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Life Assurance about to cease - Renew or not renew?
Fishy46
Posts: 16 Forumite
At the time of taking out a life assurance for my husband, the retirement age was 65 and the Policy is active until this date which is, very suddenly, imminent! As the pension age is now 67, we are wondering if we should renew. No mortgage or young dependents (though family & grandchild) and he is still working but I am not. We can manage but bills are hefty, as with most people, so it would be a struggle if anything happened to him. Any advice appreciated.
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Comments
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Do you have a need for life cover?
Do you have savings to cover things like funeral costs? Would one of you be able to survive on one income and/or savings if the other was to die?
The answers to these questions will determine if you need new cover.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
No mortgage or young dependents (though family & grandchild) and he is still working but I am not. We can manage but bills are hefty, as with most people, so it would be a struggle if anything happened to him.What are the death benefits on his pension?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Mmmm, all good questions. Will investigate & think. Not sure about death benefits on Pension. Thank you!0
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