Making a will

luckybert

I've made a will and have been advised to take out life assurance and critical illness cover - I've done this and this is costing me £45 per month.

Do I really need this as it's already cost me for the will plus £25 to make some changes and I'll be dead and won't care about this anyway!

Tom99

You only need those products if you have dependents you need to provide for.

luckybert

Tom99 wrote: »

You only need those products if you have dependents you need to provide for.

Ah that explains it as I do, although she is an adult of 21

Weighty1

Who "advised" you of this? If it wasn't someone regulated by the FCA in some way then they really shouldn't be advising you of anything.

If your *dependent* is an adult of 21 then are they still financially dependent on you?

Also, if you died and the house had to be sold to repay the mortgage would this bother you?

luckybert

Weighty1 wrote: »

Who "advised" you of this? If it wasn't someone regulated by the FCA in some way then they really shouldn't be advising you of anything.

If your *dependent* is an adult of 21 then are they still financially dependent on you?

Also, if you died and the house had to be sold to repay the mortgage would this bother you?

Yes they are regulated.

She isn't dependant - she is merely my only beneficiary. I know nothing about this subject but just feel it's £45 spent with nothing to show for - I'm paying for term assurance and critical life cover.

I'm assuming everybody who has a will has life assurance and critical illness cover if they have named a beneficiary?

lisyloo

luckybert wrote: »

She isn't dependant - she is merely my only beneficiary. I know nothing about this subject but just feel it's £45 spent with nothing to show for - I'm paying for term assurance and critical life cover.

Does she live with you?
If not and you die then what do you need the life assurance for?
Surely the sale of the house can cover the remaining mortgage?
For what reason did the advisor say you needed life assurance?
Of course you may buy it to give her more but it’s not necessary.

Critical Illness is different as it’ll give you a lump sum if you get certain illnesses.
Personally I prefer permanent health insurance which pays if you cannot work.
Firstly you might get a disease that does qualify as a critical illness and secondly an income is better than a lump sum that could run out if you are ill long enough,

I'm assuming everybody who has a will has life assurance and critical illness cover if they have named a beneficiary?

No.
I don’t need life assurance as I have no dependents. My husband can take care of himself and would also inherit the whole house and my pension fund.
Not everyone needs it.
I don’t have critical illness I have PHI which I think is superior, but if my employer didn’t offer it I wouldn’t bother and expect my husband to take care of me - so again not everyone needs it.