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- #11
Then you may be headed in the right direction. Does he have retirement funds? 401K?
Nope.
Good income, but no savings and still has a mortgage.
Many bad financial decisions.
He has another life policy in place, but it's going to expire. He can extend it, but at a much higher rate.
That was the point of trying to get a smaller Term policy, but he doesn't qualify.
So, I'm looking at multiple FE policies to try and get something if he doesn't extend the current policy. I don't think it'll be as much as is needed, but at least it'll be something.
It's to protect the wife. If he passes away without paying off the mortgage, she could at least sell the house, buy a smaller place (with no mortgage), and still have some money leftover for a SPIA, investing, etc.