Planning for retirement

atush

I agree, good quality people are hard to find and retain, and I agree you should have with held your pension comments. After all, many here would love to have as good.

I still would like to know why a woman healthy enough to have children can't even work a desk job part time (my profession was a research biologist). But if you don't want to go into it, fine. You may not get the best advise re her situation though. Do go to the CAB to make sure she is getting any benefits due to her though.

And she will get NICs for the first 12 years of any children's lives, plus 3 years fo post 16 education if she had any, plus any years she works. If she does not get up to 18 years overall/in total, she will get a state pension based on 60% of your contributions.

However, Life assurance. IMHO w/o a mtg or children you don't need more than death in service provides. As said you should pay into a PP for your wife and build up a deposit instead. As for more LI once you have a mtg, joint could be difficult re your wife's condition. And if she isn't working and the mtg is only based on your income, you just need more for yourself. yes, it can be cheaper the earlier you take it out, but you don't need whole life, just term assurance in this respect. So would not pay a huge amt if just based on your life for 25 years in a few years time once you are ready to buy.

somethingcorporate

Conanius wrote: »

Life Insurance
From what I've seen circa £25 a month will buy a joint policy for £500,000 of life insurance for a 40 year period on a level payout.

What about critical illness?

My wife and I are the same age and neither of us are ill. We pay £29 per month for £160k life and critical illness cover so I think if you factored in critical illness your quote is very low.

Death only you may be right but you need to consider what happens if you become too ill to work.

jamesd

Both life assurance and life insurance premiums increase with age but the cost of having the cover when you don't need it is more than the gain from starting earlier. Assurance = intended to be in place for life, so you will eventually die during the policy term. Insurance = generally fixed term so you might or might not die, hence insurance rather than certainty.

You can also expect to have reviewable premiums or payouts in any life assurance policy. And in addition will need to remember that the amount insured doesn't increase with inflation, so it'll gradually be decreasing in value in real terms if it's intended to cover living expenses as well as the fixed amount of a mortgage.