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AIBU?

To ask your advice who to give money to from work if I die?

33 replies

FaithLoveandHope · 12/03/2016 21:13

First off apologies, I don't actually know the official term. I've recently started a new job and they have a life insurance type scheme where if we die whilst employed there somebody gets a payment of 4 times our salary. I put it down as my parents but now I'm not so sure. DP and I have recently moved in together, still renting and unmarried. My original thought process was that if we ever bought a house (currently saving) or get married I'd change it to him. But now I'm thinking about it even with renting it would mean he would be having to pay all the rent etc on his own and my parents would end up with this rather large payout for nothing really other than my funeral. What would you do? I've never had a job with this in place before.

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Spudlet · 12/03/2016 21:18

I originally had mine going to my siblings, but after I got together with (now) DH I changed it to him.

At our place you can split the payment, so you could always go halves between DP and parents?

Alasalas2 · 12/03/2016 21:18

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Chorltonswheelies422 · 12/03/2016 21:19

Fret not - I have this type of cover too and named beneficiaries can be changed without fuss. Check with them and see if that's the case. If so, put your parents down for now and you can change in future if you want to.

Alasalas2 · 12/03/2016 21:20

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scarednoob · 12/03/2016 21:20

Why not split it for the moment, so half to your parents, half to him? You can change it whenever you like.

Mine is currently 50:50 between my two brothers, but now I have a partner and a baby, I will be changing it when I go back.

Let's face it, we hope we won't ever need them to claim it, eh?!

Alasalas2 · 12/03/2016 21:20

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CaughtUpNearTimbuktu · 12/03/2016 21:21

I've set mine to leave to my dc. I've also got a will stating any finances I have go to my dc not to my dh. I've also stated I want my sister to take legal guardianship of them, not dh nor their father. But that's more a wish than something with any legal clout.

stumblymonkey · 12/03/2016 21:23

Mine was my Mum but have now moved it to my DP.

We are also unmarried and renting but I'm the main breadwinner and it worries me that DP may need some time off work if I unexpectedly passed away...he's self employed and wouldn't have any income if not working. I just want to make sure that at least financially he would be okay as I'm sure things will be hard enough for him without worrying about rent and bills and where he would live...

Europeshoe1 · 12/03/2016 21:24

Alas - worth noting that if it goes to your kids then your dp gets nowt

I've seen a woman lose her home because her dh left his money to the kids, who were under 10. So they had a chunk in trust untouchable while mum couldn't pay for the roof over their head

Leave it to your dp

storminabuttercup · 12/03/2016 21:25

Mine is my mum, I figured that she would make sure DS is ok from it and DP would be sorted by my life insurance, not that DP wouldn't also sort DS out, I just never changed it.

AbolishFlobots · 12/03/2016 21:27

You can split the 100% amount up, ie 75% to parents, 25% to partner.

And, you can change as many times as you want; ensure the form is passed to HR and place on your personnel file.

The nomination is just that, a nomination wish - it isnt a guarentee. The trustees will decide who the money goes to based on the nomination form, and any other information they receive.

I've dealt with a death of an employee whereby a mistress came forward... The trustees gave the mistress a proportion of the money despite the nomination form stating wife and children.

littleleftie · 12/03/2016 21:51

abolish I handled a situation where the deceased member of staff turned out to be a bigamist! That was a fun few weeks

QOD · 12/03/2016 22:02

I must go change mine! I'm sure my neices are included and one of them now earns more than me lol

wildone81 · 12/03/2016 22:09

Mine's split... 80% husband and 20% nephew. Will reconsider if/when we have kids. Means mortgage is paid off if the worst happens, and nephew also has a lump sum for uni/flat deposit etc

wildone81 · 12/03/2016 22:14

To add, I initially though you had to die whilst at work to get death in service benefit... Was huffing and puffing about it being a bit of a con, and questioning how many civil servants actually keeled over at their desk, when a colleague kindly explained that you just had to be employed and not actually sitting at your desk when the time came....

RandyMagnum · 13/03/2016 08:12

Mine is currently my mother, will be trasnferred to my partner once we're married.

FaithLoveandHope · 13/03/2016 08:59

Thanks all, it's really useful to hear what others have done. I initially thought that too wildone but then DP corrected me and it made a lot more sense then. Spudlet how long after you got together did you change it? I'd forgotten about it tbh and rather got put on the spot to fill in the form there and then so hadn't really given it much thought. I know DP could afford this place without me (it was originally just him renting it) but that's not the point really in my mind and the payout would mean he could afford a house and pretty much pay off around 70% of it around here. I've only just filled in the form last week, would HR not mind me changing it so soon? I was thinking I'll leave it a few months but then that seems a little naive and assuming everything will be fine but we never know do we.

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FaithLoveandHope · 13/03/2016 09:00

That's awful about the mistress. That must have been really horrible for the wife!

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scribblegirl · 13/03/2016 09:05

Think it's called Death in Service Benefit and as far as I'm aware it's different to Life Assurance? Happy to be corrected, though.

Mine is my DP. We are buying a house now, but at the time we were renting. I took the view that if I died it would give him a few week's breathing space so he wouldn't have to give notice on the flat/find someone to crash with only days after my untimely tragic death [touches wood]

seaweed123 · 13/03/2016 09:12

I did 50/50 between DH (then DP) and parents, until we bought a flat together, and then I changed it to just him.

peggyundercrackers · 13/03/2016 09:17

It's called death in service, it's not life assurance, it's tied to your work place pension.

FaithLoveandHope · 13/03/2016 09:35

I don't think it is tied to pension peggy as neither DP or I have a pension but we have the life assurance (or whatever it's called) scheme.

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peggyundercrackers · 13/03/2016 09:42

Faith in most cases death in service is a benefit of a workplace pension.

GruntledOne · 13/03/2016 09:42

Scribblegirl, you're right, it's Death in Service Benefit, not Life Assurance.

Fluffy40 · 13/03/2016 09:48

I've had this before with a utility firm. It's definitely linked to your company pension.

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