750,000. Well I can afford it now for 10 years. I just look at it now as funds in the event you die to support others, or contribute to something you wanted to.