Life Insurance

Discussion in 'The Lounge' started by Xena, Feb 1, 2009.

  1. Xena

    Xena Well-Known Member

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    I've been meaning to ask you all. Do any of you have life insurance?

    I worry a lot about my husband being the size that he is, and without meaning to be morbid, it does make me think, quite often, that if he died I'd be totally stuck with no money or anything.
    Likewise if I died, he'd manage better than me because he's doing all the technical stuff to do with our business, but there'd be funeral expenses and all that.
    And if we BOTH died, the children would need some sort of financial support.

    So I've been thinking about getting life insurance. Do any of you have it? It's mainly because of the kids that I've been thinking about it. I would hate for them to be left with nothing if we died.

    And what sort of amount do people usually get for life insurance? I was thinking £50,000 but is that a normal sort of amount?

    Heaven forbid we should die, but you never know.
     
  2. 1sttimemum

    1sttimemum Well-Known Member

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    We have £200k to pay the mortgage and think OH has separate policies thru worl etc.

    Id look a getting how much u can afford

    I got a quote for £200k for the next 25 years and that was £15 a month, or £200k decreasing inline with the mortgage was £10 a month. With the rbs

    With ur DH being big, they will bump it up a bit as he obv has more health risks.

    :hug: :hug:
     
  3. valentine

    valentine Well-Known Member

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    We have life assurance (its called assurance, not insurance, 'cos the one thing we can be sure of is that we'll all die one day!).

    Ours is about £30 a month joint (would have been £17 if I wasn't quite overweight, I had to have a home visit medical organised by the financial institution we bought ours from). Its for the term of our mortgage and is for £150,000 if one of us dies which would pay off the mortgage so the other person could live in it with the children for the rest of their lives without paying anything. This amount of £150,000 doesn't decrease over time (some assurance policies do). Ours is with Legal and General.

    OH has 'death in service' through work which is a lump sum of about £50,000 I think which currently would go to his parents as we're not married :roll: . I'd have to hope they'd give it straight to me! I have a pension too, but there are no 'death in service' benefits.

    I would definitely recommend doing it yourself or taking advice from an IFA and then coming home and setting it up online yourself. When we first bought our house in 2005, we set up our life assurance through our mortgage adviser then read the small print in 2007 when re-sorting out all our money stuff and realised that £4.15 of the £30 we were paying every month was going to the mortage guy! It was cheaper and very easy to sort out ourselves to change to another company via moneysupermarket.co.uk.

    Valentine Xxx
     
  4. Xena

    Xena Well-Known Member

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    Well we have two mortgages on the house, but they are both covered for death and critical illness already, so I'm not really worried about those, because they'll be cancelled if one of us dies anyway.

    It's just for day to day living, funeral expenses, that sort of thing that I'm thinking of.

    I had a quick look on Tesco and got a quote of £25.60 a month for joint cover over 37 years for a £50k payout. Seems a bit pricey but like you said, they've bumped the price up for DH being large. My premium is £7 a month, and his premium is £18.60 a month.

    I'm dithering between thinking we can't afford it, and then thinking that's silly because what if we die soon!

    But £25.60 every month seems a lot if we don't die (well I know we will die eventually, but soon I mean). It will all just be wasted money.

    Argh.
     
  5. Becky

    Becky Well-Known Member

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    We don't have insurance but we both have pensions which pay out in the event of death. I think it's 3 times the current salary. It wouldn't pay off everything but would go a good way to helping.
     
  6. Beatlesfan

    Beatlesfan Well-Known Member

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    My death in service grant for work allowed me to "nominate" my partner so it would go to him as we are not married. So it won't automatically go to next of kin. Might be worth checking out!
    :) x
     
  7. happy-chick

    happy-chick Well-Known Member

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    Yes i'm insured for 100k, if I died our mortgage would be completely paid off and hubby/ellie wouldnt need to worry about it. Hubby doesnt at the moment as we had to cancel his policy but we plan to take out a simular one for him too meaning if we both died Ellie would have the house and then and then around 100k put away for her.

    God i hope it never happens but its nice to know that if it ever did then my family would be ok financially. Its definately something worth looking into, mines with Liverpool Victoria :) x
     
  8. 1sttimemum

    1sttimemum Well-Known Member

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    Ditto. Im nominated on OHs pension god forbid if it went to his parents think id have a fight n my hands lol
     
  9. Xena

    Xena Well-Known Member

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    thanks ladies you've confirmed what I thought, that it's worth getting
     
  10. rhian85

    rhian85 Well-Known Member

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    we are with axa and have full cover we pay around £40 a month but that also offers us the reassurance that they also have the added protection incase i ever get breast cancer or heaven forbid it but christopher or bump ever get diagnosed with a serious illness well then axa will pay for us to have treatment off the nhs...so so worth it u never knw whats around the corner :|
     
  11. maybebaby

    maybebaby Well-Known Member

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    Removed personal post
     
    #11 maybebaby, Feb 2, 2009
    Last edited: Nov 7, 2009

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