Considering canceling life insurance - advice welcome

Seaxwyn

Hi there

I am considering stopping life insurance cover for my partner as I can't afford the premiums and his earnings are low anyway.

I currently pay £104/month for a life policy covering both of us for the next 17-ish years. It will pay out £150k if either of us dies, and £300k if we both die. This is to cover our mortgage. We also have four dependent children, ages 9-16.

At the time I got this it was the best deal going. The high premium is probably because my partner is 60.

To just cover my life would be £17/month. I am inclined to change - I would rather use the extra £88/month to pay off debts. My partner only earns around £300/month anyway so we would not be a great deal worse off financially if he died. But I fear that it is irresponsible not to have life insurance.

Views welcome!

dunstonh

I fear that it is irresponsible not to have life insurance.

It is if it leaves the partner and children without money on death and puts them in a significantly worse financial position.

Seaxwyn

Thanks Dunston. We wouldn't be in very much worse position, we already live on my earnings anyway, his earnings are unpredictable and seldom over £300/month.

PasturesNew

Difficult one. Save £88/month - and he might live to be 90.... or he might die next week and you'd not get £150k.

Are his parents still alive? Aunts, uncles? What did everybody in his family die of?

Everybody in my family's been 85-100 before they popped off.

Seaxwyn

Thanks PN. It is really difficult, isn't it? His dad died young of skin cancer, his mother died in her 80s. If only we had crystal balls!