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Original poster

What have you got in place, money wise, if your DP were to die?

87 replies

BigSandyBalls2015 · 22/07/2021 18:08

Not sure what got me thinking about this!

We are early/mid 50s, two 20 year old DDs, one at uni, one at home. No mortgage and an insurance policy which was taken out years ago to cover the mortgage, expires in a couple of years.

Should I renew this life assurance? Do people do that without a mortgage.

DH earns quite well. I also work but don’t earn as much and I would struggle to stay in those house and pay all the bills on my wage despite not having a mortgage.

What dues everyone else do. Hope he is around a lot longer!

OP posts:
TeeBee · 22/07/2021 18:19

Nothing. My house is mine. If I pop off, the house will be sold and profits go to my two kids. My exDH would support them outside of that.
I have a DP but he's an adult and would have to fend for himself. He doesn't have a stake in my house or live with me full time so I don't need to take his finances into account.

RunAwayNow · 22/07/2021 18:28

Life insurance that would pay off the mortgage plus a six figure lump sum.

Additional life insurance through work which pays 6x salary on death in service.

Both dh and I have this - we're worth a lot more to each other dead than alive Grin

RunAwayNow · 22/07/2021 18:30

Think an insurance policy of some kind is worth having in place, even without a mortgage. It could remove some sort term pressure and help mitigate against future changes in circumstances.

Oblomov21 · 22/07/2021 18:31

Late 40's and nearly finished paying mortgage, life insurance to cover mortgage. Dh gets very good cover from his work if he does similar to poster above, he too is worth more to me dead than alive! Grin

Camomila · 22/07/2021 18:34

DH has a generous "death in service" policy from his work, If he died I'd get a 6 figure lump sum, the DCs would get smaller lump sums and I think a stipend till they turned 18.

IndanthroneBlue · 22/07/2021 18:35

We've not got anything in place at all. I figure it would be the same as if we got divorced I would have to manage on my own. I would have to find somewhere cheaper to rent and muddle along.

reluctantbrit · 22/07/2021 18:35

Mortgage is covered by a life insurance

We have extra provisions in case DH, higher earner, dies before DD is 18 to cover school expenses and allowing me to take unpaid leave to deal with potential grief issues.

His pension fund would become payable to me as the beneficiary.

He has a life insurance payable at 65 or if he dies earlier.

We have savings in separate names so that would be available to me and DD.

I have life insurance from work if I die in service and if not DH will get my pension.

My income is high enough to cover all bills and keep the house and get DD through college/higher education if DH dies before me, so it is more about the mortgage and future security for DD.

Souther · 22/07/2021 18:37

He has life insurance. It isnt much but then our expenses aren't much either.

We wont be taking out a mortgage more than the life insurance amount.

I'm the higher earner.

So if he pops his clogs. I'll be able to pay the house and cut down on work house to care for kids.

I've got life insurance u til I'm 50. I have health issues so they would only cover me til then. I'm 37 now. And I've also got nhs death benefits that pay double my salary if I die. Widowers pension etc.

So that would be enough to pay off any mortgage and help with the Bill's. He also works- but this is somewhat we take into account when making lifestyle decisions. We wont go for that huge house.
Always take into account what the death benefits we have whenever making any large financial decisions.

Souther · 22/07/2021 18:37

Work hours

Megan2018 · 22/07/2021 18:39

DH earns very little relative to me, so I just get his death in service benefit. But to be fair that would pay off a huge chunk of the mortgage. As I earn well we’d be fine financially (fucked emotionally and in practical help terms).

If I die he gets life insurance that pays off the mortgage, a BTL house I own, my fairly good final salary pension and a death in service pay out. So he’d be pretty secure really.

bloodywhitecat · 22/07/2021 18:40

Nothing really as we have discovered. I am not sure what happens once he dies, I hope I will carry on fostering and be able to carry on in this house as it is where all our memories are.

rhowton · 22/07/2021 18:41

About £450k and 50% of his excellent pension. If he's being an arse, I like to get his insurance documents out and fantasise. We have life insurance until he is 62, same for me too.

StCharlotte · 22/07/2021 18:44

Also 50s. Mortgage is paid. I would get his pension pot which is pretty healthy. If he outlives his mum (please god as I'm really rather fond of him), there would be a share of inheritance from her as well.

I'm on a fairly good wage and also have a good pension. I also have a generous death in service so I'm watching my back Grin

There's also the option to sell up and move up north to be nearer family so that would release a hundred grand or so.

We're not rolling in it but we have planned and saved over the years and took out private pensions when we first got together.

WorraLiberty · 22/07/2021 18:45

Life insurance policy with mortgage and my DH has a very generous death in service policy from his employers. Mine isn't anywhere as much as his though.

When we retire, we'll sort out a different policy each.

Hen2018 · 22/07/2021 18:48

I don’t have an OH so have my own life insurance which will pay out a 6 figure sum if I die. The mortgage is nearly paid off anyway.

Don’t forget to have your own life insurance too. My friend’s mum died when we were young and her life insurance paid the mortgage off and for a home help which was so important for her dad.

LeroyJenkinssss · 22/07/2021 18:49

If DH dies nothing but should actually get something in place for him. If I die, life insurance policy and death in service benefit plus my pension. He’d eventually have to get a job for his living costs but the amount is sufficient for a comfortable life until the youngest is 18. But he’s a SAHP and it’s more important that he’s set up whereas I could continue to work and be fine (financially obviously - I’d be devastated emotionally). He also knows about the spousal death payment which he could claim.

AmplifiedCell · 22/07/2021 18:53

Half a million (dollars) in life insurance and $30K in our checking account. Converted to pounds it's about 400,000.

Floralnomad · 22/07/2021 18:53

I’m mid 50s , dh is slightly older , mortgage free on a nice house which is worth a fair bit , fair amount in savings and no debt . If dh died whilst he’s still working he has a good package , pensions are ok and my pension could be taken at 55 but would be better if left until 60 ( I’ve not worked for several years) . 2 adult dc , one working in a well paid stable profession , and one at home who is dependent on us due to health issues . We would be fine doing nothing but I’d probably sell up and buy somewhere with my sister which had business potential ( kennel / cattery/ livery yard type thing ) .

Soontobe60 · 22/07/2021 18:54

I had a shock when we paid off our mortgage as we no longer had life insurance. When I looked for prices for bog standard life insurance I was shocked at how expensive it was now we were in our late 5os.

OP, if you want some life insurance, do it now before you get any older.

Soontobe60 · 22/07/2021 18:55

@WorraLiberty

Life insurance policy with mortgage and my DH has a very generous death in service policy from his employers. Mine isn't anywhere as much as his though.

When we retire, we'll sort out a different policy each.

I’d suggest you sort it out now - when you retire, unless you do so at 40, it will be far more expensive!
spinningspaniels · 22/07/2021 18:55

When a family friend died very suddenly and left their OH in a disaster financially, we went to a solicitor and did our wills. We also opened a joint savings account that's our emergency fund. There's enough for either one of us to live off until probate is sorted etc. No mortgage on the family home and the life insurance policies ran out after 25 years so we didn't bother to renew.

ramarama · 22/07/2021 18:55

Single mother, mid 40s. If I die work pays 4 x salary to my kid (which would pay off the remainder on the mortgage, plus change)

Fortunately his father earns much more than me, so I know he would be fine.

I do need to make a will though.....

catsjammies · 22/07/2021 18:59

I think our payout is 10 times DH salary for his life insurance, which would be low 7 figures. Our kids are v young and I haven't worked in several years so I would potentially need to retrain.

I am insured for about £500k I think, which would pay off the mortgage and allow DH to take decent time off work to be with the children and then once he returned, to pay for a nanny etc.

NothingIsWrong · 22/07/2021 19:00

DH has shareholder protection insurance on his business which would allow his business partners to buy me out the shares I would inherit. Nothing apart from that. I have 4x death in service which would clear the mortgage and leave a 5 figure sun over.

qualitygirl · 22/07/2021 19:04

Life insurance policy for us both
Life insurance policy through work too