Pension Mess - Not sure What to do

cosmicDolphin

jem16 wrote: »

And who will support her and the children whilst she looks for a job, child care and a new house?

Well I'm extremely confident/optomistic that no-one will need to but the extended family would...and that includes the Boss.

Plus if I was going to die early then I wouldn't need to sort out my pension as per the original post.

somethingcorporate

I feel sorry for your wife and children, that attitude is quite selfish.

If you fell under a bus she'd probably lose the home if she couldn't immediately find a job paying well enough to look after 3 kids and keep the roof over her head.

I had 3 months off when my daughter died, I'd expect to need as much if not more if I ever lost my wife.

Expecting your boss to pick up the pieces for your family if you died is just foolish in the extreme.

jem16

cosmicDolphin wrote: »

Well I'm extremely confident/optomistic that no-one will need to but the extended family would...and that includes the Boss.

My family would have looked after me and my children when my husband died. However it would have put them into severe financial difficulties too and something I would never wish upon them either.

My husband's firm also helped out and made it as easy as they could for me. How long could that last though? It's a business and one my husband was no longer part of.

Plus if I was going to die early then I wouldn't need to sort out my pension as per the original post.

Yes you would as the proceeds would pass to your wife and give her something to live on. My children received a pension from their late father's pension scheme until they left full-time education. I am still receiving a pension.

I was in full-time work when I lost my husband. Fortunately my husband had made adequate provision for us and we were able to keep our house and have all the friends/family around us for the emotional support that we needed. If it wasn't for that, I dread to think what would have happened.

I didn't worry about the unknown, but I am very glad that we were prepared for it happening as our whole life changed in a matter of minutes.

There are young children to consider who should expect their parents to act responsibly towards their care. Adults on their own is a different matter.

rpc

somethingcorporate wrote: »

If you fell under a bus she'd probably lose the home if she couldn't immediately find a job paying well enough to look after 3 kids and keep the roof over her head.

The house, the car, everything needed to do things like looking for a job.

She won't get a job immediately, it could take months. In that time the mortgage needs paid, the car needs petrol, the utilities need paid, food needs put on the table, the list goes on and on. She can downsize, but she needs to sell the house first and that takes time.

You don't need to provide for your wife to live the life of Riley, lounging at home for the rest of her days. You are downright selfish if you do not make some provision to give her breathing space financially while she is grieving for you and adjusting to life as a single parent. Even just life insurance to cover the mortgage plus one or two years of your salary would give her some room and that would not be terribly expensive.

atush

I agree with all of the above. You are in sales yourself? Yet you begrudge a small commission earned by a salesman for a term life assurance policy?

You at least need a term LA policy to cover the mtg, and 50-100K to cover a year for her to get back to work.

You really are astoundingly selfish.

rpc

atush wrote: »

Yet you begrudge a small commission earned by a salesman for a term life assurance policy?

Do it through Cavendish and the commission all gets ploughed back into the product to give a better rate (I'm sure they are not the only ones that do this). All you pay for setting up the policy (directly or otherwise) is the upfront, clearly stated fee of £35.

Tsmee

OP - Can I suggest you time your unexpected death for a Friday, if poss?

That leaves your wife the whole weekend to put the house on the market and arrange childcare before starting a full time job (hopefully at around your current salary) on Monday.

She could then make the funeral arrangements in the evenings after work the following week, and have your burial/cremation the following weekend.

Simple!

richbeth

cosmicDolphin wrote: »

I'd rather she went back to the real world a than stay here isolated looking after the kids with no need to strive for anything.

She started a wedding photography business this year so hopefully that will take off over the next couple of years.

I'm really not sure if you're Trolling but if you're not...
even a fairly decent amount of insurance won't be enough for her to "stay here isolated looking after the kids with no need to strive for anything" for very long.

Coincidentally I just got a life ins quote for my wife as I have some via work but she doesn't. £200k insurance under £20pm. Hardly enough to retire on but enough to give some breathing space, pay off the mortgage etc should the worst happen and all for less than the price of an indian takeaway.

RB

atush

I'd rather she went back to the real world a than stay here isolated looking after the kids with no need to strive for anything.

This is completely the opposite of your insistence on home schooling. How can home schooling occur if there is no adult at home? If the child went to school now, and she strived a bit part time she would still spend time witht eh sprogs and you could afford Life insurance and a pension.

Have you ever heard of the old phrase 'having all your eggs in one basket? Not even sure you have a basket at this point w/o an emergency cash float. You are holding those eggs in your hand trying hard not to drop them.

I am still gobsmacked by this thread.

xylophone

I find it difficult to believe that the parent of three young children can be so irresponsible.

Perhaps that should be parents as the OP says that his wife agrees with his outlook.

I was acquainted with a woman who had two very young children- her husband was fit, healthy and on his way to his work. A freak accident that sent an object through his windscreen meant that she never saw him alive again.

Mercifully he had made financial provision.......