life insurance

MMR_3

HELP!!!! how much life insurance does one need without it costing the earth? I AM 49yers old divorced with a secure and respomsible job. My two daughters are 20 and 17 years old resp. so will soon be able to support themselves. Do i need life,critical life,credit card,loan cover at the moment?
:rotfl: Hoping for some genuine advise.

dunstonh

HELP!!!! how much life insurance does one need without it costing the earth?

As much as the financial need exists. That will vary with each individual.

I AM 49yers old divorced with a secure and respomsible job. My two daughters are 20 and 17 years old resp. so will soon be able to support themselves. Do i need life,critical life,credit card,loan cover at the moment?

Life cover - possibly.
CI - possibliy
CC/loan cover - possibly although possibly better sorted with standalone plans (or alternatives)
PHI possibly.

We dont know your circumstances so we cant really say if you need them or not. If you have a mortgage and your children live with you then yes you do otherwise the property will be sold to repay the mortgage. If your estate is going to be over the IHT threshold and you have no liquid assets, the house would be sold to pay the IHT bill, leaving your children needing to make alternative arrangements.

Best thing to do is to look at each scenerio and the consequences. If you die, what would happen? If you were unable to work due to illness, what would happen.

Dont just look at the immediate things that will happen but the ongoing consequences and where it leads to. Then you should have a better idea if you need these things or not.

MMR_3

Thanks i will now get thinking and rearranging and hopeully come up with a solution