Life insurance long term- a waste of money?

Cutekilt

Hi, I have recently had a quote for fixed term life insurance £10.33 a month until I'm 90 pay out £ 25000 (got option to increase this and medical record cleared) it made me start to think of inflation and how that will depreciate. My kids are now 18 an 19 I'm single. But didn't want to burden them on my death but am I being foolish going for this length with a relatively small payout albeit the longer I live will dictate its value finally. I've tried to work out what that might be worth in say 30 40 years down the line and it's not much so have now questioned my original thought process, any advice, opinion would be appreciated

mikey72

If you die today, would they suffer without the £25,000?

dunstonh

it made me start to think of inflation and how that will depreciate.

If that is a concern for you then add indexation to the sum assured.

am I being foolish going for this length with a relatively small payout albeit the longer I live will dictate its value finally.

We dont know what your financial needs are. Most people have financial needs that require an identifiable or calculable amount that typically ends when they retire. Estate planning can see a longer need beyond retirement but you havent suggested why you want to go to 90.

Indeed, if you are going to 90 on a term assurance you would probably be better off with a whole of life assurance that ceases contributions at an earlier need but retains benefit. Although my gut would tell me that it is unlikely you have a financial need that requires cover at that age.

OshayAway

Cutekilt wrote: »

Hi, I have recently had a quote for fixed term life insurance £10.33 a month until I'm 90 pay out £ 25000 (got option to increase this and medical record cleared) it made me start to think of inflation and how that will depreciate. My kids are now 18 an 19 I'm single. But didn't want to burden them on my death but am I being foolish going for this length with a relatively small payout albeit the longer I live will dictate its value finally. I've tried to work out what that might be worth in say 30 40 years down the line and it's not much so have now questioned my original thought process, any advice, opinion would be appreciated

How old are you now?

brendang_2

hi,im looking for some advice regards life insurance and the type of policy for me,i suffer with ankylosing spondilitis and am currently recieving ongoing treatments etc medications taken daily ,what i need is some advise as to what type of policy is best for me ,i simply want enough cover to pay for my funeral so as not to burden my family if and when i die,im 46 years old trying to give up smoking and generally apart from dealing with my pain everyday i feel ok,can someone please advise what type of policy is best for me as im truly lost,as i say all i want is to cover myself for funeral costs in the event of death,thanks

dunstonh

brendang wrote: »

hi,im looking for some advice regards life insurance and the type of policy for me,i suffer with ankylosing spondilitis and am currently recieving ongoing treatments etc medications taken daily ,what i need is some advise as to what type of policy is best for me ,i simply want enough cover to pay for my funeral so as not to burden my family if and when i die,im 46 years old trying to give up smoking and generally apart from dealing with my pain everyday i feel ok,can someone please advise what type of policy is best for me as im truly lost,as i say all i want is to cover myself for funeral costs in the event of death,thanks

Probably best to ask in your own thread rather than hijacking an unrelated thread belonging to someone else. The OP hasnt returned to answer or clarify info yet so it would not be fair to hijack it.