Who has life insurance?

Faith177

I have it I'm 26 i think it costs me £8 a month so really cheap.

I saw how much having life insurance helped my mum out when she lost my dad at 28 and I just think it's the best option for me

burnoutbabe

Faith177 wrote: »

I have it I'm 26 i think it costs me £8 a month so really cheap.

I saw how much having life insurance helped my mum out when she lost my dad at 28 and I just think it's the best option for me

but do you have kids or anyone who would lose out financially if you died?

cutestkids

We have it to cover our mortgage plus 20% on top if one of us should die.
OH also has through his work (Royal Mail)
Also Critical illness cover for OH

I am self employed and the amount of money I earn can vary widely month to month so if anything happened to Oh we would still be able to cover our outgoings with the various policies that we have in place.

We also have two young children

BugglyB

I do, OH is uninsurable!

SingleSue

I used to have it through work but since leaving there, I obviously cannot claim on that.

I do keep looking and getting quotes as I get older, possibly because I am getting a little OCD about death but so far, have not taken a policy out. I do worry about not insurance as I really do not want my family having to find enough money to bury me with, or (god forbid), my dying before my children have become adults, making sure they are provided for until they of an age where they can fend for themselves.

Faith177

@burntoutbabe yes my mum as I have a joint mortgage with her so she would be liable for the full amount.

Plus my OH & I are on verge of getting married and we have a lot of commitments together including a large amount of animals which are like our kids

pinkclouds

We have life insurance in hubby's name - level term, mostly just to cover mortgage. Nothing in my name. If hubby died then I couldn't pay the mortgage immediately as I'd have to get a job (at a decent level, after time out from work) and arrange childcare. If I died, well... he'd still have to arrange childcare but he'd still have a job.

The only other insurance policies we have are the standard ones e.g. house, car, breakdown, etc.

custardy

only got it once my son was born
enough to pay the mortgage off and leave a decent chunk for my boy
theres a bit more money from work

Lunar_Eclipse

I have a term policy to cover school fees.

DH has 4x salary from his current employer that would pay off the mortgage, school fees & keep me afloat before I sorted myself out financially.

Personally, we only have insurance that is legally required or prevents a major catastrophe financially speaking. There is no way we'd ever take out white goods insurance for example, because we can afford to replace them when they fail and the cost doesn't usually make sense to us.

torbrex

I have an endowment that used to be linked to my mortgage which has long since been paid off. I kept the policy going but I'm unsure whether to take any life insurance after it matures.
I have no dependants and the only expense I will leave is the cost of the burial and that can be paid from the proceeds of the sale of my house.