I have a dream...to be a MFW

ajmoney

I am starting to form a SOA of my money and our household stuff and then need to discuss DH getting involved. We are expecting our appointment with the bank to be next Saturday so it would be handy to have all this.

I also need to look into the cost of mortgage protection/life insurance, I feel we are living on borrowed time not having sorted this already so am finally going to bite the bullet and then everything will be covered. My question is, do you all pay into these or just one? I have a very secure job as does DH although not as secure as mine. We used to think just about sorting mortgage protection as we don't have any dependents but DH is a lot older than me so if we sort life insurance we need to do it soon before he hits the next age barrier!

Sepa74

Check you don't have some sort of life insurance as part of your employment benefits - it's very common. You might find that even if only one of you has it, it covers both of you.

I had mortgage insurance but in hindsight I should have self-insured through an emergency fund - but I work in a specialist area that is in high demand and was never likely to have been out of a job for long. In the end, it was less than 3 months, and I only received one month mortgage payment. Insurance that covers unemployment is very expensive, it's not so bad for accident / death insurance.

However if I was in a different, more competitive industry, it might have been different. It is probably worth doing some investigation into the job market in your professions - it's not necessarily all doom and gloom out there, although if your DH is a bit older that would certainly decrease his chances of getting another job.

It's a complicated decision to make... and it's easy to over-insure especially if you don't have dependants. Good luck!

ajmoney

Just sent an email about music lessons which will help motivate me, help me within my current job and set me up for a career after this one. The best bit...they will be free as I claim them back through work :j

ajmoney

Not quite a NSD today, spent £1.80 on tea and cake that I probably didn't need. Need to get some things tomorrow but still should be a low spend day

ajmoney

Today might take a slightly different direction as I have been offered a flute lesson today. I need to to travel for the next couple of weeks before she will be teaching near me and it can cost less. I am not sure whether to bite the bullet and go or wimp out for a bit. I can claim the lesson money back but not the fuel, although that won't really be that bad.

I am still planning on swimming though and should be in the pool in about half an hour. I was also planning on going into work to get some help with a project that will help with promotion and wanted to take my rings to see how much I can get for them. I might see if I can arrange the lesson for next week and then I can practice a bit first

edinburgher

My question is, do you all pay into these or just one?

My wife and I pay into life insurance policies that would cover roughly 90% of the outstanding mortgage should the unthinkable happen. In addition to this, we have some life cover from our employers and pension scheme(s).

We've always worked in relatively stable industries, so haven't bothered with mortgage protection. If one of us lost a job, we'd probably draw on savings and switch to interest only as an emergency measure.

ajmoney

edinburgher wrote: »

My wife and I pay into life insurance policies that would cover roughly 90% of the outstanding mortgage should the unthinkable happen. In addition to this, we have some life cover from our employers and pension scheme(s).

We've always worked in relatively stable industries, so haven't bothered with mortgage protection. If one of us lost a job, we'd probably draw on savings and switch to interest only as an emergency measure.

This is why I didn't bother originally. I have a long term contract and even if I was to lose my job I would have a lot of notice. DH is a teacher and is employed on a permanent contract with the council and also has a monthly pension. Maybe we should just be looking at life insurance.

My next question, have any of you included critical illness cover or have you not bothered?

ajmoney

Today has been a bit of a wasted journey. Couldn't get the things I needed in town so need to go to the supermarket. The gold stall and jewellers in town both recommended I sell my rings online as I will get more for them. I don't know what metals they are so am hoping to find second hand jewellers who will buy them. I have found an online one but you need to know all about the rings first.

I am now wasting time at work waiting for someone to finish what they are doing so they can help me. On the plus side I have charged my phone at work

ajmoney

Does anyone have a SOA that I can use to make sure I'm not missing anything out, obviously without the figures!

edinburgher

There's a stickied link to a SOA generator over on the debt free wannabe board I think?