N
Natalie B
Guest
recently downsized, reduced our mtg from 220, to 160
hubby is 59, retired and draws company pension 40k per year until 65 and then it is reduced, and if he should pass away before me this pay out goes to the surviving spouse until her death, hubby also trying to supplement his income
im 56, currently employed earning approx 40k per year and hope to keep working as long as i can (pay off mtg)
no dependents at home, no debt other than a mortgage $160,000 currently amortized for 17 years and up renewal in 4 years, we have rrsp for retirement years, no savings to speak of, helped 3 kids with tuition and down payments in liu of weddings
financial planner suggested a term joint life insurance policy $100k
cost $120 per month for 20 year joint policy which becomes null & void after whoever expires first
this will allow the survivor to be able to pay a good chunk of the mortgage off, cover funeral expenses and allow the remaining spouse to continue living in the home
protection and peace of mind for the next 20 years starting now for the unexpected, never know what tomorrow is going to bring
especially my hubby if i should pass first he would lose my income,
if he passes first i still have my income if i am still working, plus the company pension
if i should be come unemployed or forced to retire in 10 years for whatever reason and we are 65 or older, then of course we would have the reduced company pension. joint cpp, joint old age pension
and hopefully in that ten years our principal on the mortage will be reduced accordingly but so will our earning power be reduced as well
is this really good advice
thank you
hubby is 59, retired and draws company pension 40k per year until 65 and then it is reduced, and if he should pass away before me this pay out goes to the surviving spouse until her death, hubby also trying to supplement his income
im 56, currently employed earning approx 40k per year and hope to keep working as long as i can (pay off mtg)
no dependents at home, no debt other than a mortgage $160,000 currently amortized for 17 years and up renewal in 4 years, we have rrsp for retirement years, no savings to speak of, helped 3 kids with tuition and down payments in liu of weddings
financial planner suggested a term joint life insurance policy $100k
cost $120 per month for 20 year joint policy which becomes null & void after whoever expires first
this will allow the survivor to be able to pay a good chunk of the mortgage off, cover funeral expenses and allow the remaining spouse to continue living in the home
protection and peace of mind for the next 20 years starting now for the unexpected, never know what tomorrow is going to bring
especially my hubby if i should pass first he would lose my income,
if he passes first i still have my income if i am still working, plus the company pension
if i should be come unemployed or forced to retire in 10 years for whatever reason and we are 65 or older, then of course we would have the reduced company pension. joint cpp, joint old age pension
and hopefully in that ten years our principal on the mortage will be reduced accordingly but so will our earning power be reduced as well
is this really good advice
thank you