Digging deeper down into our finances to consider dropping to a single-income. Currently I pull in about $1,000 a month on weekends, but as our finances get healthier, we're questioning whether the lost time is worth having the extra $
I'll do a full case-study sometime soon, but I think this issue is best phrased as a separate question.
DW currently has about 18 years left on a 250,000 term policy. Considering changing carriers, but I'm keeping this policy no matter what. It would be very difficult for me to replace her income if she were to die.
I got my life insurance at the same time for $40/month. Because I'm considerably healthier now I can get coverage for a 15 year 250K for $24 a month (USAA is where I checked, it might be lower as I shop around). Should I get the cheaper coverage or cancel the policy altogether?
Pro cancellation: No income to replace if I die, saves us a (small) amount per month. This is roughly $6,000 compounded over that period. Not a huge amount, but certainly not insignificant either.
Con cancellation: Reading through some older threads, people made a very good point that it would be difficult emotionally for my wife to continue earning income at the same level, deal with suddenly becoming a single parent, etc. Her income can cover all expenses, particularly since (correct me if wrong) my student loan obligations don't carry over.
Thoughts?