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Life insurance ?? where is the thread??

(9 Posts)
discoverandgo Fri 28-Oct-16 12:35:13

I know its all a real chance with life insurance. I've been quoted £45.00 per month for the next 30 years ( 50 now) for a £150.000 payout , no health issues, none smoker, don't drink much ( all quiet boring grin). So my question would be should i pay it in life insurance and if i live beyond 80 a waste of money?? or just put the money into a separate account ?? We have no mortgage and a very comfortable life so the £150.000 in the event of my death would be nice but not life changing ?? what would / do you do?? thoughts on the mater appreciated TIA.

Ruhrpott Fri 28-Oct-16 13:33:26

What happens if you don't die? Do you et anything after the thirty years? If not I wouldn't do it. I would save the money instead which will be over £30000 after thirty years.

discoverandgo Fri 28-Oct-16 14:11:17

Nothing after 30 years hence my dilemma

Noctilucent Fri 28-Oct-16 14:13:22

Message withdrawn at poster's request.

Noctilucent Fri 28-Oct-16 14:14:46

Message withdrawn at poster's request.

Ruhrpott Fri 28-Oct-16 14:16:06

We have life insurance that pays out next year and then we will have none (also 50) Mortgage is paid off though and we have savings so if one of us dies the other would still be financially ok. We also have three times salary on death as part of our pension plans. We have decided against taking out further insurance but obviously it's your choice. When we had small children and a mortgage I insisted we had life insurance but now I don't think we need it.

MadeForThis Fri 28-Oct-16 14:29:28

We have life insurance to cover the mortgage and to support DD in the event of our death. If there is no specific need for the insurance i.e. To support dependants then I would save it. Your estate already includes your home and any savings.

vilamoura2003 Thu 03-Nov-16 18:49:54

I understand what people have said about needing life insurance to pay off a debt, but also consider, would you be able to manage your monthly repayments of living generally if there was just one income?

Even if we were mortgage free, if my husband were to pass away, the monthly cost of living, bills and the like would not be possible on just my part time salary of £750.00 per month. I would need a lump sum payment to top up my monthly expenditure.

Sunseed Fri 04-Nov-16 16:50:10

You say you have a comfortable life and £150k wouldn't be life-changing. I wonder then whether you have given any thought as to whether or not you are likely to have an Inheritance Tax liability? If so, and you want to address this, you may want to think about some whole of life insurance. This would pay out a sum on death, regardless of your age, but it does cost more than term insurance.

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