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

[BigSandyBalls2015]

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!

[FrownedUpon]

I earn well & have a great pension, so I’ll be financially ok if DP dies. We could manage on one wage now, but both enjoy our work.

[Echobelly]

Mortgage covered by life insurance... it was fixed for the mortgage amount on our previous place, but the mortgage amount for our current place is coincidentally almost exactly the same sum.

DH freelances, so no work benefits (my work pays x3 salary if I were to die in service)

I am currently paying off mortgage with inheritance from my granddad, gradually as it's still in a high penalty period for early payment, so I'd have a lot of capital in hand if it came to it, even though DH is by far the higher earner.

[wonkylegs]

Life insurance pays off the mortgage plus a lump sum and an annuity
DH has death in service and I'm nominated for his pension.
We also have decent savings and I have a career I could with support up the hours and earn more if necessary. We would also get family support and have discussed this, in the past year or so with them.
My death is a little bit more tricky than his because I have a pre-existing health issue which has complicated insurance a bit although I do have a lump sum and annuity , I work for myself (not many finance benefits) and do a lot more of the family stuff that would be difficult to cover without shelling out a lot of cash and DH changing his job commitments.

[TheCanyon]

Absolutely fuck all.

[AlexaShutUp]

We have always had life insurance for me because I'm the main earner. Don't bother with it for DH as we could manage perfectly well on my income alone. Mortgage is paid off in any case.

[OdetoMyFamily]

bloodywhitecat

Mumsnet is so detached from the reality for many. I'm sure it puts people off contributing to these threads.

[DowntonCrabby]

Late 30’s couple with 2 DC.
If either of us died life insurance would pay out a lump sum which would pay off the mortgage and leave 6 figure sum left over. We only pay £25 a month for that coverage but have had the policies since we were very young.

If DH died I’d get an additional 3x his then annual salary as a benefit of his work pension.

[OnlyTheLangOfTheTitberg]

Very little beyond a small life insurance policy that would cover funeral expenses, and some joint savings. I’m the sole earner though and the mortgage is in my name.

[PattyPan]

We don’t have anything in place if DP dies as I’m the breadwinner and he has no assets except the house which we own as joint tenants. If I die though he is named as the beneficiary of my death in service benefit and pension. I also have critical illness insurance.

[PlantDoctor]

@BigSandyBalls2015

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, we have life insurance policies in place until our DC would turn 18, plus one that would pay off the mortgage. If either of us died after that, we would likely be able to cover bills on our own. If you don't think you could, you either need to take out a life insurance policy on DH or accept that you would probably have to downsize.

[KingdomScrolls]

Life insurance plus critical illness cover plus pensions with very good death in service payments. I could also afford to run our house on my own even if the mortgage wasn't paid off (it would be)

[OxanaVorontsova]

Age 51, we have life insurance that would more than cover the mortgage plus death in service payment that is more or less equivalent to the mortgage. Both of us have this benefit so either way we’re ok.

[MuchTooTired]

My life insurance would buy a house outright for my DH and kids, and leave him with a nice chunk of change to pay for childcare so he could go to work.

My DH has slightly less life insurance, but death in service from work which is 3-4x his salary so it ends up slightly more than mine. Plus I’d receive his pensions. It would buy a small place outright just about, I’m from the south so property is expensive, whereas he’s not so it’s considerably cheaper!

Neither of us would be loaded, but we’d be secure and have some space to grieve and support the children before we have to go back to work. I don’t think the payouts would be worth either of us bumping the other off though, as our DTs are only 3.5 and we’d be on our own with the kids!

[qualitygirl]

@PattyPan but do you not think your dh should still have done cover. If Something happens to him you may not be in the frame of mind for work?

[BigSandyBalls2015]

Thanks all, interesting responses. Just been looking at life insurance on money saving expert and he seems very scathing about it for over 50s.

Down sizing would be an option but it’s not a big house we’re in.

If I die first DH would be very comfortable with my death in service pay out and pension but he has neither.

[Hotpinkangel19]

Nothing. But currently sorting it out now as 3 months ago DH had a life changing accident and nearly died. One of those things you think won't happen to your family.

[MySecretHistory]

Sadly I know the answer to this as my DH has cancer

If he dies within 2 years £1.7 million
If he dies after 2 years £1.3 million as out life insurance taken out with the mortgage 20 years ago expires then

[PattyPan]

Probably @qualitygirl! Will probably make him get some kind of insurance when he gets a job - he is doing a PhD at the moment. We need to get wills sorted as well especially as we aren’t married. I recently joined a union and they have a free will service so I’m going to look into that.

[OhGiveUp]

Our mortgage was paid off many years ago, so in that respect I would be fine if my husband died.
He has a death in service insurance which is worth a good amount, and we both have our funerals bought and paid for already.
We have a good level of savings, despite me only working ten hours per week.

[LemonRoses]

Currently death in service - which is a fair amount and half pension, plus life insurance of £750k.
Then houses and shares and take over as sole director of our company and savings accounts.
I’d be fine.

[2021Vision]

I have death in service but neither of us has life insurance however we are financially ok. We have mirror wills, everything left to the children, either partner needs to use what they have, eg half the house and pension/investments, if this happens.

I wanted my money to go to my children, not my partner, (who is DCs father) because I don't want to risk it going to someone else and their children if he were to remarry etc.

[Jackgrealishscurtains]

DH has life insurance so that would cover mortgage, plus he has a pension that I would get I think, and has some other investments as well.

He would get fuck all if I died 😂 I can't get life insurance anyway because I have had cancer.

[zebrapig]

@Jackgrealishscurtains very similar here! DH has two life insurance policies, mortgage would get paid off and I should be comfortable to stay in the house with the kids.

If I die he gets sweet FA as I have poly cystic kidney disease and can't get life insurance for love nor money. I was diagnosed too young (I was 18). My brother has the same condition but stuck his head in sand until he was officially diagnosed at 25 has been able to get life insurance. Not sure how they work that out as my blood pressure has been better controlled than his for an extra 7 years.
Still irks me now!

[ComtesseDeSpair]

No DC to bother about and we can both fend for ourselves without the other. I own our house outright and am the higher earner so have never considered life insurance for DP. If I die, he gets the house and whatever’s left of my savings. Also my civil service pension.

[MsAwesomeDragon]

We've got life insurance that would cover the mortgage if one of us died. If I die, my pension has a decent death in service payout which would go to DH to help fund bringing up dd2 (11yo), and he would obviously help dd1 out as well but she's 21 so wouldn't need as much funding.

If DH dies, well, there's a little bit of savings, but no pension to give a lump sum or anything. Luckily, my salary is enough that I could pay all the bills without his income. And if the mortgage is paid off by the life insurance I would be ok financially, which would take a little bit of pressure off.

Mil's husband died a few years ago and he'd always promised she'd be well provided for, but he'd stopped paying his life insurance. They lived in a house that came with his job, which he promised he'd accounted for in his provision and she'd have a g house to live in. He didn't. She had to move, and because he hadn't been paying the life insurance she didn't have enough to buy anything. It made a difficult time even more difficult. She was grieving her husband and also finding out that the comfortable retirement she had been expecting was not going to happen. We had been putting off making wills etc, but made mirror wills and checked life insurance pretty quickly after step-fils death because neither of us wanted the other to go through that.