<p>Paying off the mortgage still leaves insurance and property taxes to pay – add that in, too.</p>
<p>If you lose your job – expect the COBRA payment to maintain your medical insurance to run $1200/mo. for family coverage. If you don’t have life insurance except what’s provided by your employer, figure that expense, too – and if you have a medical condition, you may be rated or declined.</p>
<p>I bought an individual life policy in 1991 when I was pregnant with S2 – came with a COL rider. Got it to replace my earnings if something happened to me with the intent that it would pay for college for both kids. Was darned happy I had done so, as I am now uninsurable, but the coverage is still in force.</p>