Hi advice needed please

kazibo

I need advice on what type of insurance I need. I have level Mortgage insurance for the remainder of the life of my mortgage but need some life insurance to leave something to my sons and grandson, and to cover my funeral costs. I have never paid into a pension as I could never afford to, so I thought the equity from my house would serve towards my pension. I just need some life insurance to leave for my family but its all so confusing. I'd be so grateful for some sound advice on this.:eek::eek:

dunstonh

Do you need life assurance? Your funeral can be paid out of your estate. your son will have the house. Does he need more when you yourself have no pension as you could not afford it. Perhaps you should focus on yourself with your funds?

Archergirl

I agree with the above, they will have the house so will be able to pay for your funeral.

Aretnap

The main point of life insurance is to ensure that a partner and/or children who are financially dependent on you will be provided for in the event that you die young/unexpectedly. By the time your children are old enough to look after themselves if you want to leave them something you'll (more often than not) be better off saving than taking out life insurance. I'd agree that you should probably make sure that you have enough to be comfortable in old age before you worry about what you're going to leave your family.