To be 42 with kids no life ins?

Pure life cover is very cheap to obtain even at 42. You and your partner should both have cover to make things easier in the event of either of you dying before your time. You should definitely ensure any mortgage is automatically paid off on the death of either of you.

I have life insurance cover for £450k. Took it out after having my kids. My husband has a job which would make it very difficult for him to get childcare for so the idea is that it would fund paying off the mortgage, my missing income and a live in nanny.

I think its a good idea to have. It means your dc have financial stability if the worst happens.

Yes I have life insurance to protect my DH and DC from the the financial shock of me dying and losing my income

To cover the things I did while he was at work?

Another post like this. I’m not sure if it’s serious or not.

Why would DH need a nanny and a housekeeper??

Would OP not need these too?
Why would either of them need it?

Why would he need a nanny, cook and cleaners etc?
That’s odd.

I have life insurance.

It’s not for very much but as a single parent I do not want my DCs having to worry about covering funeral costs etc.
I also don’t own my own home so there’s no inheritance etc.

My policy also lets me take it out early if I get a terminal illness.

When I was a SAHP with 3 young children we realised that I needed more Life Insurance than DH did. He at least had Death In Service through employment. If I died he reckoned he would need nannies, cleaners, a gardener, a cook etc

Personally I’d say to at least look into it.
I only pay £10 a month, Due to a life long medical condition, life insurance was limited for me, managed to get one that pays out 35,000 if I die before I’m 85. Which how my body fails me nowadays won’t be a problem. It’s enough to cover my funeral/cremation, pay any outstanding bills and give the kids some sort of inheritance. DP, has a 400k one before he’s 90. so kids will be pretty covered. He’s also got inheritance still left from his father, if he hasn’t used that by then.
my dc are 18 & 13

Since you are not earning, there’s no financial loss if you die. But your husband would need to pay a nanny and housekeeper? So may be worth getting some, which if you don’t earn he can pay for. It will take about 30 minutes I should think, and mine costs £14.95 a month.

If you don't own your home then I would worry less about life insurance (you usually have to take it out when you buy a house so that the mortgage is covered if the worst happens) and worry a lot more about getting a job and pension. Your child is now 5 so with breakfast club and afternoon club you can work full time if you want and start ploughing money into your pension. How healthy is your husband's pension?

Yes you should have life insurance. God forbid something happened you and your dh at the same or similar times.

The majority of adults ages 25 - 55 in the uk have life insurance.

I don’t think that’s true

Yes, we have life insurance. Both of us. We have a policy with very good cover in place until the youngest will be independent...can't remember the details, maybe 22 years old? So that the surviving spouse can live and support the children through education while taking time off if needed.

We also have another policy that's less cover and a lot cheaper for a longer term. It's basically to replace an income as the surviving spouse would be left living alone on one income (and probably need time off to grieve).

It's no wonder you haven't sorted insurance if you can't decide if your kids exist or not

Unfortunately I’ve had several friends die and leave young children over the last 10 years. Here’s what you need to think about.

In the immediate aftermath how is he paying the mortgage?. Will he need to take a leave of absence or give up work for a bit to care for the kids. He might have to go part time so he could do school runs etc.

Who is doing child care if you aren’t there, will it need to be paid?

Will the kids need therapy?

How will he pay for your funeral they are between £1500-£10k depends on what you have?

Will he need a cleaner?

Do you want to leave some money to your children for their futures?

Does your husband have insurance, because it’ll be even more catastrophic for you if he passed away as you don’t work.

Also think about the catastrophic scenario that you both die say in an accident. Do you have wills, guardianships sorted and leaving money for the kids to be cared for. I know it’s horrible to think about but as they are so little it’s essential you do.

Yes, the header says 'no kids, no life' then a subsequent post says Is it bad that I’m 42 with no kids and no life insurance set up?
Then another post says 8 and 5

Hence the confusion!

I don’t work but I still have Life Insurance just for that extra help for my husband and children. Funerals arent cheap!

We had to get it when we bought our house- so the surviving spouse can pay off the mortgage and own the house outright.

Get a dual life policy, you need it if he dies! What will you live on? And if you die he will need it to cover time off and childcare

And if you both die, whoever becomes guardian to your children will need it to provide a home for them and pay for their upbringing.

Wow, so if you both died then your kids would have nothing beyond the contents of your house and bank account? Who would look after them? And how would they afford it?

I’m a single parent and have always made sure I had good life insurance. My kids are 20 and 17 now, so less of an issue (although I still have insurance), but when they were little I wanted to ensure that there’d be plenty of money, so they’d never be an inconvenience for anyone.

This.
Unless your kids are financially independent adults, you need life insurance.

If you’re the bread winner then your life insurance will be needed to make up for what you would have been earning.
If you’re a SAHP then your life insurance will be needed to cover the cost of the childcare you no longer provide.
It’s pretty simple really.

I find it astonishing that anyone who is pregnant doesn't start a life insurance policy immediately. Terrible things can and do happen, how would a husband or partner cope if the woman died in childbirth. How would he manage to earn and run a house in the midst of grief with a tiny baby. People should think about the worst that could happen and prepare for it.

When I was first pregnant my husband and I calculated how much we would need, taking into account death in service benefits, pensions, mortgage etc, so that if one of us were to die, the other would be financially well off enough to have a house with no mortgage and enough not to have to work until the children were well into secondary school, and we set up the policies accordingly. We also made wills at the same time.

Well the worst did happen, I was a widow in my early thirties with 2 very small children. I was so thankful for that life insurance policy. I had to deal with my own and my children's grief and the massive upheaval in our lives, having a fully paid for home and plenty of money meant I didn't have to work or worry about money and could concentrate on trying to give my children the best and most normal life possible.

They are adults now and very happy and successful. I do think that if I hadn't had that life insurance and had had to struggle financially ( which is also very hard mentally) their life outcomes might have been very different.

Unless you have health issues and are an older Mum it should be really cheap to get a decent amount of cover
My DC are grown up but we made sure that if I died DH would be able to afford full time nanny etc
If we both went then there needed to be enough to allow the person we nominated to care for DC to not need to work till they left school