If your DH/DP died how would that affect you financially?

[Fantasisa]

DH has been diagnosed with cancer and we don't yet know what the outcome will be after treatment.

We have life insurance but incredibly stupidly we didn't change the policy when we moved house so it won't cover the mortgage where we currently live, it will cover about half. I think I could manage to pay the rest of the mortgage if he dies but it will be tight for me and the DC. He does have a pension, but I'm not sure what the terms of that are yet.

What plans do you have in place for if your DH/DP dies? Or if you die? I am very interested to hear what people, possibly those more organised than us, have done. I will probably get a better cover for myself now so at least that is in place for the DC's future while I am healthy.

I would be ok, i'd get a very good death in service payout plus his life insurance would pay off the mortgage.
So sorry your both in this situation OP

We didn't get life insurance sorted before dh was diagnosed with cardiomypathy. Where he works now has a 12xDIS benefit, so he's likely to stay working there for the foreseeable future.

With that I would be ok. We rent atm, I could buy a house and have a few years grace before having to work (have 4 children, one with disabilities).

I would be ok I think. We both have life insurance of 400k, which would pay off the mortgage and leave 200k lump sum. We both have death in service benefits too, I think mine is 8x annual salary and DH's similar, plus our pension pots. DH earns twice as much as me so although I'd be ok, I think I'd be less well off than we are currently.

Not sure if it's been mentioned already on this thread, but it's important to write your life insurance in trust so that it doesn't form part of your estate and therefore avoids inheritance tax. My insurance company didn't highlight this when I took out my policy, I had to search their website for the forms and send it off.

DH can’t get life insurance due to severe pre-existing medical conditions, but I’m the main earner so could probably afford to maintain the same lifestyle. I think if that were not the case, then I’d downsize. I love our area so would consider selling the house and buying an apartment. I’d rather downsize then have to increase my hours at work. Obviously depends on the ages of any DC though.

Very sorry to hear about your DH and wishing him all the best. If my DH died our mortgage would be paid off and I'd get the equivalent of his salary until my DS turns 21 and I think also double his salary from his employer