Life Insurance Question

PrincessNel

Evening all

Now I'm going to ask a couple of questions that may be a bit of a daft one, but everyone I've asked seem to be unsure of the answers.

So, I'm 33 and married with no children and last year was unfortunate enough to have to make a critical illness claim, which was successful and we have now paid our mortgage off.

We still pay for cover for OH. Is this necessary if our mortgage is already paid?

Second question - do I need/can I get life insurance for the future? All seems to be ok at the moment (fingers crossed) but I'm worried about what the future might hold.

So, if anyone has any suggestions, at least to point me in the right direction, that'd be great. I don't want to be paying for something we don't need, but also don't want to be missing out on something we should be doing.

Thanks

stephenni1971

We still pay for cover for OH. Is this necessary if our mortgage is already paid?

If your Oh had a critical illness and was left unable to work for a period would you have enough income/savings to get by?

There's nothing that says you HAVE to have it - but if you can afford the premiums and if there is a need to cover any potential shortfall IF the worst happened then keeping it could be worthwhile.

Second question - do I need/can I get life insurance for the future?

Would there be a financial shortfall if you passed away and left your OH to coverall household bills etc on his own?

If yes Life Cover worthwhile, if no then it's not necessary but many people still like the security of leaving something behind to a loved one.

As to whether or not you will be able to get cover depends on your previous illness/treatment/recovery.

For some CIC events they can be caused by a single event which is unlikely to reoccur, others, such as cancer have a possibility of reoccurrence.

Best speak to an IFA who will be able to assess your situation and make a recommendation accordingly.

PrincessNel

Thanks for your help - that helps and makes things a bit clearer.

It's obviously worth keeping OH's cover.

I'll have to have a look at life cover - unfortunately the illness was cancer and so chance of reoccurrence. Will have to investigate further.