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Life Insurance?

(3 Posts)
amiok Mon 15-Jun-15 21:03:43

Hi I really need some brief advice. I am 24 with some outstanding debts e.g. overdraft from student days, bit of credit card and obviously student loan. I am v worried about my parents having to take over these debts if something happened to me as they are coming to the end of their working lives. If I take out life insurance then am I right this will pay out a lump sum on my death that would clear off these debts? Is that a good idea? I feel quite young to have life insurance but I want to protect them. TIA.

amiok Mon 15-Jun-15 21:04:25

Should add I work full time with a decent salary and good prospects and should be able to pay these off over time - I just keep having this horrible fear something will happen to me and they'll be stuck with my debts.

Rockchick1984 Tue 16-Jun-15 10:09:58

If you died, any assets could be used to repay the debts but if you didn't have any assets then the debts due with you so your parents wouldn't have to repay them, assuming the debts are solely in your name and they aren't guarantors on them.

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