Posts by Jason Brooks3

Richard Wright said:Seriously, what kind of difference does that even make to the premium? Are we talking $40-$$17 ??

Yeah, something along those lines... if I'm remembering correctly, it’s roughly $3 per every $20,000 in death benefit coverage.

rowdyranger3 said:Regarding auto loans, one of the requirements set by JPMorgan Chase as a security measure involves having a liability insurance policy that includes death benefit coverage, where the insured amount is at least equal to the agreed loan balance. For instance, imagine a scenario where the car is worth $33333 and the loan stands at $26667. My question is whether this expanded liability policy must maintain a minimum coverage of $26667 every single year, or if it's possible to scale that amount down as we gradually pay off the principal?

Honestly, by next year, nobody will probably even bother asking you about it, but why even bother trying to reduce the coverage? The extra cost for that "enhanced" insurance is pretty much pocket change when you consider all the other expenses tied to owning a car or managing the loan itself.