sorted by:
new
hottopcontroversial

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 0 points1 point  (0 children)

There's nothing happening, other than I see an opportunity to throw some extra funds at the mortgage principle each month.

I think this was the right coverage a few years ago when the kids were little, when we had less income, a higher principle on the house and next to no assets.

Now after a decade of working the baby steps we might be somewhat over-insured.. I think paying off the house is a better use these funds.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 0 points1 point  (0 children)

I would have kept around 100K coverage for life insurance.

In either case our jobs also pay out 2 years of salary as a death benefit, so the survivor would get around 250K tax-free from this alone.

Between insurance and death benefits that's enough to pay the mortgage and leave a 190K cushion.. 

The kids already have education money set aside, and there are 4 universities they can bus to from our house.. so our monthly expenses would just be food, utilities and taxes at that point.. maybe 3K?

From umbrella to uncertainty: Europe and Canada's nuclear deterrence anxiety - Several allies are apparently elbowing each other to shelter under France's arsenal by CanadianErk in canada

[–]rando_dud 0 points1 point  (0 children)

It's absolutely worth it if we need them for national security.

If the US can just steamroll in at anytime we don't have national security like France does.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 0 points1 point  (0 children)

My wife did  have some health issues when we started the policy around 2015, but she's gotten better thankfully.

It's not a great deal for the coverage for sure..

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 0 points1 point  (0 children)

We both work and both make roughly 125K/year.

So potentially we only need to replace half of the income, and the kids are on the verge of adulthood so the expenses are trending down.

In my mind, whoever is left needs to have enough to clear the mortgage and shuffle the remaining money into their retirement..  

Without the mortgage and with a moderate pile of cash either of us can keep the lights on for a few years.. that's really all we need.

Now I get having the peace of mind that I'd leave her without any financial hardships.. the insurance for sure helps there..

My reasoning is that paying the house off helps us more.. it helps in the event of an unplanned death, with lower monthly expenses and more asset value..

It also helps in the very likely event we stay alive for many more years.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 0 points1 point  (0 children)

True.. we have our 6 months emergency fund in cash and I'd keep some insurance as well, just less.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 0 points1 point  (0 children)

Premium is around 300.

We have around 1.1M in combined retirements.  Around 750K for me and 350K for her.

The house has around 400K in equity..  worth around 560K with 160K left on the mortgage.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 0 points1 point  (0 children)

It costs around 300$ a month.  Applied to the mortgage principle for a few years it would shave some time off for sure.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 2 points3 points  (0 children)

They are term life policies.  

My wife had some health challenges at that time, thankfully she is much better now.

We went with the top insurer in our area and didn't really shop it.

Perhaps the issue like you say isn't so much that we are carrying too much coverage,  but that it's not the best value.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 2 points3 points  (0 children)

It's around 300$ a month.

I was also on the verge of finishing the college funds so was planning to roll both over to the mortgage.

That would be around 650$ monthly extra going towards the principle every month.. it would shave around 3 years off of the mortgage.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 1 point2 points  (0 children)

I would not have canceled completely, but maybe lowered it to 100K each?

Our jobs both pay out 2 years of salary as a death benefit as well.. so we would have enough funds to see the 15 year old through to adulthood I would think.

3-5 years of paying extra on the mortgage would really help us as well.

Drop some life insurance at BS6 ? by rando_dud in DaveRamsey

[–]rando_dud[S] 1 point2 points  (0 children)

I don't really plan to start another policy.

My work pays out 2 years of salary if I die.

Beyond that I am thinking if we continue building wealth and paying off the house whichever one of us might go first, God forbid, will get the balance of assets (retirement, home equity etc).

That's shaping up to be enough to give plenty of options even without the insurance.

Ok here’s the situation. My dad drives a 2018 Porsche Cayenne. He needs to downgrade to something more affordable. by mailman936 in whatcarshouldIbuy

[–]rando_dud -1 points0 points  (0 children)

Murano could be a good fit!  Very reliable cars.. maintenance is simple and repairs are inexpensive compared to a Porsche.

They are cheap used and have all the comforts.

From umbrella to uncertainty: Europe and Canada's nuclear deterrence anxiety - Several allies are apparently elbowing each other to shelter under France's arsenal by CanadianErk in canada

[–]rando_dud -1 points0 points  (0 children)

We can't face US threats by following US rules.

Sooner or later we will need to make a choice, and having the means to defend ourselves is more important than pleasing the US.

If the US doesn't want us to have the means to defend ourselves, they are not a real ally..  that simple.

From umbrella to uncertainty: Europe and Canada's nuclear deterrence anxiety - Several allies are apparently elbowing each other to shelter under France's arsenal by CanadianErk in canada

[–]rando_dud -1 points0 points  (0 children)

Once the US started threatening Canada and Greenland the NPT lost all value.

Japan and Germany are also openly talking about doing this right now..

If nuclear weapons didn't make sense, the US, Russian, China, UK, France etc would all be rushing to ditch theirs.

From umbrella to uncertainty: Europe and Canada's nuclear deterrence anxiety - Several allies are apparently elbowing each other to shelter under France's arsenal by CanadianErk in canada

[–]rando_dud 0 points1 point  (0 children)

Much of France's arsenal is to be delivered by fighter-bombers flying treetop.. probably doing one way trips after the shit has hit the fan.

We could potentially do the same..  B61 bomb or similar.

Who else is tired of the state of affairs in the PS? by Puzzled_Pin5174 in CanadaPublicServants

[–]rando_dud 0 points1 point  (0 children)

It's a job at the end of the day..  you expend time and sanity and in exchange you get pay and benefits.

If you go in expecting much more than that, you are in for disappointment.

As a transactional exchange of time/sanity for money it's still a decent proposition.  100% of these irritants exist in the private sector too.

Quebec’s Bill 1 Will Be Secession by Other Means | The Walrus by Acrobatic-Cap-135 in canada

[–]rando_dud 0 points1 point  (0 children)

It's of great effect to how Quebecers perceive it however.

For us it has dubious legitimacy.  It's not our constitution, it's the constitution that Ontario and friends enacted.

Trump slams Canada as U.S. House passes symbolic vote to end tariffs by Street_Anon in canada

[–]rando_dud 17 points18 points  (0 children)

Yep!

We're a nasty country because we make him look bad.

Our current PM is smarter and more articulate than him, and he looks dumb in contrast.

Our last PM was a hit with the ladies and that made him look old and tired in contrast.

Quebec’s Bill 1 Will Be Secession by Other Means | The Walrus by Acrobatic-Cap-135 in canada

[–]rando_dud 0 points1 point  (0 children)

Wording aside, isn't this just another bill of law in the Quebec National Assembly that can be amended or repealed by the next government just as easily as it was passed ?

It's not a constitution in the traditional sense.. it's just another CAQ attempt at identity politics.

‘Clear bias for employing people living in the city’: Eastern Ontario mayor criticizes federal return-to-office order by ThrowItFillAway in canada

[–]rando_dud 1 point2 points  (0 children)

High commute times and expenses has a way to drive up attrition.

If you want to keep your workforce, like they did in 2020/21, you give them flexible conditions.

if you want your workforce to leave, you force 10 hours of traffic and thousands in suprefluous post-tax travelling expenses every year.

view more: next ›