DBF and I each have enough term insurance to cover the mortgage balance and funeral costs should either of us pass. We could both swing the full payment on our individual incomes, though it would be tight. But we figured that it would be one less thing for the other to worry about during a stressful and upsetting time. My policy is through work and he has a stand alone policy. I also have a $10k whole life policy that my parents got when I was little. One of the things on my to-do list this year is to get some term quotes so that I am covered even if I leave this job. Also, I will most likely be cashing out the whole life policy, as I have been having to pay $50-$75 per year to keep it.
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