Quote:
Originally Posted by JDMDreams
I mean he does have liability. So his family won't be homeless incase something happens to him. Everyone says they will sell the house when they die, but probate can take years + look at the market conditions, do you really want to fire sell at -$500k and still be homeless. Type r payments still need to be paid when you die.
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Pretty much this. Life insurance is to pay off the house if I die.
Tho, I've had life insurance since I was 18 and it definitely sounds like what Skinnypup described... my mom probably got conned LOL. It makes her happy if I keep my policy.
This is most likely how the poor stay poor.