SLLM (Single Lady Large Mortgage)

Sistergold

Thank you @IndiJonesi for the warm thoughts and hugs, tough times we are living in. X

Merlin's_Beard

I'm sorry to hear about your burglary @Sistergold ! But on the other hand, thank goodness you do own your own home and you can make the changes that make you feel a bit safer. Security sounds like it's worth it's weight though!

Sistergold

Thank you for the warm thoughts @merlin’s_beard, yes thank God I was in a position to quickly ensure I felt safer. I had the security installed within a few days of the incident. It would have been terrible being in a tenancy agreement and I doubt the landlord would have wanted to spend anymore money on the security. I would have felt trapped and unsafe. Rentals I have been in have not ever had alarms anyway. More expenses for the security but it’s good as a single mom with children after an incident. The alarm has three settings all round with people inside where you can be anyway in the house but should not open doors(day) mode, then night mode where you are all upstairs and total mode when there is no one at home. I can also disarm and arm  from App. There is also holiday mode where the company is responsible for any security issues when I am away. Oh and there is 🆘 button if there is a medical emergency and they will call ambulance etc for you. Of-cause life is such that when you have all that set up nothing tends to happen! 

badmemory

Sistergold said:

 Of-cause life is such that when you have all that set up nothing tends to happen! 

Interesting isn't it that insurance (incl security) is the one thing that most of us pay out in one form or another actually hoping that the money will be wasted in real terms, but in peace of mind terms - priceless.

lantanna

Glad to hear you have moved on from that awful time Sistergold. 

I’m glad you and your children weren’t there.  

I have a question for you all re life insurance and critical illness cover? 

Do I need either? 

My mortgage broker as you would expect is trying to get me signed up to both. 

I am single with no dependants, while the life insurance I see some value in the critical illness cover I have a less favourable few on due to the overall rising cost and the lack of actual payouts. 

I’d appreciate your thoughts?

Merlin's_Beard

@lantanna whatever you decide I'd look around independently rather than just using whoever the broker gets a kickback from!

I'm also single with no dependents, and I don't have either, but I do have income protection.

From my understanding life insurance pays out when you die (no point for me, I won't have any outstanding debts other than the mortgage which can be recouped with the house being sold so my estate will be fine).

Critical illness pays out a lump sum should you get ill.

Income protection gives you a set amount per month after a certain amount of time off work with illness or disability. This for me was the most important because it is just me, and if I can't do my specific job my income would plummet. But I made sure it only kicked after six months to lower the cost and I just make sure my emergency fund will cover that time!

lantanna

Thanks Merlins Beard, yeah I feel the same about life insurance no real value to me.  I get 6 months full pay and then 6 months half pay if I go off sick. Plenty to think about. Think I’ll sack the broker on that part and do my own research.

Merlin's_Beard

Definitely do your own research as what works for me might not work for you! Will also depend on e.g. family support as well - part of me not having critical illness is that I have family close who would support me/help me if I got sick, so I'm assuming not much extra outlay there.

And part of mine is having a physical job that requires some hand-eye co-ordination. If I got diagnosed with e.g. MS I would reach the point where I'd be forced to stop or switch to a desk-based career (with associated pay drop), so I made sure my policy covers me to retirement with inflation-adjusted payouts if I can't do my specific career.

lantanna

Thanks again, I will def take my time over it all and look thoroughly into it. 15 days and I’ll have my keys In my hand.

Sistergold

Yes you are right @badmemory about insurance it does feel priceless. 

@lantanna, like others have said if no dependents then I would see no value in the life insurance, areas to think about are the critical cover and income protection. Depends with what your attitude to risk is. I did take critical cover with the house initially but I cancelled it a few months ago after paying quite a bit as like you said it’s expensive! I just doubted they will payout if the time came. I just decided I can not insure for every possible thing. I am generally a person who does not like paying for insurances in general. 

At one point I had a cover for a television(this was like 10 years ago) When my son broke it after years and I called the insurance they were going to replace it with a model with same functions. In the meantime functionality had advanced so decided to buy a new model instead. So I tend not to ensure for gadgets so that when it breaks down I can buy one with more modern features. 

Oh @lantanna not to long to go too new house!