Who has life insurance?

Dunroamin

dandelionclock30 wrote: »

I can only see the point getting it if you have a mortgage and it would leave your partner in the lurch if you died.
Otherwize the state will pay for a very basic burial/cremation if you leave no money. So let them sort it out I say.

This will only happen if you're on certain means tested benefits, otherwise you're on your own.

lostinrates

I do not. Dh does, both through work and privately. Ona purely financial level ifi died dh would be better off, as he pays for both of us, but without dh'slife insurance i would be introuble quickly. His insurance would cover our mortgage and a few hundred thousand for me to eek out.

We have thought about it a lot and this is the best solution for us and our specific circumstances. Similarly, dh pays his pension and we have decided at this stage for me not to top up my state pension while his is through paye. Atsimepoint this might change, not because i expect to get it but because my finances might require me to do so.

balletshoes

Neither of us had life insurance until we got a mortgage (by which time, we also had a toddler).

We now have a life policy which covers the mortgage.

gingin_2

Yes, absolutely. OH is self-employed, I am a SAHM. If OH died there is no way I could cover the mortgage, or living expenses. It's enough to pay the mortgage and give me the time to get established career-wise.

Forgot to mention critical illness, too

thorsoak

dandelionclock30 wrote: »

I can only see the point getting it if you have a mortgage and it would leave your partner in the lurch if you died.
Otherwize the state will pay for a very basic burial/cremation if you leave no money. So let them sort it out I say.

What an absolutely irresponsible thing to say - for a start, unless you are on certain benefits, the state will not pay - it will chase all relatives first. And for a second - isn't the country in enough financial trouble at the moment??????

Can you imagine the distress caused to some grieving relatives if and when they find out that there is no money to pay for the most basic of funerals? There have been enough threads on MSE from people who have been in that sort of situation.

Not everybody will be able to afford insurance true - but if you can - or can save a bit - then imo, you should.

inkie

DH gets 3x annual salary death in service with work, and mine is a similar arrangement. We both had whole of life policies that we had for number of years, and realised that as the cost of insurance had come down we would cash them in and take out level term assurance. We paid our mortgage off with what we got back, and then set up a policy each of £100,000 coverage each. We also have critical illness cover of £150000, and see all these as important whilst we have dependants. Even have the cat insured at £6 per month!

McKneff

dandelionclock30 wrote: »

I can only see the point getting it if you have a mortgage and it would leave your partner in the lurch if you died.
Otherwize the state will pay for a very basic burial/cremation if you leave no money. So let them sort it out I say.

Speaks volumes of todays social mentality, pass the buck on to someone else.

Take responsibility of yourself, why should the taxpayers take it on for you.

McKneff

As we are now pensioners, we do not. We have more than enough savings for funerals, I dont believe in lining the insurance companies pockets for something that I may not need for another 20 years or so x 2. (hopefully)

aliasojo

C'mon guys please don't use this thread to have a go at others who hold different beliefs.

It will be no good to me if it gets closed due to fighting.

tru

We have an assurance policy with Legal & General, it pays out £100,000. If one of us dies now, there's enough to pay off the mortgage and be left with about £69,000.

We took it out when the kids were little, to pay off the mortgage and cover either childcare if I/he carried on working or have cash to live on if we decided to take time off. The kids are 21 and 22 now, the policy ends next year and we're debating whether to carry it on/take out a new one or not :undecided If we take out a new one, we'll probably choose one with a smaller payout.