Got a call last night from our broker. Interesting talk. After busting our behinds to get our co-op package in, and thinking we had everything we need, we find out the co-op board asked if we had life-insurance policies.
Yup. In case one of us dies, they want to make sure we are able to still pay our bills.
I can see the usefulness of needing this and it is a practical question to make sure that a couple can still make good on their financial obligations, but to me it just felt like a tactless (and morbid) way to do it. Besides the fact that we would be fine despite not having policies at the moment (on our to-do list, AFTER we finish the apartment), if this was some sort of concern, I’m surprised they didn’t bring it up in the extraordinarily long list of things they asked us for when we were putting our application together. If this is a genuine concern this seems a little late in the process to bring anything up. I don’t foresee this as any type of issue, but apparently this board is asking for more than any board typically does.
This goes to show you that not only does the co-op want to know everything about your life, they also want to know everything about your death, too.
1 comment:
Oh My! Life insurance is a must anyway!!! Not in all situations but if, for example, there is a female lawyer who makes a nice salary. It might hurt financially if she died because the couple was used to having both salaries but the loss of her salary wouldn't kill the surviving husband...it might not make sense to get life insurance for her. But let's say her husband is also a lawyer who makes 3 times what the wife makes...it would devastate the wife financially to lose his income...so he should definitely be insured!!! AND the real up side is that life insurance is CHEAP!!! No question - go for the life insurance!!!!!
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