We’ve almost finalised the payments on IP #2 now with the last payment to go through for the solicitor on Monday. I was able to transfer another $5000 off the mortgage, so now it’s down to $192,00.
November is a big bill month for us. This week I’ve paid the insurance on IP #1 – $300 and the strata fees $452. I have also just paid $952 for income protection insurance of 75% of my income. I think the biggest risk to us financially now is if either one of us got sick and couldn’t work for an extended period. DH has also just paid his income protection insurance and upped his life insurance to cover all three mortgages. I’m in the process of getting quotes for my life insurance. That way is something happened to either of us we could clear all debts with the payout.
Having already been through the experience of getting sick and losing my business in the past I’m convinced of the value of income insurance! I have often thought about how different things might be now if I had not missed that years payment!
Do you have income protection insurance?