Life insurance at retirement point

atush

duckandweave wrote: »

Government pensions so no flexibility. Wife not entitled to uk pension as never worked in uk and dual nationality.

Did you never have children with CB payable to her? this would give her some UK pension.

What about her country where she lived and worked? Will she get a SP from them (I will get a US SS pension, and a 19 yr UK pension). Is her country in the EU?

Has she built up a private pension in her own name? She can contribute up to 2880 per year (which is grossed up to 3600 with TR) even if she doesnt work or have an income. Do you use her S&S isa allowance? These 2 measures would see her have income to suppliment the 50% pension. With the addition of providing funds for you should she predecease you.
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KNJ_2

I am not yet of retirement age, still 10 years to go, but last year took out life term insurance ( including critical injury ) up to my age 75
Plans are in place that hopefully she will have access to our joint investments, house to her, etc however as like yourself, my wife holds foreign nationality, and I would hate to think that any transfer of those assets were delayed because she is not British, thus to avoid that I took out a 50k LA which should tide her over until all the red tape is sorted and pay for any funeral costs.

duckandweave

Wife will have a few years of CB. Not checked details. S. American pension very difficult to verify and not transferrable. Overall, tricky to resolve and time to her retirement short hence original "thought" of maybe term ins may be a belt and braces good idea to cover unexpected eventualities.

jamesd

Do check on the CB because if she's qualified for the state pension that can provide her with a lot of protection and quite possible many past years being buyable.

atush

She gets credits for NICs for each year she recived CB from the birth of the hcikdren until the youngest child reached 12. And if she started receiving CB before 2010-12 (not sure when it stopped) she also get s 3 extra years credit to cover ages 16-18 (i got this before they stopped it). She needs at least 10 years credits to get any UK state pension.

She could, if she wanted, pick up a few more years credits by working part time.

So get a state pension statement and forecast (2 different things) for each of you.

And open a private pension for her. Free money.