Who has life insurance?

coolcait

Nicki wrote: »

Not just one way though. If you have a SAH spouse who looks after the children, you probably need insurance on their life as well as your own. Childcare is very expensive, and without a spouse at home to look after the children, you may be unable to afford to continue to work, or work the same hours, which will have a huge impact on family finances.

Thanks, Nicki, that's such a good point. I read your post just after I'd posted mine, and was about to re-post/agree with it.

cottonhead

I did but cancelled it due to not being able to afford it. Was also annoyed that the bank charged so much more than most online policies. I am a bit wary of some policies as they have little clauses so I worry would they actually pay out anyway. I have a death at work benefit.

jackieb

We both have life insurance. It's something we've always had. OH also has a death in service benefit from his employers. There's also a smallish one with the bank. There's also critical illness cover for us both, and redundancy cover for him.

Our next door neighbour was very ill with bowel cancer a few years ago and he got his mortgage paid off. He's now doing really well. I'd rather not have to go through something like that just to get the mortgage paid off but it's reassuring to know there's something in place just in case.

I did cancel a life insurance once when I was 20. I was married and heavily pregnant and we had a rather pushy insurance man who used to come to the house to collect the premiums. He kept on and on about who would look after my baby and other son if I were to die and I really should increase my cover. He upset me so much (hormones!) that I cried in front of him yet he still carried on! As soon as I had gathered myself I went down to the office and told them why I was cancelling the insurance.

kettlefish

We have life insurance which covers £150,000 each, which we have had since we bought this house. We took it out when I was 20 and DH was 25 so it's really cheap - something like £4 a month for mine, and £7 for his, on a 30 year term. We chose 30 years as we hope we won't have dependent children by then. Our policy doesn't have critical illness cover but if an illness is diagnosed as terminal it pays out in advance. We have seperate policies although we did consider having one which just paid out on the first to die. We had our wills done at the same time and have since had them rewritten (when our DD was 2 weeks old) Some people think it is morbid to be thinking about that kind of thing as we're still only in our 20s but the way I see it is that it enables us to get on with our lives without worrying about "what ifs" now it's all in place.

DH also has income protection insurance as I'm now a SAHM and we'd really struggle if he was off work ill, and there's a history of depression in his family which of course is a worry with regards to work etc.

It is always hard with insurance isn't it as it's the only thing you buy actually hoping it will be a waste of money :rotfl:

dsab

Yes, we have a Toddler and a Baby, and for us it is important that we will be able to raise them in a financially comfortably position and to put them through University, even if one of us passes away.

I have a Death in Service Benefit of 6 annual Salaries via my employer, Critical Illness cover via employer, Life Insurance of 3 times annual Salary as part of my company pension and a we have 2 separate policies covering the both of us for 500K (250K each).

Thankfully a lot of it is paid for by my company, so that we currently only have to pay around £30 a month.

dandelionclock30

Dunroamin wrote: »

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

.

Well it wont matter as you'll be dead and I hear that apparently your dead a long time.
So spend your money whilst your living!

Savvy_Sue

aliasojo wrote: »

I have been on the fence a bit about re-insuring after this policy expires but I do think I need some sort of cover.

Knowing what I know of your situation, I'd agree!

aliasojo wrote: »

I expect the premiums will have shot up a lot though, I'm older, heavier and higher risk for all sorts now so I daresay I'll be paying much more than before.

You know there are articles on the main site about life insurance? And a whole insurance board ... Also I don't know if insurers ever extend cover at a better rate than they'd charge for a brand new policy? Just a thought ...

aliasojo

Savvy_Sue wrote: »

You know there are articles on the main site about life insurance?

Yes, I glaze over every time I read them. :rotfl:

clearing_out_my_pockets

We have life & critical illness tied to the mortgage, plus a death in service policy provided by employers. If I die, DH gets the mortgage covered plus a 5x payout from my employers (4x provided by them, I pay an extra 43p a month for the other 1x).

milliebear00001

I am insured up to the hilt because I am the sole earner in our household and I need to know my young children and OH would be OK financially if I died. There's enough to pay off the house and then a large lump sum. I have employer insurance and private insurance as well. My OH is insured for a smaller amount (anough to pay off the mortgage).

I have a good sickness package through work, and so don't have any extra cover for that (redundancy is very, very unlikely for me). I know I should sort out some sort of cover for long term illness, but haven't 'got round to it' yet! I am slightly bamboozled by all the different options, and really need a good broker I think.