Do you have life insurance?

JodyBPM

We don't have any insurance cover as such. We both work and have generous death in service benefits of 2.5x (me) and 3.5x (DH) our annual salary, plus we would both get pensions from each other. I have a small endowment of £30K which I originally took out to cover a mortgage many moons ago, but is still running as it makes more financial sense than to cash it in.

But, our house will be paid off in full later this month, and we both have decent salaries and savings, so either of us would manage on one salary plus the half pension plus death in service benefits. In our situation, I'm not sure that insurance is necessary.

I think with a disabled child that would be dependent for life, or with a mortgage to pay off, I would consider life insurance a necessity.

mildred1978

Mimi09 wrote: »

Mildred: That seems a really good price, can I ask who its with?

It's with Legal and General via Cavendish Online. I had to pay £25 for the service (I think) but that's saved on the lower monthly premium within 2 years.

Seanymph

I have two policies - but OH doesn't have any.

It would be expensive to insure him. And our children are now all grown up.

He would say that you should definitely get some - his first wife died when their children were little, and without that insurance he wouldn't have coped, he was unable to work for several years, and had a mortgage and would have lost the house.

onlyroz

Yes, if you have dependents, then you should get sufficient life insurance to ensure you are covered at least up until the kids reach adulthood. We have a policy that will pay off the mortgage if one of us dies. We have other policies that cover loss of earnings up until the kids reach 18 if one of us were to die. We both also have "death in service" benefits from our employers.

Mimi09

Thank you all for your confirmations that I need to do this, thanks Miriam, I've been researching it all morning but shall look at cavendish.

A rather pessimistic question for you all.............if i got a joint insurance policy with husband, but were to divorce down the line (things are great, but once burnt etc!!) would it still be valid and payout if he died? Blimey, this is squirmy stuff!!

fannyanna

When we bought our property my husband and I couldn't get insurance.

We both have death in service (3 x salary) though and don't have children so I think that's sufficient for us and to some extent I guess it will just have to do when we do have a family.

fluffnutter

Mimi09 wrote: »

Thank you all for your confirmations that I need to do this, thanks Miriam, I've been researching it all morning but shall look at cavendish.

A rather pessimistic question for you all.............if i got a joint insurance policy with husband, but were to divorce down the line (things are great, but once burnt etc!!) would it still be valid and payout if he died? Blimey, this is squirmy stuff!!

Any joint financial products you have need to be considered during the divorce. There are a number of options; one of you can take over the premiums, you could continue but that means you'd be financially 'tied' to one another, you can place it into trust, you could cancel the policy. There might be other options - I'm not an expert. To answer your question though, provided the premiums have been paid, it would still be valid.

TBH, it's the kind of thing that only needs looking into if you divorce (because it will totally depend on your circumstances at the time) so it's not worth worrying about now.

Seanymph

If you put it into trust for the children then the divorce shouldn't make any difference shoudl it?

[Deleted User]

I just took Term Life Insurance on last week! I went on Topcashback and used Confused.com which gives you £70 cashback and will tell you who is the cheapest provider for what you need.
I am paying £17.50 a month for a £350K fix cover should I die. It's a great peace of mind as I also have a disabled son. My mortgage would be paid off and so would the Inheritance tax, plus he would have cash left over.
Make sure you put it in trust so it's not part of your estate.

D&DD

Mimi when I made my will I had to address a very complex family issue re my OH *long story* so I had the will leave everything to my kids with my brother as executor/trustee.
My OH can access any funds needed if I die for day to day expenses and for the kids but cannot have a penny without my brothers say so..Big Bro also has POA (prepaid within that £650 figure)

(I had to do this as when in-laws died OH was taken advantage of as he was naturally in pieces.I had to protect my kids from his errant family and he completely understands why I've done my will as I have.)

Have you a carers centre near you? Ours do free will consultation days now and again and contact a family often have days where you can have a free consultation with an expert regarding disability trust wills.