Do you have life insurance?

You don't need £1m though, very few people do.

Thanks @Outtherelookingin. I thought it would be that expensive 😞

A million pound policy would depend on the term & health of the applicant. You can easily get quotes online to compare prices. I'd estimate approx £200 per month for £1m cover, but again totally depends on your age and circumstances.

@Greentreesandbushes do you mind sharing how much that costs?

Yes we both got it when we were quite young because we bought our first house. So it was enough to pay off the mortgage. I was only22 he was 25 so our joint policy was less than £8 a month. It's with legal and general our mortgage broker got it along with our mortgage.

I now also have 3 x salary life cover through work and took additional cover for dh as he isn't covered through his employer I think it was £5 per month for £50k cover.

The reason for the additional cover was because my bil died suddenly at 36 leaving my sister with 3 young kids on her own. I have seen that paying off the mortgage helps obviously but actually when u lose the bread winners pay you need more than just the house paid off. She had all sorts of cover, critical illness and income protection. Those are quite pricey and she wishes she had thought more about it and had a larger policy on death. It would have really helped her out.

I’m 60 with adult DC so only have enough life cover to clear mortgage, pay for my funeral and sort my estate out including allowing for inheritance tax

Go to an independent advisor/broker

I don't have life insurance because I have decent death in service provision at work, however I'm being made redundant end of December so will have no cover.

I do have c300k in my pension pot though. Presumably if I die before retirement this would provide DH and DD with a payout in lieu of life insurance? Or should I be taking out a (presumably at my age expensive!) policy immediately? Apologies for thread hijack, but might also be a consideration.

Yes we do. Mortgage is paid off on our primary residence (and we also have 2 other properties) so in the event of our deaths it will go to our adult children.
My sister's husband died and without his life insurance and pension from his employer she would have been screwed.

Yes I do. When DH died his life insurance didn’t pay out (because it was a genetic condition, even though we didn’t know about it) and as a result I lost my house. It was an added stress at an already horrendous time

Get a decent broker and find something that works for your personal circumstances.

Neither of us have it, and we have a mortgage. I thought about getting it when we had children but DH would get a big payout from work if anything happened 🌲🌲 so didn't bother. It would pay off the mortgage but nothing left.

Wow!

£16 per month across two policies for DH totalling £300k. One is Legal & General and the other is through my employer.

£30 per month across three policies for me totalling £1.2m. Biggest part of this is through my employer so v cheap, but I’m paying £5-£10 for £100k with each Legal and General and Vitality.

I’m the main earner, DH is insured enough to pay the mortgage off.

All taken out in good health in our 30s.

Apologies then. We were paying for the house. Just to a family member, not a bank.

We had a life insurance policy to pay off our mortgage if either of us died. We also both had death in service for x 3 salary. Now we've paid off our mortgage and both retired. We have insurance policy to repay one of the btl houses if either of us died still.

I think you’re taking it the wrong way…my comment of, hsbc was really expensive for me but presented as the only option, was totally irrelevant for you as you didn’t take a mortgage (so likely different products offered) my comment was made even more irrelevant as you took yours 25 yrs ago and mine a few months. (I was mocking my myself for making a totally irrelevant comment)

Should be quite cheap in your 30s. Just go for the one that pays off the mortgage. Mine is £12 a month with Aviva and I'm 49.

I've only had it for six years as previously I had death in service cover through work.

I did use a broker @MrJeremyFisher. He did an initial questionnaire with us (me and my husband) and made an application based on the insurer who would be most likely to approve. They said no so the brokers view was we wouldn't get cover anywhere else either.

I agree the over 50s plans aren't good value but it does seem like my only option.

We both do. DH has a good policy through his work. He is the main earner in our family but works away from home for weeks at a time (4 weeks away working/4weeks home on leave).

I work 3 days a week in a low paid job and care for DC the rest of the time.
While I don’t earn a significant amount, if anything happened to me DH would have to stop his job and come home to look after DC. It is not possible to do his job remotely and his qualifications would be pretty meaningless for other roles so he would need to go into a lower paid role and potentially retrain in another field.
He has his work policy, we have a joint policy and I have a separate policy. If anything happens to either of us, the mortgage would be fully paid, and there would be a significant sum left to allow flexibility with work.
My separate policy - some goes to DH and some goes directly into trust for my DC.

Yes, we have life insurance that pays off the mortgage plus a £300k payout if one of us dies. We also each have a critical illness policy which pays out £35k if you can't work due to illness or accident, or £75k if you die. It costs around £120 a month altogether because we left it till late-thirties and chose to include critical illness... Suddenly having young kids brought things into focus! It's expensive and morbid but worth it for peace of mind. It means that if one of us dies, the other will be free to care for the kids rather than worry about finances. The policies cover us till the age of 70 when our kids will hopefully be independent. For us it's 100% worth it because I was really starting to worry about how I'd cope if I lost my husband. Myself and the kids would be devastated and that would be enough to deal with without also losing our home.

@WaffleDogg20 ETA because I didn't fully answer your question. We're with AIG for joint life and single critical illness cover. It was the same total cost to get single or joint critical illness policies, except the joint only pays once - if one of you gets ill, whereas the single covers you both separately. Does your partner have insurance through his work? I'd advise getting independent life insurance in case he loses his job and the benefits with it. Joint life insurance would be good as you'd both be covered for the same payout if either of you dies, even though you're the lower earner.

We got the decreasing life insurance for the mortgage when we got our mortgage, can't remember who with. Didn't you get this with your mortgage? I remember we couldn't get a mortgage unless we had this.

I explained why I got it and to explain the cost. Jesus.

No, but I don't have any dependents or any immediate family at all.

I wish people would stop talking about death in service- its often not worth the paper it's written on. It's only really relevant for sudden deaths, if you were off long term sick you'd like have been let go from the company before you died and therefore DIS wouldn't pay out. Get your own personal policies don't rely on DIS -

disclaimer - DIS is not the same as salary sacrifice life insurance/CIC/IP you pay for via a work scheme (although it would end if you changed jobs so still worth having your own personal policies)

Had it when I was a SAHM. Latterly advised by a FA to renew to cover IHT.

Even mooter then