Life Insurancy policy question

Buccaneer · 09-13-2005, 05:45 PM

I got a life insurance policy through my long-time insurance agent when we bought the house almost 10 years ago and now it is up for renewal. Both my wife and I got a policy in which if either of us passes away, we get the money. But what I don't remember if it is tied to the house as well or is that something different? Also, what kind of policy should we be thinking about here on out? Sorry so vague but it's one of those things I never gave much thought about.

mrsimperless · 09-13-2005, 05:48 PM

Make sure your coverage includes a TCY2 gap clause.

mhass · 09-13-2005, 10:44 PM

I'm by no means an expert, but I've never heard of a life insurance policy "tied" to another asset. Most policies grow in cash value and variable policies are invested in securities, but it should in no way be something that comes or goes with your house. Going forward, it depends on your timeframe. If you're looking for another 10 years, a term policy would be cheap.

stevew · 09-13-2005, 11:11 PM

Was it a policy designed to pay off the remainder of the balance of the house in case of death?

Buccaneer · 09-14-2005, 09:27 AM

Quote:

Originally Posted by stevew

Was it a policy designed to pay off the remainder of the balance of the house in case of death?

Yes, I really believe so. Should I be looking for a general term-life policy to cover that and more? (I already have life insurance at work so this would be additional coverage).

09-13-2005, 05:48 PM	#2
mrsimperless College Prospect Join Date: Apr 2003	Make sure your coverage includes a TCY2 gap clause. __________________ "All I know is that smart women are hot. Susan Polgar beat me in 24 moves in a simultaneous exhbition. I slept with the scoresheet under my pillow." Off some dude's web site.

09-13-2005, 10:44 PM	#3
mhass High School Varsity Join Date: Jan 2004 Location: Here	I'm by no means an expert, but I've never heard of a life insurance policy "tied" to another asset. Most policies grow in cash value and variable policies are invested in securities, but it should in no way be something that comes or goes with your house. Going forward, it depends on your timeframe. If you're looking for another 10 years, a term policy would be cheap. __________________ Now while I wasn't able to cut everyone I wanted to, I have cut a lot of you. - H.J.S.

09-13-2005, 11:11 PM	#4
stevew Hall Of Famer Join Date: Dec 2003 Location: the yo'	Was it a policy designed to pay off the remainder of the balance of the house in case of death?

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