Co-signer on loan, high risk job.
I recently cosigned on a rather expensive loan upwards of $120,000 for my partner. His job has a rather high fatality rate, I hate to think that way, but coupled with my employment. I can’t help my thought process.
I told him I want to take out a life insurance policy on him due to the fact that I cosigned for a loan for him and if something should happen, I don’t want to be stuck with the loan, he agreed to make me his beneficiary instead.
My problem with that is; what if he changes it if we break up and I would have no idea that I’m no longer has beneficiary? Can I take a policy on him as a back up?
The loan is upwards of 1300 per month for 200+ months and if something were to happen to him, it’s not something that I want to have to take over.
Him paying it is not my concern, me being a cosigner is not my concern. My only concern is the unpredicted what-ifs of life and not being prepared.
Sorry if this sounds like a morbid way to think.
submitted by /u/Double_Trainer_1448
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