Life Insurance

DE_612183

Have just been reviewing my insurance and pensions etc, and because my wife is 5 years younger than me I've identified a gap where I have no life insurance and if I died in that gap, my state pension would stop.

Is there a policy that I could specify the term I want covered ( 2031 - 2036 ) but start paying now, or do I just wait until that time and pay a huge premium?

Flugelhorn

Would this be waiting until her state pension kicked in?

don't know about insurance products but other option might be savings to cover those years for her, if you are still around you can enjoy them together

Weighty1

DE_612183 said:

Have just been reviewing my insurance and pensions etc, and because my wife is 5 years younger than me I've identified a gap where I have no life insurance and if I died in that gap, my state pension would stop.

Is there a policy that I could specify the term I want covered ( 2031 - 2036 ) but start paying now, or do I just wait until that time and pay a huge premium?

No, there isn't a product that would allow you to cover a future period but pay for it now, but consider this.....

If you died now, would the life insurance you currently have be totally sufficient to cover your wife from now, until 2031 and then ALSO cover those additional 5-years from 2031-2036?  If not then you should consider taking cover now, plus it would be far cheaper monthly premiums now than in 7-years time (albeit you might pay more over the full term of the policy).

DE_612183

Weighty1 said:

DE_612183 said:

Have just been reviewing my insurance and pensions etc, and because my wife is 5 years younger than me I've identified a gap where I have no life insurance and if I died in that gap, my state pension would stop.

Is there a policy that I could specify the term I want covered ( 2031 - 2036 ) but start paying now, or do I just wait until that time and pay a huge premium?

No, there isn't a product that would allow you to cover a future period but pay for it now, but consider this.....

If you died now, would the life insurance you currently have be totally sufficient to cover your wife from now, until 2031 and then ALSO cover those additional 5-years from 2031-2036?  If not then you should consider taking cover now, plus it would be far cheaper monthly premiums now than in 7-years time (albeit you might pay more over the full term of the policy).

Yes, the cover I have now is fine up to 2036 - it just stops in 2031

I don't want to take one out now as I'll be double insured for 2024-31 ( I'm sure my wife won't complain! ) but the premiums would be high.

I'll take a look at quotes for a policy starting now until 2037 and now until 2029 ( 5 years, but change my age by +5 and see what happens ! ).