this post was submitted on 31 Aug 2023
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Unethical Life Pro Tips
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Our mortgage is $2600 month. My wife has a much better paying job than me. I make $2200 a month after taxes/deductions. She is currently going through cancer treatments and although everything is looking positive it really got me thinking about what the hell does life look like for my family if something happens to my wife?
I've had the same bus driving job for 23 years. I'm undereducated. A 2 bedroom, 1 bathroom apartment is $1600 month here. I don't know how I'd ever be able to take care of myself and two kids.
They want us to have 80k+ in school debt so you can be allowed to have mortgage debt or rent and own nothing. I don't know where I'm going with this but I'm just bummed out about life right now.
That's what life insurance polices are for. Will be pretty hard to get one with her cancer diagnosis though.
Are you not required to have a joint life assurance policy as a condition of a mortgage in the US?
lol no, the bank doesn’t care, they’ll just take your house if you can’t pay
You literally beat me to this reply by like 4 minutes haha. Banks were giving variable mortgages to people who could barely afford current rates, they don't give a shit.
I would never ever take an adjustable rate mortgage. That is just begging to get fucked. Like right now for example. My mortgage is like 4.2% but if it were an adjustable id be at like 6+% and be out of a house.
Or when the housing market is booming, they'll repossess the house and sell it again for even more of a profit.
Not anywhere that I've seen, just home owners insurance and mortgage insurance if you pay less than 20% down.
Nope, at least not for my mortgage. The only thing that was required was a home owners insurance policy.
I bought last year and there was nothing in the process that wanted either of us to have life insurance.
In the US they want you to default. They can flip the house for more than you owe them.
Love how everyone in this subthread are sure they all live in the same country with the same rules and same banking system.
Globalization and capitalism babyy
Not a fan of the latter but that's life ☹️
I'm in exactly the same boat as you. Undereducated, lower paying job than my wife, mortgage, etc. I've frequently had panicked thoughts about what I would do if she died. And we have a kid, which makes it even worse.
I was never really scared of much until I had a kid.
Part of the reason my partner and I don't want kids. It's almost impossible to raise them alone and she has a preexisting condition that she wouldn't want to pass on to them. If she passes away I could always just go live in my car by the beach and be fine. Wouldn't be able to do that very well with a kid.
Consider term life insurance? (Not whole life which is a ripoff.) It's usually pretty cheap for a 20 year policy that'll give you a few hundred grand if the worst happens. Like literally $20-$50/month. I'm not a salesman, don't work in insurance, just a suggestion.