Baby steps to mortgage freedom for beanielou.

beanielou

Yes there will be equity in house if I die.
I have no idea what DS would choose to do in that situation TBH.
In my will he would not inherit til age 25 which lawyer seemed to think was rather unusual!!
I have no spare money & cannot afford home improvements really other than the couple of windows that I am replacing soon.
I have thought about cancelling the insurance before as I really cannot afford it.

Eager_Elephant

Beanie, if you were my mum I would be mortified that she was doing without just to pay for life insurance so I could inherit her house.


None of my family have ever owned houses and there has never been anything to inherit and I do not feel I have lost out.


I am happy plodding along renting and hoping that one day I will buy a house - I do not expect my parents to help me along the way.


If cancelling the life insurance will free up some desperately needed money then I think you should cancel.
What good is your house to him if it is falling down and will cost too much to repair and he has to sell it cheap?
He may not even want to live in your house once you are no longer here.


I notice you didn't answer the question about whether he contributes or not - I guess from the silence that he does not.
I see this all the time at work and it is heart-breaking, although too be fair most of them when they realise everyone is going to be homeless (through eviction from non-payment of rent)they soon buck their ideas up!!

beanielou

EE~ I had not realised I had not answered,DS & GF are both students and pay a nominal amount.
Also to be fair the life insurance was taken out many years ago when DS was very very much younger.

Eager_Elephant

But is a nominal amount enough? Surely all your income should belong to you and cover your bills and they should pay enough to cover the food they eat and the extra on electricity/gas/water etc.


Are they Uni students? They must get grants that would enable them to pay a decent amount to you.

I think as life changes insurances should be updated and of course when children are young you need life insurance so they can have somewhere to live if the worst happens but now he is an adult do you really need the cover?

Butti

beanielou wrote: »

In my will he would not inherit til age 25 which lawyer seemed to think was rather unusual!!

It's all 'relative' Beanie. In Jane Austen's day it would have been 35 unless he was a woman, in which case he wouldn't.........:rotfl:

shala_moo

Eager_Elephant wrote: »

I think as life changes insurances should be updated and of course when children are young you need life insurance so they can have somewhere to live if the worst happens but now he is an adult do you really need the cover?

I agree with this beanie, he's no longer at an age where he wouldn't be able to fend for himself.. as a parent, I understand you'd like to provide for him but if you need the cash then cancel it. Many people don't inherit houses and get by..

I have no dependents so I've never had life insurance anyway, people at work are shocked when they find out. They don't understand what OH would do without a pay out - well he'd continue working and paying the mortgage just like he is now

Butti

I agree Shala-Moo. I have no dependents and hence I have no life assurance. I will be setting up critical illness cover so the mortgage is covered for my benefit.

Karmacat

Beanie, if you look back for a page or so, you can see which way the wind is blowing - I can see a consensus growing ...

milann

Just been catching up on diaries Beanie. We cancelled our life insurances many years ago, it does niggle at me from time to time but at the time we cancelled it, it came down to paying for food and a roof or the insurance. We decided the present was more important than the future because if we couldn't pay the bills we wouldn't have anything left to insure. We also cancelled the contents insurance - that came to bite us on the bum when we were burgled a couple of years ago - I've reinstated that but not the life insurances..........not sure if I've done the right thing or not - but that's how things stand with us at the moment.

It sounds like you are having a tough time at the moment - hugs xx

beanielou

Hey lovely peeps.

Lovely shiny new windows done :j
What a difference.
Now to save for more!

visited my friend again yesterday.
She has been moved to a different hospital which is so much nicer so that is a plus.
Still not got her pain relief under control which is a real pain :mad:
Someone took her dog in to see her yesterday.
Really makes you think about life.
I am feeling quite emotional.(not that it is about me).
One week since final prognosis given.

Happy Sunday all :j