Hubby retiring, reviewing the budget...

barginunter

Hello, I've been doing a spreadsheet with our ins and outs. We have paid for the last 20 years for "whole of life" life insurance ( I know). I am going to cancel this after I have arranged some term insurance.
I can't decide whether we actually need any life insurance now.
Our daughter is 20 and is working ( just finished an apprenticeship, not earning much yet), I am 58 and hubby is 65. We have £200k ish saved and a house worth about £350k (no mortgage). I don't work. Hubby's pension will supply about £25k per annum which I think we can survive on. Plus his state pension. In 2 years my work pension kicks in at £11k. When we die, our pensions carry on to the spouse. Our health (atm) is good.
If we die together, daughter can sell the house and buy something smaller and have cash. If hubby dies, I will do this too. If I die there's no financial loss but hubby will need cookery lessons.
I was thinking of say a 10 year term insurance on us both for about 50k cover. But do I need it?

zygurat789

What's wrong with whole of life, when I was young with a big mortgage and three kids it was lots of cheap cover if I died.
You are now rich what's the risk you are insuring against?
The only cost I can see is wining and dining the new chef.:rotfl:

ontrack

No.
What do you need it for, you have enough cash/ pension low outgoings it seems just a waste of money

pollypenny

We haven't bothered with life insurance since we paid the mortgage off. Both retired on good pensions.

McKneff

My husband and me don't have life insurance, mortgage is paid, No dependant children.


As long as we have enough to buy 2 funerals in savings, that's it.


No point in lining insurance peoples pockets and the older you get, the more expensive it is. Horrendously so.


So, I wouldn't bother if I was you.

Katiehound

No you don't need it- unless you want a tempting "free gift"!!!!!
Either save the money you would have spent or go out and splurge it!

missile

As you have correctly identified, in your circumstances you have no need for life insurance.

chesky

There's no point in spending money on life insurance if you have sufficient funds to leave your kids when you die. I thought the whole point was for people who worried about such things to have enough money to bury them, without resourcing to paupers graves.

bouncydog1

I would either keep the existing policy going ( what is the amount paid out on death) or not bother. You will pay an absolute fortune for a new policy taken out now because of age and if you have any medical issues that will make it even more expensive.

Why don't you post the question on the insurance board as there are a couple of good IFA's on there - apologies if there are similar on here but I don't look at this Board often as don't like to think of retirement!!!:rotfl:

(Have work pensions, private pensions and statutory in place together with other retirement plans so we have thought about it)!

chesky

............as don't like to think of retirement!!!:rotfl:

Good heavens, why on earth not? Come on in, the water's fine!

yangptangkipperbang

Katiehound wrote: »

No you don't need it- unless you want a tempting "free gift"!!!!!

".............a free Parker pen just for enquiring" :rotfl::rotfl: