Life Insurance options

[Yuri Shamsin]

Hi all,

a little off-topic but I think it is an important matter.

So, the bank asks you to have Life Insurance to protect itself. It can be either your own or you can pay extra for your monthly mortgage payments.

I happen to have my own coverage for $1mil with a monthly premium of $86. It is the Term Life Insurance for 20 years. I have had it for 5 years now. 

If I were to pay the bank to cover my mortgage ($450K, they only cover the loan amount) I would pay $130 per month.

Now, I see there is another option - Whole Life Insurance.

Should I switch NOW?

Thank you

[Steve Vaughan]

Just keep what you have. Keep it simple and what it is- risk management.  

By end of term in 15yrs, you will hopefully be self-insured and not need life insurance at all anymore.    

Do not confuse or combine insurance and investment.   They have different purposes and are exclusive from each other,