Pension Mess - Not sure What to do

atush

Plus I have collected alot of stuff over the years that would be expensive to replace in my recording studio.

I can't beleive this. You have no problem in paying for insurance if a- you care about what you are insuring and b- you will get the cash.

So no life assurance because your wife and children will get the money, not you.

I remain amazed that someone so apparently selfish actually bothered to procreate? I know this as I am selfish, and waited til alte (after 30)to have any children as I knew how expensive and heartbreaking they can be.

You do realize that you would not have any mtg at all by now if you hadn't had the sprogs? All the cash it took to feed/clothe/educate them would have gone on your mtg.

xylophone

I think you need a bit of luck for these things.

http://www.stlyrics.com/lyrics/myfairlady/withalittlebitoluck.htm
He thinks he's more likely to avoid early death or disability (with a little bit of blooming luck) than to avoid burglary, fire, flooding or the roof falling in.....
And I assume that the wife is happy that the photographic equipment's covered even if the mortgage isn't....;)

cosmicDolphin

atush wrote: »

I can't beleive this. You have no problem in paying for insurance if a- you care about what you are insuring and b- you will get the cash.

So no life assurance because your wife and children will get the money, not you.

I remain amazed that someone so apparently selfish actually bothered to procreate? I know this as I am selfish, and waited til alte (after 30)to have any children as I knew how expensive and heartbreaking they can be.

You do realize that you would not have any mtg at all by now if you hadn't had the sprogs? All the cash it took to feed/clothe/educate them would have gone on your mtg.

Not really , just the odds of it getting stolen or accidentally / water damaged ( as we live 150m from a river that floods) is statistically much higher than me dying in the next few yrs.

I was also over 30 when we had kids, so the vast majority of the stuff I'd bought before they came along.

All that most people are paying for when they take out life assurance is 'peace of mind'.....that's essentially what your selling.....I don't really value that ....so I can't be sold to....I don't need a direct debit and a piece of paper to make me feel better about dying too soon because I don't believe it will happen so I can ignore it. Ignorance is a powerful thing, don't under-estimate it. The vast majority will never ever need to claim it, and as a non-smoking , low drinking, normal weight individual I place myself at the lower end of the risk scale.....and what's the worst that could happen ?...the very worst ? Sell the house.....they end up living in social housing ?....Get a job..?..Both sets of my Grandparents all live in council houses their whole life.....many of my friends at school did...quite a few still do. Are we saying it's a bad thing? That would be quite insulting to the many hardworking folks who read this board who don't own their own home.

Do what you have to do for your own peace of mind but my brain is wired differently.

xylophone

my brain is wired differently.

he is a bit eccentric.

I've worked at normal companies and this isn't one.

With you and the boss it sounds as though "cor ad cor loquitur"....:D

cosmicDolphin

xylophone wrote: »

With you and the boss it sounds as though "cor ad cor loquitur"....:D

Maybe that's why we get on

cosmicDolphin

xylophone wrote: »

http://www.stlyrics.com/lyrics/myfairlady/withalittlebitoluck.htm
He thinks he's more likely to avoid early death or disability (with a little bit of blooming luck) than to avoid burglary, fire, flooding or the roof falling in.....
And I assume that the wife is happy that the photographic equipment's covered even if the mortgage isn't....;)

Yes & Yes

People who think themselves as lucky generally are compared to those who think they're not.

It's not that they're more likely to pick the winning lottery numbers or anything but tend to look for more positive outcomes and act accordingly in any given situation.

katsu

Do you not have life cover through work? Most employers offer some policy if you die as an employee - Z x salary might not clear the mortgage but is a good start for your wife? If not maybe you can sell it to your employer as a cheap and good thing for him to do?

xylophone

if not maybe you can sell it to your employer as a cheap and good thing for him to do?

The luck might have run out before the employer gets a "round tuit"

20 months ago I told him how much the Co. would save by switching to fuel cards rather than re-imbursing the Reps their diesel..... just got around to it this month

cosmicDolphin

katsu wrote: »

Do you not have life cover through work? Most employers offer some policy if you die as an employee - Z x salary might not clear the mortgage but is a good start for your wife? If not maybe you can sell it to your employer as a cheap and good thing for him to do?

That's a good call katsu. There's no formal death in service benefit, and I doubt he'd be organised enough to implement it across the company but he'd probably agree to if I asked as a personal perk.

Quite how I'd get it formalised I'm not sure. Before I joined I even had to write my own job description. There's no H R dept or anything. I asked him once what happens if there's an issue with any staff that needs addressing and he said, " I'd just laugh, tell them I love them "

atush

If and when (and it has to be when as it is now LAW which you and he can't avoid) your employer starts the pension- death in service can be added to that. Not as expensively as seperate.

How about yu look into this for him (ie the pension and DIS bene) and then wite it all ot for him to implement in 20 months- hopefully before he is fined for non compliance?

All that most people are paying for when they take out life assurance is 'peace of mind'.....that's essentially what your selling.....I don't really value that ....

At the risk of saying this for the 20th time, the insurance isn't for you or your peace of mind, but for your DEPENDANTS- ie those dependant on your salary and life.

If you don't value them enough to have them, you shouldn't have them but instead lead the life of Riley as a singleton.